Place
The place component is essential because it ensures that the product is available for customers. Red Bull (n.d.a) can impress with a developed place strategy because the drink is sold in 172 countries across the globe, as per the company’s official website. That is why the organization requires a developed and effective supply chain to guarantee that the product reaches distant markets in decent conditions. Customers can easily purchase Red Bull drinks in various shops, supermarkets, and other selling spots of various sizes. One can state that the presented approach is successful and efficient because the organization sold 9.804 billion cans in 2021 (Red Bull, n.d.a). This information demonstrates that the selected company draws sufficient attention to the development of a place component of its marketing mix. This strategy is suitable because customers from various markets promote decent sales volumes.
Promotion
The promotion component focuses on what effort the organization makes to create brand awareness. Red Bull succeeds in this area because it promotes the product through different channels. Firstly, the company created recognizable advertisements in a cartoon style with a memorable slogan. “Red Bull Gives You Wings” is a powerful tagline that is distributed through multiple advertisement channels. Secondly, the organization is famous and recognized for its sponsorship activities. The official website includes a specific section that describes Red Bull’s engagement, and the company sponsors basketball, baseball, volleyball, air racing, cliff diving, and other events internationally (Red Bull, n.d.b). In addition to that, when Felix Baumgartner jumped from the stratosphere, he wore Red Bull gear. This information clearly indicates that the organization makes a significant effort to promote its product successfully.
Price
One should explain that Red Bull relies on a suitable pricing strategy. In particular, the organization utilizes a premium pricing strategy, which implies that this product is more expensive than its competitors and alternatives (Bergstrom, 2022). There is a strong rationale behind this approach because Red Bull occupies the leading position in the market. The organization has the largest market share, which allows it to set higher prices for its drinks. Simultaneously, the company benefits from a strong brand awareness that is achieved thanks to effective advertising efforts. As the information above has demonstrated, customers do not consider higher costs a problem or barrier. Since almost 10 billion cans were sold in 2021, it is possible to suggest that Red Bull received revenues that were significantly higher than its competitors’. That is why no one can state that the organization’s premium pricing strategy is not effective.
Summary
The report has overviewed Red Bull’s marketing mix. Credible evidence was located to support the ideas and demonstrate that the selected organization relies on effective approaches to deal with the place, promotion, and price components. The product is sold in 172 countries, and the manufacturer invests many resources and efforts to build strong brand awareness and advertise the drink. These steps result in Red Bull occupying a leading position in the market, which, in turn, allows the organization to use a premium pricing strategy. Customers are ready to pay more compared to other energy drinks available in the market to get this premium-quality product. Higher prices are a significant advantage for Red Bull because they ensure that the company receives enormous revenues that are invested in further development.
References
Bergstrom, B. (2022). Red Bull marketing strategy: The 9 ways Red Bull changed the marketing game. CoSchedule. Web.
Red Bull. (n.d.a). Company profile. Web.
Red Bull. (n.d.b). Events. Web.