Discussion
Write a report on Role of events in Marketing.
Events play a crucial role in marketing. Organizations conduct different types of events in order to promote their products. These organizational events range from corporate meeting, to product launch and other promotional events. Leading brands often sponsor mega events in order to promote its branding. The assignment has chosen Red Bull as the brand to discuss the role of special events in marketing. The report gives a general overview event and special events and the role it play in the marketing strategy. It further elaborates the marketing strategy adopted by Red Bull and additionally it discusses the four essential components of marketing mix and how Red Bull used these four components. In addition to that, marketing strategy of an outdoor event, which Red Bull is planning to be held, was discussed along with the associated risk management measures of the event.
Definition of events and special events
The term event refers to the action that is occurred during the course of business operation (Bowdin et al. 2012). Special events allude to the public as well as private events including sporting events (Preston 2012). As these events are different from normal business operations or activities they are regarded as the special events. Generally entertainment-based activities and hospitality programs come under special events. If done effectively, special events can have long term positive impact on business. Generally an event is organized in a way that remains in the memory of audience or customers. Special events have been classified by different authors and scholars. According to intext, special events are categorized into leisure events, cultural events, personal events and organizational events. Leisure events include activities like sports, leisure and recreation, whereas ceremonial activities fall under cultural events. All kind of commercial events and political as well as charitable activities can be termed as the organizational events. Events like marriage ceremonies, birthday anniversaries are regarded as personal events. The focus of the study is at organizational events. One of the major organizational events is the event of product launch. Product launch events are held in order inform the customers as well as existing employees about an upcoming product.
Role of events in the marketing strategy of Red Bull
The energy drink Red Bull was introduced in market with full grandeur in the year of 1987 (“Red Bull Studios London” 2018). Red Bull has been able to hold highest share in the beverage industry. The energy drink is made of four components, that is, Caffeine, Taurine, B-group vitamins and sugar. The founder of Red Bull, Dietrich Mateschitz had adopted a completely new marketing strategy when Red Bull launched in Austria, its home market. Red bull was not only a new product in the beverage industry but a completely different as well as new category was introduced in the industry (“Red Bull Gives You Wings – RedBull.com”, 2018). Productive marketing strategy was adopted when Red Bull. The main characteristic of this approach of marketing strategy is its dynamic (Baker 2014). It always looks forward and inclined to innovate, experiment, and change so that it can offer variation to its customers. The main purpose of this strategy is to hold the market position and further growth (Kotler 2015). With the help of progressive marketing strategy, Red Bull keeps on evolving towards developing its brand. Another major characteristic of this strategy is it allows new ways of communications in order to remain engaged with its consumer. Therefore, events played a significant role in the marketing of Red Bull.
Definition of events and special events
Role of marketing mix in the marketing strategy of Red Bull
Marketing mix plays an important role in marketing as it has an influence on the decision of the customer of buying any product (Tanner and Raymond 2015). 4ps are there that are considered as the fundamental components of marketing mix. The 4ps are price, product, place and promotion.
Product
The energy drink Red bull contains Caffeine, Taurine, B – vitamins and sugar, which stimulates metabolism. Sportspersons, business individuals and especially the young generation consume it and keep themselves energetic. Sugar free version of the drink has been introduced in market keeping the health trend in mind. The latest editions of Red Bull also largely attract the young generation. Inspired by the non-carbonated energy drink, Krating Daeng, Red Bull was introduced in the market but it was added with little more things. The western taste of the drink made it more desired.
Price
There are a large number of competitors in the beverage industry with which Red Bull competes. Red Bull is the leading brand as well in the market. The brand has set its pricing strategy higher than other brands for offering premium quality. According to the market report, despite of their high price Red Bull was able to hold its customer.
Place
Red Bull sells over 6 billion cans across the world. Its distribution network is spread across the world and therefore, it supplies it products to every convenient place including, departmental stores, retail stores, supermarkets and night clubs. Their product distribution strategy made it easy to buy.
Promotion
The unique tagline of the product enabled it hold customer base as most people intrigued to buy it seeing the product. As part of their marketing strategy, Red Bull arranges a number of sports events. It also sponsors major sports events like Formula 1, skating, surfing, mountain biking and so on.
Event planning of Red Bull
Red Bull is presently planning an outdoor event, Windsurfing in different countries. In order to promote their brand the company must plan their marketing strategy to make the event successful.
