Wednesday, December 11, 2019
Monster Energy Drink - Marketing Strategy And Recommendation
Question: Explain about the monster energy drink. Answer: Introduction The beverage industry has been experiencing rapid growth in the business, in recent years. In the beverage industry, Monster energy drink is one of the most famous drinks. In April 2002, Hansen Natural Corp. (HANS) introduced the Monster energy drink. The mission of the company is to satisfy the needs of the company for superior quality. The mission of the company is to empower the customers for improving performance. In order to assist further augmentation the organization sustain customers trust (Monster Energy, 2016) Overview Internal (micro) Analysis The organization targeted mainly the young urban male and females. The income of the customers varies but they generally is on the middle range. The individuals apply for courageous and energizing way of life. Red bull is the primary threat for the brand and they mainly hold half of the market share (Tsarouhas, 2013). Hence, it can be identified that Monster energy has been growing its business.The main objective of the company is to satisfy the needs of the company. the motto which is utilized as a part of the battle for red bull is spreading for making brand familiarity with the item. External Analysis According to PESTEL analysis, the organization have safe, stable, least corrupted and business friendly environment. The analysis suggests that the organization have increased employment rate. The monster energy drink provides slow deflation and outlook growth. Local sponsorship is provided by the organization in major sports as per PESTEL (Chen, 2012). A survey was conducted by the organization in local preference. Advertisement was done on social media and mass media platforms. The order to understand the taste and monster energy drink collaborates with major supermarkets for recycle programs. PESTEL suggests strict rules and regulation. SWOT The monster energy drink provides reasonable price for bigger can of drinks. It has well known brands in as well as endorsement with number of celebrity. The organization creates more awareness by advertising on social media. The organization creates more innovative ideas. Brand awareness is low in Singapore, which is one of the most important weakness of the organization. The organization is facing stiff competition with other competitors. Health concern is one of the most important issues. Marketing strategy and recommendation The market of the organization focuses on consumer needs, their priorities and designing of the product. Demographic research inspects age, religion, gender, occupation etc. researchers have scrutinized market and they have reported that energy enhance performance level. Socio-economic strategy is important for assessing the potentiality of the customers. It is concluded that the organization promotes their market value through sports and adventures. Marketing Mix and Recommendation The Monster energy drinks are offered in different varieties and flavours. The monster zero ultra was initiated with less sweet and zero calories. They make their product unique from other brands in the market (Sacks et al., 2015). On the monster energy drink always provide affordable pricing policy for its customers and it became one of the most important reason behind the companys position in the market. The main aim of the company is to find the consumers at the right time at the right place in the right situation. The entry strategy of the company is based on exclusivity. Monster drink sometimes attracts its customers by offering free drinks. In my opinion, the company must extend or change its marketing strategy in order to compete with other energy brands. References Chen, L. F. (2012). A novel approach to regression analysis for the classification of quality attributes in the Kano model: an empirical test in the food and beverage industry.Omega,40(5), 651-659. Monster Energy. (2016).Monsterenergy.com. Retrieved 6 June 2016, Sacks, G., Mialon, M., Vandevijvere, S., Trevena, H., Snowdon, W., Crino, M., Swinburn, B. (2015). Comparison of food industry policies and commitments on marketing to children and product (re) formulation in Australia, New Zealand and Fiji.Critical Public Health,25(3), 299-319. Tsarouhas, P. H. (2013). Evaluation of overall equipment effectiveness in the beverage industry: a case study.International Journal of Production Research,51(2), 515-523.