Red Bull: Global Icon in Energy Drink Markets - Essay Sample

Introduction

Red Bull is one of the companies that has managed to attain a significant global recognition within the energy drink sector. Fundamentally, the company has been able to dominate the energy drink markets based on the fact that it focuses on emerging markets. For a long time, the Red Bull has been able to compete competitively. Recent studies have shown that Red Bull has taken advantage of the economic growth of the emerging markets in both Asia and Latin America to promote its brands and gain significant market shares (Drengner et al. 2008). It is critical to note the sporting events have been the primary business strategy that Red Bull has employed to benefit from the advantages generated in the market globally. For instance, the Red Bull utilizes clear marketing strategies that include guerrilla marketing, Street Luge Racing, the Mountain Bike competition, and the Motocross Freestyle to enhance its brand globally (Kunz et al. 2016). As part of its global approach, the Red Bull has been able to apply different global strategies in different markets. This paper, therefore, provides an analysis of the similarities and differences across its international markets.

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Similarities

Promotional Strategies

The company uses the same promotional strategy across all of its international markets. Red Bull is undeniably a model company in terms of globalizing a brand. Ideally, the company provides lessons to its other company owners. In every international market that the company invests in, it produces clearly defined strategies to grow and brand awareness, attract sales and assist the brand in developing in the branding process (Drengner et al. 2008). The use of this strategy in its emerging markets makes the company and its initiatives of the brand a success story.

In most cases, the company stands out through its aggressive and unique marketing technique. In reality, the company's slogan, "Red Bull gives you wings," established keen brand awareness in all its markets. Additionally, the awareness strategy employed during the acquiring and sponsoring sports teams and arrangement of the competitions (Hollensen, 2019). These teams are those that are popular with huge followers.

It is, therefore, critical to note that the company's promotional program will remain genuine to its international model of sports sponsorships. Not only has this strategy succeeded in developing Red Bull as a highly competitive brand, but also a leader in the energy drink sector (Hollensen, 2019). In this way, the company has reduced the advertisement through a conventional plan that outlines its marketing strategies but even its long-term promotional strategy (Drengner et al. 2008). This implies that the company also has no specific marketing strategy suitable for a particular culture. In line with this, the company only maintains only two packaging considerations, which include yellow and red for the Asian.

Differences

Varying Pricing Model or Approach

The application of different pricing policies depending on the region is also another critical factor that uniquely applies to Red Bull. Fundamentally, the pricing model exploits the perception of the consumer that expensive products have high quality, safe, and more desirable. The company utilizes the pricing-model that is also aligned to the company's marketing strategy. It is further critical to note that the pricing model of the company includes the transport costs, tax tariffs as well as the entire cost of production of the product. The company also reduces the transport cost by agreeing with various organizations that they sponsor or partner with during the sporting events.

The company also understands the needs of its specific niche, thereby becomes able to market freedom to its consumers. Ideally, Red Bull offers its specific audience the things they want through different activities and sports (Hollensen, 2019). Based on the fact that the healthy lifestyle forms an integral component of the young people, the company often explores this strategy by establishing an association with what the modern society value. It does not just sponsor events but create them. As such, it can conquer markers within the territories they operate in (Drengner et al. 2008). Historically, the Red Bull has been able to develop and own marketing strategies that work efficiently. As such, they have continued to build and improve with every campaign they come up with.

Conclusion

In conclusion, Red Bull has been able to adapt to a standardized global marketing strategy. It is critical to note that Red Bull is known for its exceptional marketing and promotional ideas, which are supported by its team's enthusiasm. The company has thus evolved both as an international market but also a product that is supported through its media company. The company's marketing thrust is highly unique and with. By the fact that it is becoming a vast media powerhouse, it has managed to establish its standard for the offline as well as its marketing environments. As discussed, the company uses the same marketing strategy in any international market it has invested. In this case, it presents itself as an energy-boosting drink that focuses on people of a young age. A company may thus decide to use them as a marketing way of life rather than selling beverages.

References

Drengner, J., Gaus, H., & Jahn, S. (2008). Does flow influence the brand image in event marketing?. Journal of advertising research, 48(1), 138-147. http://www.academia.edu/download/39709475/JAR_aufsatz_ebsco.pdf

Hollensen, S. (2019). Hollensen: Global Marketing_p8. Pearson Higher Ed.

Kunz, R. E., Elsasser, F., & Santomier, J. (2016). Sport-related branded entertainment: the Red Bull phenomenon. Sport, Business and Management: An International Journal. https://www.emerald.com/insight/content/doi/10.1108/SBM-06-2016-0023/full/html