Segmentation
People of 16 to 30 years old should be the target for the event Red Bull is planning. As the sports demand physical fitness the brand should select this age group in order to promote its brand (Kotabe and Helsen 2014). Males are should be targeted mainly for the event. However, the brand can encourage females also to participate in the event, but then they must ensure the physical fitness of them.
Role of events in the marketing strategy of Red Bull
Target
According to the Geographic positioning, the main target for the event should teenagers as well as college students between the ages of 16 to 21 years. Another group will be of 21 to 30 years including sportspersons, young adults and others (Shakhshir 2014). Working professionals of selective socio-economic class can also be targeted. Along with the male candidates, the female candidates of 16 to 30 years might be the target area for the company. As the sports Windsurfing demands certain skills like sailing, it needs to ensure that the participants are mainly sports enthusiasts and possess physical fitness.
Positioning
In order to promote the event so that it becomes a successful promotional event for the brand certain promotional measures can be taken. For instance, social media campaigns through Facebook, Twitter and Instrgram can be effective to reach out to most people in a short time span (Tuten and Solomon 2017). In addition to that, event management agencies can be hired to promote the event.
Risk management
Windsurfing is one those sports that need to be well arranged as risk of injury is high in this sports. The sport Windsurfing requires physical skills like balancing and other training. A well-trained person therefore can survive when any injuries or disaster happen. Generally Windsurfing injuries include fractures, cuts and sprains. While conducting Windsurfing, the brand must take risk management measures in order to avoid any disaster. There are a large number of risk factors related to Windsurfing. Lack of fitness is one of the major factors that increase the risk of getting injured. Inexperience of the participants and poor techniques of surfing are the other major factors for which risk of injuries can be at a higher rate (McNeil, Frey and Embrechts 2015). It has been observed that disaster happens in during Windsurfing when participants do not wear proper safety garments. Therefore, in order to avoid any disaster, the following measures can be taken during the event:
- Some expert Windsurfer should be hired to conduct the event so that they can guide the participants in the right way.
- The participants should be familiarized with the sports and related injuries.
- Immediate medical assistance must be arranged in the venue so that participants receive medical treatment as soon as any injuries occur (Hopkin, 2017).
- The participants aged between 16 to 21 years must be assisted by the experts in order to avoid any disasters.
- All participants should be provided with proper safety equipment like helmet, safety jackets, safety glasses, safety shoes and other essential things.
Conclusion
It can be concluded by saying that the report has tried to cover all the aspects while discussing events and special events and it importance in marketing strategy. The energy drink maker Red Bull and its marketing strategy of event organization were given in order to make the report more detailed. The study has discussed the marketing plan of the event Windsurfing that the energy drink maker is currently planning. In order to make the event successful few aspects like segmentation and target positioning were mentioned as the suggestive measures. Finally, the report elaborates the essential risk management measures for the event that includes medical assistance and proving safety equipments and so o. in order to maintain the credibility of the paper, it has added all the essential references
References
Baker, M.J., 2014. Marketing strategy and management. Palgrave Macmillan.
Bowdin, G., Allen, J., Harris, R., McDonnell, I. and O’Toole, W., 2012. Events management. Routledge.
Hopkin, P., 2017. Fundamentals of risk management: understanding, evaluating and implementing effective risk management. Kogan Page Publishers.
Kotabe, M. and Helsen, K., 2014. Global marketing management.
Kotler, P., 2015. Framework for marketing management. Pearson Education India.
McNeil, A.J., Frey, R. and Embrechts, P., 2015. Quantitative risk management: Concepts, techniques and tools. Princeton university press.
Preston, C.A., 2012. Event Marketing. 2nd Edn. New Jersey, Wiley.
Red Bull Gives You Wings – RedBull.com. 2018. Red Bull. Retrieved 6 April 2018, from https://www.redbull.com/gb-en/
Red Bull Studios London. 2018. Redbullstudios.com. Retrieved 6 April 2018, from https://www.redbullstudios.com/london/studio
Shakhshir, G., 2014. Positioning strategies development. The Annals Of The University Of Oradea, 977, pp.416-437.
Tanner, J. and Raymond, M., 2015. Principles of marketing. University of Minnesota Libraries Publishing.
Tuten, T.L. and Solomon, M.R., 2017. Social media marketing. Sage.
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