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Executive Summary
The marketing plan relates to Red Bull GmbH in its process of marketing Red Bull energy drink. The plan illustrates the marketing research conducted in the process of marketing the energy drink. The type of marketing research used is illustrated. In addition, the consumers and the competitors are identified as the major marketing variables in conducting the marketing research. The type of marketing research considered includes Awareness, Attitude, and Usage (AAU). This enabled the firms management to analyze the general consumer perception of Red Bull energy drinks in the market. By considering the competitors, the firms management team has been able to identify its key rival products. In conducting the marketing research, the firms management team has outlined several marketing objectives. The plan also entails a financial overview by conducting a sales and expense forecast.
Marketing research
According to Porter (1980, p.30), conducting marketing research plays a significant role in the success of a firms product. Porter (1980, p. 30) asserts that marketing research can be integrated into the process of solving various marketing problems. In marketing Red Bull energy drink, the management team of Red Bull GmbH conducted a comprehensive marketing research with reference to various market variables related to Red Bull energy drink. Through marketing research, Red Bull GmbH was able to link to its customers, consumers and the general public. In addition, the marketing research enabled the firms management team to identify new marketing opportunities and challenges which exist within the market. To ensure that the marketing research was successful, the firms management team integrated the entire marketing research process. This included problem definition, selection of method of data collection and analysis, setting the time frame and the marketing research budget, interpretation of the data and reporting the research findings.
Type of marketing research
The firms management team realized that consumers are the most important element to consider in marketing Red Bull energy drinks. As a result, the management team considered integrating consumers as their marketing research variable. In conducting Red Bull energy drink marketing research, the firms marketing department integrated the Awareness, Attitude and Usage (AAU) type of marketing research (Speeback, n.d, Para. 6-9). Through AAU marketing research, the management team of Red Bull GmbH was able to understand Red Bull energy drinks strength in the market.
In addition, the management team of Red Bull GmbH realized an emerging trend within the soft drink market. The trend entails an increment in the intensity of competition as more firms venture into the industry. As a result, the firms management team integrated competition variables in its marketing research. The marketing research focused on three major competitors which include Coca-Cola Company, PepsiCo Incorporation and The Gatorade Company.
Objectives of the a marketing research
By integrating AAU marketing research in relation to Red Bull energy drink, the management team of Red Bull GmbH intended to achieve a number of objectives as illustrated below:
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To determine the extent to which the general market is aware of Red Bull energy drink existence in the market.
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To determine the market opinion regarding red bull energy drink.
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To evaluate Red Bull energy drink usage patterns amongst the consumers
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To determine which age group forms the largest proportion of Red Bull energy drink consumers both in its domestic and foreign market.
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To determine the difference in Red Bulls energy drink perception between heavy users and occasional users.
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To determine the difference in perception regarding Red Bulls energy drink pricing strategy across consumers of different income groups.
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To identify the market perception of competitors products.
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To determine the strength of competitors product attitude in the market.
Financial overview
Sales forecast
Red Bull GmbH management team intends to derive a significant proportion of its revenue from the sale of Red Bull Energy drinks. This results from an increment in the consumption of energy drinks both in US and foreign markets. According to Dagliden (2009, para. 4), it is expected that US will have the largest proportion of energy drink consumers accounting for 45% of the total global market. Due to increased incorporation of energy drinks in their consumption patterns, the management team of Red Bull GmbH has forecasted a potential increment in its sales revenue. The table below illustrates the firms sales forecast for the next four years.
Break even analysis
Expense forecast
The firms management team has forecasted that the firm will incur significant marketing costs in its marketing process. It is expected that the marketing cost will increase across the years as the firm intensifies its marketing process. To cater to the marketing expense, the management team has allocated $1,500,000 in its marketing budget. The table below illustrates a breakdown of the various expenditure items that the firm will incur in its marketing process.
Reference
Dagliden, J. 2009. US overtakes Thailand in energy drinks consumption says new report. (On-line). London: PR Free Press Release. Web.
Porter, Michael. 1980. Industry structure and competitive strategy: keys to profitability.(On-line). New York: The Free Press. Web.
Speedback. n.d. Marketing research and consulting. (On-line). 2010. Web.
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