BUS FPX 3030 Assessment 1 Product Analysis

BUS FPX 3030 Assessment 1 Product Analysis

Product Analysis

Among other things, product analysis involves evaluating features, pricing, availability, quality, and appearance. Product analysis is done by prospective customers, product managers trying to understand the competition, and independent reviewers. A high-level product description can also be transformed into deliverables and requirements through the use of product analysis in product design. It encompasses every facet of the product, including its characteristics, operation, and function (Pollack et al., 2020). Or BUS FPX 3030 Assessment 1 Product Analysis

Red Bull and Its Target Market

Red Bull is promoted as a useful caffeinated drink that works on physical and mental execution. Caffeine, taurine, B vitamins, sugar, and glucose are in Red Bull. The mix of these mixtures is considered to increment energy and work on mental capability. The Red Bull brand name is prominently displayed on the striking blue and silver can that it comes packaged in. Since the can is made to be carried around, it is a popular choice for people who are always on the go. According to Gogorov & Averin (2002), Red Bull is touted as an energy drink that boosts mental and physical performance while also providing an immediate burst of energy. Outrageous games and other high-energy exercises are remembered for the organization’s publicizing efforts, and the brand supports numerous occasions and people to foster its connection with strong execution.

BUS FPX 3030 Assessment 1 Product Analysis

 Red Bull is ordinarily more costly than delicate and caffeinated drinks, making it less available to certain shoppers. Red Bull’s combination of caffeine, taurine, and B vitamins has been shown to help boost energy and improve cognitive function. Notwithstanding, unnecessary caffeinated drink use could bring about unfriendly wellbeing impacts like tension, restlessness, and heart palpitations. Red Bull is a well known caffeinated drink elevated to work on physical and mental execution. It has a combination of substances that make it better to think and give you a boost of energy, but it needs to be taken in moderation to avoid having bad effects on your health (Nyström, 2022).

Characteristics and Traits of the Primary Target Market

Red Bull is promoted as a useful caffeinated drink that works on physical and mental execution. Caffeine, taurine, B vitamins, sugar, and glucose are in Red Bull. The mix of these mixtures is considered to increment energy and work on mental capability. The Red Bull brand name is prominently displayed on the striking blue and silver can that it comes packaged in. Since the can is made to be carried around, it is a popular choice for people who are always on the go. According to Gogorov & Averin (2002), Red Bull is touted as an energy drink that boosts mental and physical performance while also providing an immediate burst of energy. Outrageous games and other high-energy exercises are remembered for the organization’s publicizing efforts, and the brand supports numerous occasions and people to foster its connection with strong execution.

 Red Bull is ordinarily more costly than delicate and caffeinated drinks, making it less available to certain shoppers. Red Bull’s combination of caffeine, taurine, and B vitamins has been shown to help boost energy and improve cognitive function. Notwithstanding, unnecessary caffeinated drink use could bring about unfriendly well-being impacts like tension, restlessness, and heart palpitations. Red Bull is a well known caffeinated drink elevated to work on physical and mental execution. It has a combination of substances that make it better to think and give you a boost of energy, but it needs to be taken in moderation to avoid having bad effects on your health (Nyström, 2022).

Red Bull Branding, Packaging, and Positioning Influence

Through its product branding, packaging, and positioning strategies, Red Bull has achieved a strong brand identity and a dedicated customer base. A look at how the energy drink industry has been affected by Red Bull’s branding, packaging, and positioning is provided here. Red Bull’s marking approach underlines outlining the item as an exceptional, super charged drink that offers purchasers a quick explosion of energy. Customers immediately recognize Red Bull’s distinctive emblem, which features a charging red bull and the memorable phrase “give you wings,” and the company name and logo have become synonymous with energy drinks (Pollack et al., 2020). Red Bull is now the most popular energy drink on the market thanks to this strong brand recognition.

Red Bull’s branding strategy relies heavily on the packaging of its products. The red bull logo on the slim, blue-and-silver can makes it easy to identify it. The product’s energy-boosting properties can be emphasized by the design, which also conveys a youthful, modern image that appeals to the intended audience. The goal of Red Bull’s positioning strategy is to reach young, energized customers looking for a quick energy boost. The brand has effectively recognized itself with outrageous games, music, and other high-energy exercises through its promoting drives. According to Mansour et al., this positioning has helped establish the product as the go-to option for people in need of a quick energy boost and has contributed to the development of a solid brand identity that connects with the target market of the product. 2019). The marking, bundling, and situating of Red Bull’s items have extensively impacted the caffeinated drink item classification. The energy drink category has grown as a result of the brand’s popularity, and numerous other brands have entered the market to compete for market share.

BUS FPX 3030 Assessment 1 Product Analysis

Red Bull has been able to maintain its position as market leader while influencing the entire product category by setting the standard for packaging, product branding, and positioning thanks to its strong brand identity. Additionally, the energy drink market has been significantly impacted by Red Bull’s product branding, packaging, and positioning (Brito, 2019). The brand’s success has set the standard for packaging, product branding, and position in the intended audience, in addition to establishing variety. Red Bull has established a solid brand identity that resonates with the target audience by combining these branding strategies.

