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This coursework is worth 100% of the total marks for this module. UMKT3012 UNDERSTANDING MARKETING AND EVENTS SPRING 2018 COURSEWORK BRIEF Client Brief Inspired by functional drinks from the Far East,...

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This coursework is worth 100% of the total marks for this module.

UMKT3012 UNDERSTANDING MARKETING AND EVENTS SPRING 2018 COURSEWORK BRIEF

Client Brief Inspired by functional drinks from the Far East, Dietrich Mateschitz founded Red Bull in the mid 1980's. He created the formula of Red Bull Energy Drink and developed the unique marketing concept of Red Bull. In 1987, on April 1, Red Bull Energy Drink was sold for the very first time in its home market Austria. This was not only the launch of a completely new product, in fact it was the birth of a totally new product category. Today Red Bull is available in 171 countries and over 62 billion cans of Red Bull have been consumed so far. Red Bull has a distinctive approach to marketing. It uses a progressive marketing strategy which aims to constantly evolve and develop the brand. This approach allows Red Bull to engage with consumers using new and exciting channels of communication. References 'Red Bull The Company - Who Makes Red Bull? Red Bull Origin :: Energy Drink :: Red Bull' (Energydrink.redbull.com, 2018) accessed 9 January 2018

2. Explain the key marketing activities undertaken by Red Bull and the role events play within their overall marketing strategy. (LO2--200 words)

3. Explain the role of the marketing mix (4P’s/7P’s) and how Red Bull uses this to inform their marketing strategy. (LO3—300 words)

4. (a) Red Bull are planning an outdoor event to promote their brand. How and to whom should they market this event, taking into account:

• Segmentation

• Targeting and Positioning (LO4—250 words)

(b) Discuss some risk management considerations they should take into account when planning this event. (LO4—250 words)

Bowdin et al. (2011). Events Management. 3rd Edn. New York, Routledge. C.A.Preston XXXXXXXXXXEvent Marketing. 2nd Edn. New Jersey, Wiley.

Useful Websites https://www.redbull.com/gb-en/

http://www.redbullstudios.com/london/studio

Below is an indicative structure for your report:

Title Page

Table of Contents A list of all the sections, headings, and sub-headings. Appendices and Figures should be provided as well as all page numbers as clearly as possible.

Introduction (approx. 150 words) This should show that you have understood the brief and that you will cover everything required.

Findings and Analysis (approx. 1200 words) • This is the substance of your report. The structure will vary depending on the material being presented. Headings and sub-headings should be used to indicate clearly the different sections. • Charts, diagrams and tables can be used to reinforce your arguments, although it may be better to include the more complex ones as an appendix. • See client brief on the previous page for more information

Conclusion (approx. 150 words) This provides an end to your report through a summary of the important points in your discussion. Remember not to include any new material here.

Reference List (in Harvard format) The terms reference list and bibliography are sometimes used interchangeably, but here we define the terms as: • Reference list - a list of cited sources, consulted readings, for example a list of textbook sources that you have studied while composing your rep

Answered Same Day Mar 21, 2020 UMKT3012

Solution

Soumi answered on Mar 23 2020
115 Votes
MARKETING MANAGEMENT
(UNDERSTANDING MARKETING AND EVENTS)
Table of Contents
2. Major Marketing Activities of Red Bull and Role played by Events in their overall Marketing Strategy    3
3. Role of Marketing Mix and its Usage in Red Bull’s Marketing Strategy    3
4 (a) Marketing of Red Bull’s Outdoor Event, based on:    4
    Segmentation    4
    Targeting and Positioning    4
4 (b) Risk Management Considerations while planning Red Bull’s Outdoor Event    5
References    6
2. Major Marketing Activities of Red Bull and Role played by Events in their overall Marketing Strategy
The key principle involved in the marketing activities of Red Bull is that all of their marketing activities are customer-centric. This implies that they place their targeted customers at the centre of their marketing aim, causing the generation of the customers in the products of Red Bull, whether or not they buy these (Red Bull, 2018). In this context, as mentioned by Preston (2012), it can be stated that the marketing activities of a company, aiming to garner interests of the customers, are mostly very attractive and content-driven. In other words, it can be seen that their promotional activities and product range have a strong, intriguing concept involve within them, which forces the audience or the customers to pay attention.
Keeping this approach in mind, Red Bull has made use of events intrinsically that have made them famous internationally. The concept of energy drink being new when Red Bull was developed, the target audience for their products were selected to be those of 18-35 years old (Red Bull, 2018). Hence, Red Bull organised cultural events, with strong contents, stunt events and music festivals at colleges, universities, li
aries, pubs as well as coffee shops, where customers of this age-group would be easily present.
3. Role of Marketing Mix and its Usage in Red Bull’s Marketing Strategy
Marketing mix for a product usually comprises of 4Ps— Product, Price, Place and Promotion. However, sometimes, an extended marketing mix is also used, which consists of 3 other Ps— People, Process and Physical Evidence (Huang and Sarigollu, 2014). In case of Red Bull, they implement 4Ps of marketing mix to inform about their marketed energy drinks. As informed by Pavlou and Stewart (2015), determination of the marketing mix for a company is a very important step in the identification of which marketing strategy it would adopt. Hence, the information about segmentation, targeting and positioning of the company’s products are all dependent upon its marketing mix.
Red Bull’s marketing mix symbolises their unconventional marketing strategy because they have always tried to opt for marketing aspects that have been new in the market when they adopt it. Hence, for their marketing mix as well, they have used it in the...
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