New Business Product Business Plans Example

Published: 2021-06-18 05:30:29
essay essay

Category: Communication, Marketing, Elections, Media, Energy, Brand, Celebrity, Energy Drink

Type of paper: Essay

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As advertising executive and in an effort to identify the new business for the agency the plan as directed by management for Rockstar energy drink.
The brand is a success in term of creating a niche for its drinks and having revenues exceeding $1 billion annual threshold, still the brand as stated in the chart below is a far third player in the sports drink industry dominated primarily by Red Bull and followed by Monster.
As stated on caffeine informer (2014), the chart clearly showcase Red Bull as the dominant leader, with the growth of Monster evident, however the % share of Rockstar illustrate quite the need to increase the marketing efforts to compete more aggressively.
Energy Drink Brand Market Share Caffeine Informer (2014)
The lack of national advertising however is one of the reasons behind Rockstars third position in the energy drink market (Kim B, 2012), as mentioned back in 2012, Rockstar focused on the segment of Teens and college going students and also young adults that were attracted towards the celebrity connotation of the brands name and also the provocation of scantily clad women infusing a sex appeal to the energy drink.
Since the focus of the media communication is affixed on brand activation, the promotion is geared towards a niche category.
The one aspect missing that is big TV spots has to be created with a specific purpose of creating new market segments.
The suggested new segment is the ‘professionals and mature adults’, the suggested segments are opinion makers and leaders and once the brand connects with them it will be easy to sway new segments and thus automatically increase the market segment of the energy drink.
Rockstar has been connected with extreme sports and also entertainment in view of living life king size like a Rockstar, the brand communication is strong, still, it needs to create its presence in a global sports and create impact like Red Bull.
The advertising campaign needs to be based on a big idea that entails both the functional and emotional connect; since the brand is well known on a regional and international level, it is imperative to endorse the campaign with a ‘Major Celebrity’.
Living in the age of digital communication and also the significance of social media’s connectivity with consumers at all times, the campaign will be connected with being themed around the celebrity engagement online (mobile, Facebook, twitter etc).
Creating engagement through teaser campaigns and also merging the communication to create a 360 effect will enhance the brand’s reputation and the objective to create new consumer segment.
The celebrity has to be a global player i.e. Christiano Ronaldo, the football super star. The reason to select the aforementioned is that the brands image from a Rockstar and entertainer perspective and also a global celebrity with a major fan base will enable the brand to carve a new niche with new segments and a new surge in popularity.
Besides, utilizing big TV sports the brand focus on social media and digital communication channel is based on the facts in view of the utilization of these new channels by consumers.
As stated on Webdam (2014), the marketing statistics info graphics illustrate the significance of digital medium as major marketing collateral for campaigns, and it was predicted that approximately $ 135 billion will be used by year end.
Customized content as stated earlier with a focus on celebrity is the future. 25% of internet advertising will be the campaign total by 2015.
And, finally the need to create an experience for the consumers to be able to connect in a dynamic manner in tune to lure them to try and also be loyal will be the key and the aforementioned will also be the key for Rock star’s way forward in an effective and prosperous manner.
The focus of digital media for Rockstar strategy in terms of promoting the new communication and also creating hype around the campaign in an effective manner, to be able to utilize the communication effectively it is important to tell the story in a singular and compelling manner to lure the audience into understanding the brand essence of Rockstar.
References
Caffeine Informer (2014). Top Selling Energy Drink Brands. Retrieved from http://www.caffeineinformer.com/the-15-top-energy-drink-brands
Kim, B. (2012). The Marketing Strategy This Energy Drink Used To Take On Red Bull And Become A Billion Dollar Brand. Business Insider. Retrieved from http://www.businessinsider.com/the-marketing-strategy-this-energy-drink-used-to-take-on-red-bull-and-become-a-billion-dollar-brand-2012-2
Webdam (2014). Marketing Statistics Info graphics. Retrieved form http://www.webdam.com/2014-marketing-statistics-infographic/

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