Strategies to Achieve Business Success

Red Bull has used a variety of strategies to establish a strong brand identity, cultivate a loyal customer base, and enter new markets, all of which have contributed to the company’s phenomenal business success. Through its efforts in product branding, packaging, and positioning, Red Bull has built a solid brand identity. The brand’s connection with energy, experience, and outrageous games has assisted with fostering serious areas of strength for a its objective market, and the item’s strange bundling has made it promptly recognizable. The marketing strategies of Red Bull have significantly contributed to the brand’s excitement and buzz. The company’s marketing has been creative, producing content that is in line with the brand’s image and values and engages its target audience (Nyström, 2022). Get BUS FPX 3030 Assessment 1 Product Analysis

In accordance with the brand’s image, Red Bull has sponsored a number of events, athletes, and teams, including Formula One racing and extreme sports competitions. The brand’s credibility has been established as a result of these sponsorships. As part of its commitment to product innovation (Bragg et al.,), Red Bull has developed numerous flavors and variants of the original energy drink over the years. 2020). The brand’s relevance and broad appeal have been maintained thanks to this product innovation. Red Bull has expanded its influence in new international markets by employing a specialized marketing and distribution strategy. The brand has been able to tap into new revenue streams and establish a global presence as a result of this. Branding, marketing, sponsorships, product innovation, and global growth initiatives are all responsible for Red Bull’s success. The organization has fostered areas of strength for a personality that reverberates with its main interest group, and its showcasing and item improvement systems are remarkable. By maintaining a consistent brand image and adapting to local markets and consumer preferences, Red Bull has achieved exceptional financial success (Chatterjee & Abraham, 2019).

Evaluating Strategies for Ultimate Success

The strategies have already had a significant impact on Red Bull’s success and may have an even greater impact in the future. Red Bull’s solid image personality and connection with energy, experience, and outrageous games have assisted the organization with making a following of steadfast clients who relate to its goals and picture. This brand’s identity and mission will continue to resonate with its intended audience and drive sales. Red Bull’s ability to excite and engage its target audience is a result of its distinctive marketing strategies. If Red Bull continues to develop innovative marketing strategies that are consistent with the brand’s image and principles (Mansour et al., 2019).

BUS FPX 3030 Assessment 1 Product Analysis

The sponsorships Red Bull has received have aided the company in establishing credibility and authenticity among its intended audience. Red Bull can keep on advancing its image and support its crowd association through games, competitors, and groups that mirror its picture. Red Bull has been able to stay relevant and appeal to a wider audience thanks to its innovation. Red Bull can keep on acquiring new clients and hold old ones by presenting new flavors and variants of its unique caffeinated drink (Chatterjee and Abraham, 2019). Red Bull has been able to expand into new markets and generate new revenue streams as a result of its global expansion. By expanding into new markets and adapting its marketing and distribution strategies to local conditions and consumer preferences, Red Bull can continue to grow its business and achieve even greater success. It is anticipated that Red Bull’s strategies for business success will continue to lead to the brand’s ultimate success (Egorov & Averin, 2021). By maintaining a strong brand identity, implementing novel marketing strategies, sponsoring events and athletes that align with its ideals, launching new product variants, and entering new markets, Red Bull can continue to increase sales and expand its business in the coming years.

Conclusion

Red Bull’s dedication to creating a memorable brand, employing cutting-edge promotional strategies, supporting high-profile athletes and causes that reflect the company’s core values, developing and releasing innovative product versions, and entering emerging markets have all contributed to the company’s rise to the top of the energy drink market. The brand’s prosperity can be attributed to its capacity to interest a worldwide crowd while taking special care of provincial preferences. The company should be able to maintain its position as the market leader for energy drinks if it continues to employ these strategies.

References

Bragg, M. A., Pageot, Y. K., Amico, A., Miller, A. N., Gasbarre, A., Rummo, P. E., & Elbel, B. (2020). Fast food, beverage, and snack brands on social media in the United States: An examination of marketing techniques utilized in 2000 brand posts. Pediatric Obesity, 15(5). https://doi.org/10.1111/ijpo.12606

Brito, D. C. (2019). Sports sponsorship and the impact on a brand’s purchasing intention and recommendation: Red Bull, more than wings. Repositorio.iscte-Iul.pt. https://repositorio.iscte-iul.pt/handle/10071/19184

Chatterjee, A., & Abraham, J. (2019). A comprehensive study on sports and energy drinks. Sports and Energy Drinks, 10, 515–537. https://doi.org/10.1016/b978-0-12-815851-7.00015-2

Egorov, N., & Averin, A. (2021). Analysis of the effectiveness of toro rosso team as a supporting team of red bull concern in Formula 1. Laisvalaikio Tyrimai, 2(16). https://doi.org/10.33607/elt.v2i16.1027

Mansour, B., Amarah, W., Nasralla, E., & Elias, N. (2019). Energy drinks in children and adolescents: Demographic data and immediate effects. European Journal of Pediatrics, 178(5), 649–656. https://doi.org/10.1007/s00431-019-03342-7

Nyström, K. (2022). The importance of customer-based brand equity and brand loyalty in building strong brands. How red bull utilized brand extension into the sports industry in their brand building. Aaltodoc. Aalto.fi. https://aaltodoc.aalto.fi/handle/123456789/114221

Pollack, C. C., Kim, J., Emond, J. A., Brand, J., Gilbert-Diamond, D., & Masterson, T. D. (2020). Prevalence and strategies of energy drinks, soda, processed snacks, candy, and restaurant product marketing on the online streaming platform Twitch. Public health nutrition23(15), 2793–2803. https://doi.org/10.1017/S1368980020002128

Struggling With Your Paper?
Get in Touch