I just want assistance with the Introduction.
External and Internal Influences Paper:
Write down a 250-word paper in which you analyze the impact of external and internal influences on consumer behavior and marketing strategies. Address the following in your analysis:
- The selected organization/product is Red Bull Drink
- Introduction - The Introduction must be 250 words Resources: University Library, Internet
- Please use and provide all necessary references
- I have an outline for the introduction attached.
Please make use and provide all necessary references.
Internal factors:
To start with, we can go over the internal factors. These comprise:
1) Knowledge: This is the extent to which your customers are aware of your product in the market place. Without knowledge, people will have no urge to purchase the product. It also encompasses how much people understand the features, competitive advantages and benefits of your product.
In this case, knowledge of Red Bull would include all of it's features
- increases performance
- increases concentration and reaction speed
- improves vigilance
- improves the emotional status
- stimulates metabolism
As well as the fact that it is has been scientifically proven to be effective at increasing performance and concentration.
Marketing strategies:
If you conduct market research, you need to make sure that your customers are firstly aware of Red Bull. If they are you, you need to understand if they in fact know the features and benefits of Red Bull. If their knowledge is lacking, then perhaps this info needs to be further communicated to consumers, perhaps by including the key message of increased performance in their commercials or print ads.
2) Attitude: This is the way that people feel about your product. It would be how people feel about Red Bull, if they think it is a wonderful product, if they like performance enhancing drinks... It can be stated that attitudes lead to sales.
Market strategies:
Market research is critical to asses attitude towards the product. If you find out that people think that Red Bull is not natural or dangerous, then the marketing team needs to emphasize that the product is gluten free, vegan, wheat free, dairy free, which could be perceived as 'natural'.
In fact, people once had the attitude that Red Bull was made from BULLS' TESTICLES, which negatively impacted sales. Using this info, they now actually address the issue on their website, and state:
The taurine in Red Bull® Energy Drink is a purely synthetic substance produced by pharmaceutical companies and is not derived from animals or animal materials.
All ingredients for Red Bull® Energy Drink are synthetically produced by pharmaceutical companies. This guarantees the highest quality.
3) Lifestyle: An individual's lifestyle will dictate if they would be interested in the product. For example, a 25 year old mother of 2 might not lead such a lifestyle that would make her a repeat consumer of Red Bull; however a 19 year old college student who works full time and enjoys going to clubs at night might live a lifestyle that would need a little 'boost' from Red Bull.
Market strategies:
The connection here is huge. A person's lifestyle would be one of the key criteria in deciding if they would be likely candidates to consumer Red Bull on a regular basis, and should be included as one of the segmentation criterium.
External factors:
1) Culture: Culture involves the actives, attitudes and behaviors of people who live in our society. For example, in a country that has strict rules on how people should behave, consuming an energy drink might not be so socially accepted. On the other hand, in a large cosmopolitan city with diverse people, performance enhancing drinks might not only be accepted, but may be socially encouraged.
Market strategies: This might be a good way to look at when deciding what geographical area to sell your product. If you know that the culture would frown on Red Bull, it would be a waste of resources to do so. As well, you also have to make sure that your advertising campaign would be socially acceptable in your region, and not contain any languages or references that will offend your consumers.
2) Group Membership: Some group members include:
Family - would your family support your consumption of Red Bull, or frown upon you taking a performance enhancing drink?
Social class - This is based on your income, education and occupation. Perhaps people in a low income might not be able to afford consistent use of Red Bull. As well, some professions might encourage the consumption of Red Bull (people who play sports for example), while others might condemn it.
Market strategies: This is critical to deciding who your target audience would be. You need to base your advertising campaign on the interests and preferences of your target audience, and the more you understand of their group memberships, the more you can create a campaign that would attract your clients.
Info taken from redbull.ca
https://www.knowthis.com/principles-of-marketing-tutorials/consumer-buying-behavior/what-influences-purchasing/