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Marketing Mix Assignment - Lucozade Energy

   

Added on  2020-10-22

7 Pages1949 Words214 Views
Marketing Mix

Table of ContentsINTRODUCTION...........................................................................................................................1TASK...............................................................................................................................................1Target market..............................................................................................................................1Comparison of 4P's of marketing ...............................................................................................1CONCLUSION................................................................................................................................4REFERENCES................................................................................................................................5

INTRODUCTIONMarketing mix includes all the tools that are used to fulfil objectives of marketing , itincludes price mix, promotion mix, place mix and product mix(Andrews and Shimp, 2017).Thepresent study is done on comparative marketing strategy of Lucozade Energy and Red Bullcompanies where Lucozade Energy is a Japanese company that manufacture soft drinkintroduced in 1927 whereas Red Bull is an American company, which has the highest marketshare of energy drink. Here a briefing is done on target market that differs from each other, apartfrom that both have different pricing strategy that has been discussed in this study. In addition tothis a detailed discussion has been done on the way in which both the companies promote itsproducts and take its product towards the customers(Andrews and Shimp, 2017).TASKTarget marketTarget market refers to division of market as per collective need and preference of agroup of consumer. Market can be targeted on the basis of various factors such as demographicwhich includes age, gender, education level, income level, marital status etc., geographic factorssuch as radius, diameter, within the miles or postcode etc., psycho-graphic factors such asattitudes, values, morals, ethics etc., behavioural factors such as degree of loyalty, personality,user status, etc (Guimón and Filippov, 2017). As per latest target strategy scenario, LucozadeEnergy has been focused on targeting male Audience aged between 18 to 30 years and mainfocus of Lucozade was on Athletes who needs more energy and it usually uses push strategy thatmeans company's effort to bring product towards consumer whereas Red bull has done marketsegmentation nationally as well as internationally, also it has targeted both males and femalesaged between 16 to 45 that includes bachelors, newly married couples having high level ofincome and, are generally employees, professional students. Apart from that Red bull has doneits market segmentation on the basis of behavioural factor such as degree of loyalty so Red bullhas mostly hardcore loyal customers having sense of belongingness towards the brand alsothese are regular consumers. (Guimón and Filippov, 2017).Comparison of 4P's of marketing Product Mix-refers to all the product line that a producer offers to its customer . The product mix should have dimensions like width of the product mix, means total no. of product line that is offered by the company , length of the product mix, means total no. of the product 1

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