The marketing mix is the key term of marketing that refers to a set of tactics that is used by business organizations to promote their product or brand in the marketplace. 4P’s marketing mix is the most widely used marketing mix in business. The 4P’s marketing mix deals with price, product, place, and promotion which the organizations used to market or promote their product. The chosen organizations for this assignment are Lucozade Energy and Red Bull. This assignment is explained 4P’s marketing mix analysis on both Lucozade Energy and Red Bull.
According to Kotler (2016), the term “Marketing” is a process of business to create relationships with customers and also satisfy the target customers. In addition, marketing mix is the key term of marketing that refers to a set of tactics that is used by the business organizations to promote its product or brand in the marketplace (The Economic Times, 2018). 4P’s marketing mix is the most widely used marketing mix in business. The 4P’s marketing mix deals with price, product, place, and promotion which the organizations used to market or promote their product. The chosen organizations for this assignment are Lucozade Energy and Red Bull. This assignment is explained 4P’s marketing mix analysis on both Lucozade Energy and Red Bull.
2.1 Comparison of Target Markets of Lucozade Energy and Red Bull
According to Investopedia (2018), the term ‘target market’ is a marketing plan which includes a targeted set of customers to whom business organizations want to sell their products and services. It is very important to identify the target market in the development of the marketing plan. The selected organizations for this assignment are Lucozade Energy and Red Bull. In terms of Lucozade Energy, it is a soft drink manufacturer that sells sports and energy drinks. On the other hand, Red Bull is also an energy drink manufacturer which sells energy drink to its customers.
Target Markets of Lucozade Energy
Lucozade is the leading sports energy drink in the UK. It plays a significant role in people’s lifestyles. Lucozaed’s market segmentation aims. to provide quality products to its customers to fulfill the wishes of the needs of the customers. It divided its whole brand into two different markets including Lucozade Sport and Lucozade energy (The Irish Times, 2016). It mainly sells its energy and sports drinks to young men who are 18 to 30 in age. It specially sells its sport and energy drinks to the sportsperson and athletes. It also sells its products to the hospital to help sick people.
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Target Markets of Red Bull
Red Bull’s main target audience is males. In addition, this company’s target audiences are the youth, professionals, sportspersons, athletes, and bachelor persons who are between 16 to 30 years of age. Red Bull Soda is sold mostly to customers who are below 16. Then, Red Bull zero calories (cool breeze) are mainly sold to middle-aged customers. However, their customers are also female.
4Ps is also called the marketing mix. The meaning of 4Ps is a product, price, place, and promotion. This model is applied by businesses to develop their marketing strategies related to the product, prices, promotion, and place (Palmer, 2014).
Figure: 4Ps Source: Palmer (2014)
Evaluation of products and brand values of Lucozade Energy and Red Bull
Lucozade mainly offers glucose-carbonated soft drinks. This drink is a source of high energy that is easily adjusted to the human bloodstream. Lucozade always works hard to develop its product categories. There are mainly four product lines of Lucozade Company including Lucozade, Lucozade Energy, Lucozade Sport and Lucozade Alert. Lucozade Energy first launched in 1929. According to the Irish Times (2016), Lucozade Energy is mainly designed to sell energy drinks to boost human energy. It offers glucose energy for the physically-active people. Lucozade energy includes 6 flavors and these are Original, Orange, Lemon, Tropical, Cherry and Apple. Lucozade Energy drink is developed to achieve the needs of athletes and sportspersons. On the other hand, Lucozade Sport and Lucozade Alerts also provide different types of drinks for the customers.
Red Bull drink includes the ingredients that provide the western taste and make the energy drink carbonated. The energy drink of Red Bull includes taurine, caffeine, sucrose, glucose, and vitamin B that are usually necessary for people who are sports people, athletes, professionals, workaholics, and youth. However, there is a trend that occurs in the younger segment. They came up with a sugar-free drink named Red Bull SugarFree that includes acesulfame K or aspartame rather than glucose or sucrose. This drink is provided in a tall blue-silver can along with 2 red bulls sign on the front of the can. Red Bull also provides Red Bull Mixer for its customers and these are the non-alcoholic drink. In addition, different flavors are given in their drinks such as coconut, Kiwi, Tropical, Blueberry, and Cranberry. Products of Red Bull are produced in different ways as well as accessible in several countries and become the popular energy drink over the world…………….