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Understanding Marketing & Events Red Bull - Assignment

   

Added on  2021-04-22

11 Pages2312 Words49 Views
Running Head: Understanding marketing & EventsRED BULLUnderstanding marketing& EventsCase Study

Understanding Marketing & EventsP a g e | 1Brief IntroductionRed Bull was founded in the 1980s after getting inspired from functional drink concept of the Far East. Red Bull was first launched in the year 1987 in its home town Austria, ever since Red Bull is available in over 171 countries. Red Bull is extremely cautious when it comes to marketing; the company adopts a unique marketing strategy which is progressive in nature. The company consistently works towards enhancing its brand communication and create content to engage with its target audience (Alford, Cox & Wescott, 2001)Events have become incessantly important in the present context and it is really interesting to understand the thought process behind creating a special event. Companies partner with these special events based on relevancy and the reach of the event. Marketing and events play a very crucial role in the organization as it helps in brand recognition and reaching the target audience (Guadagnolo, 2014). Concepts like Marketing mix, STP, risk management and evaluation will also be learnt in concurrence with the event marketing.

Understanding Marketing & EventsP a g e | 2Understanding & Classification of Special EventsIn simple words, a special event can be described as gathering of human beings either for a few hours or days to celebrate honour, sell, and teach or to observe human endeavours. Special events are a unique moment in time which is celebrated with ceremony and ritual to satisfy specific needs (Ford & Markwell, 2017). Events can be organized for numerous reasons, some of the prominent ones being; Political, religious, social, educational & commercial. These types of events can be further classified as:Meeting & Conferences- MICE sector is a fast paced event segment which is spreading its wing everywhere. Businesses, organizations, communities come together to discusses sales, strategies, annual review of the company and so on. Examples being World Bank conference, SAARC summit, World leader’s conference and many more such conferences happening across the globe (Olberding, 2016).Expositions and Trade shows-As the name suggests this involves various exhibitors, industry people coming together with the vision of showcasing their product to the consumers. Examples being Auto Expo held at Germany, Indian and many more places (Getz & Page, 2016).Celebrations, ceremonies & spectacles- This includes to a group of people coming together with a purpose of celebration and marking the journey of a special

Understanding Marketing & EventsP a g e | 3occasion. This can be both private and public in nature, example being FIFA world cup, carnivals, food festivals, entertainment night & gala dinners (Rogers & Davidson, 2015).Marketing Activities of Red BullSince the launch of Red Bull, the company has been in the news for its amazing marketing campaignsand it’s never been used marketing strategy. The company does not focuses on traditional approach of marketing like TV advertisement, Newspaper ads, however the company uses an innovative approach which involves creating and organizing their own extreme events across the globe(Teigeler& Hahne,2014). The marketing strategy is divided into 6 steps for Red Bull:Word of Mouth Sampling ProgramPoint of PurchaseEvent sponsorshipAthlete Endorsement (Hammond & Reid, 2018)AdvertisementRed bull associates with those events which have a high affinity with its target audience. Target audience relate with events based on the theme of celebration, sports, adventure, music festival & carnivals. These are the events which resonate with the boldness of Red Bull and drives feeling of adrenalin rush and energy in the participants or the audience (McCarthy, 2017)

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