Principles of Marketing: Target Market, Marketing Mix, and Case Study of Red Bull and Lucozade

Principles of marketing

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Target market...................................................................................................................................3
Marketing Mix.................................................................................................................................5
Product........................................................................................................................................5
Price.............................................................................................................................................6
Place............................................................................................................................................6
Promotion....................................................................................................................................7
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Marketing is a broad concept which covers designing, launching, promoting of product. It
also covers analysing marketing situations. Marketing department is one of the most important
department of any organisation which help in identifying need and wants of customers and
further help in fulfilling those demands(Ing, Osman and Tze-Yin, 2020). Marketing principles
are those ideas and strategies which is applied by companies to perform those task which provide
benefit to their organisation. Red Bull is an energy drink which is founded in 1984 by Dietrich
Mateschitz and Chaleo Yoovidhya. It is headquartered in Fuschl am See, Salzburg, Austria.
Another company is Lucozade which is a soft drink manufactured company which was founded
in 1927 by William Walker Hunter. It is headquartered in Uxbridge, UK. The following report
covers Segmentation, Targeting and Positioning of these mentioned companies. This report also
covers marketing mix (4 P's) of Red Bull and Lucozade company.
MAIN BODY
Target market
STP analysis is done to identify which customers are suitable for manufacturing product of a
company. It identifies and target the customers. STP analysis is very important to conduct
because it is the main source which helps to know which type and behavioural of customers will
like or dislike the product.
Segmentation- It is the procedure where companies divide whole market in smaller
groups. A single group has all similar kind of customers and another group has their own similar
characterized customers(Bigo, Raj and Situmeang, 2021). This is done to identify who many
different characterised group of peoples are there in market which further help to produce those
product which satisfy that group which will provide biggest proportion in profit earning.
Segmentation of two different companies are explained below-
Red Bull Lucozade
Demographic Segmentation-
Age- red bull segmented the market based on
age is the customers between 16 year old to 30
year old. For their other products like red bull
Demographic Segmentation-
Age- Lucozade segmented their market mainly
for 15- 25 year old people. For further age
divisions they have another drinks.