Principles of Marketing

This presentation provides an introduction to the principles of marketing and discusses the importance of marketing in achieving business objectives. It also explores the concept of brand extension and its advantages, as well as the STP process and marketing mix for Red Bull. The presentation concludes with a discussion on the role of marketing principles in developing effective promotional plans.

Principles of marketing

INTRODUCTION
 Marketing is considered to be as the important activity which
helps an organization in achieving desired business objectives. It
is the way of promoting the goods or services.
 Marketing principle is completed based on the marketing idea
which marketing manager in an organization utilities for
formulating effect promotional plan.
 It can also be used by company for effective promotion of brand.
The four principles of marketing are product, price, place and
promotion.

Rationale
 Red Bull consider their operations for energy drink in UK market to
attract several customers.
 Now they develop brand extension with juice so that they can
implement functions in new areas of development.
 Furthermore, it also helps to attract different age group of customers
which is expected to invest more in the sector.
 Brand extension helps to increase multiple capabilities for Red Bull so
that they can easily develop effectiveness for establish practices.
 Open door for possible rebranding assists to look for trustworthy brand
that create effective lifestyle of customers. As a result, new juice of the
organisation helps to maintain trust among several customers.

Advantages of brand extension
 There are several advantages to the Red Bull to expand their
business with new brand extension. In this way, they can easily
increase brand image in the market.
 It helps to reduce risks which perceived to target customers who
are using energy drink.
 Gaining distribution and trial increases with establishment brand
name that develop customer interest and willing to buy new
products with this brand.
 Efficiency of promotional expenditure also increases but
advertisement, selling and promotional costs reduced expenses in
economies of scale.

STP for Red Bull
 It is the process which helps
to determine in which specific
group the company wants to
target and to sell their brand
product into a market.
 As the product brand
extension of Red bull is to
convert it into juice drink so
that it helps to creates more
opportunities for the firm to
expand their business at
further level of success.

 Segmentation:
 For this new product, the
segmentation is to based upon
demographic segmentation in
which all group peoples are
divided that are based upon
the age, gender and income.

Marketing Mix
Product:
 The product mix of Red bull
is simple.
 It is to bring in some
variation from its standards
flavour.
 Red bull has extent juice of
different flavour which is suit
customer needs and tastes.

Continued...
Place:
 Red Bull has successfully managed to sell over cans
worldwide by 2018, so that they extent their product
(Juice). Red Bull is rarely stored in exclusive
refrigerators attracting consumers to buy energy
drink when they go grocery shopping or to bar.

CONCLUSION
 It has been concluded from the report that marketing principles
are very helpful as well as useful in development of promotion
plan for promoting products and services.
 The other fact which has been concluded from the assignment is
that segmentation strategy assist business entity in identifying
the target customers and supports organisation in meeting the
expectations of customers.
 The various promotional tool has been highlighted in the report
which companies can used for promoting their brand in new
market.

 REFERENCES
Books and Journals
Lee, S., Monroe, K.B. and Rosa, J.A., 2015. Consumer Evaluations of
Brand Extensions Positioned by Attribute Information. In Global
Perspectives in Marketing for the 21st Century (pp. 361-361).
Springer, Cham.
Barnes, A. and White, T., 2016. How Ownership Judgments Affect Brand
Extension Evaluations. ACR North American Advances.
de Ruyter, K. and Wetzels, M., 2015. Service Brand Extensions the Role
of Corporate Image and Extension Similarity. In Global Perspectives
in Marketing for the 21st Century (pp. 39-43). Springer, Cham.