Marketing Mix of Monster Energy
The marketing mix is usually viewed as a set of such four components of a marketing strategy as Product, Place, Price, and Promotion, which are known as 4 Ps. To address the target audience’s needs and make them interested in a product, it is important to focus on manipulating these marketing tools to achieve the desired result (Baalbaki). Monster Energy is a popular cold beverage or an energy drink produced by Monster Beverage Corporation, a U.S. company that is headquartered in Corona, California (Monster Beverage Corp). The purpose of this paper is to discuss how the marketing mix serves to sell Monster Energy in the U.S. market with the focus on such tools as Product, Price, Place, and Promotion.
Analyzing the first component of the mix, it is necessary to state that Monster Energy is a product that was introduced by Monster Beverage Corporation in 2002. Currently, the focus is on promoting the brand name and improving the taste qualities of this energy drink (Monster Energy). Furthermore, much attention is paid to designing its package which is associated with the brand name and proposed experience. Thus, it is possible to note that the company intends to use all available Product tools to promote Monster Energy: the brand name, the quality of taste, design, and experience.
Price is another component of the marketing mix which influences its sales. To remain competitive within the market, the price of Monster Energy can increase proportionally to changes in competitors’ prices and concerning the market trends (Monster Beverage Corporation). Furthermore, planned increases in the product’s price are usually pre-announced for distributors and customers. The current price of Monster Energy is comparably high, and it is viewed as reasonable with the focus on brand recognition and the quality of the product.
The place is a significant component of the marketing mix for Monster Energy because the company pays much attention to the distribution of the product while sponsoring a range of sports and music events (Monster Energy). Thus, the distribution of Monster Energy is associated with places where it is possible to meet many teenagers and young adults. Also, it is important to state that the assortment of Monster Energy products is proposed in the main supermarket chains in the United States.
For Monster Energy, Promotion is directly associated with Place because marketing activities are rather similar. The main focus is on promoting products with the help of sponsoring different events, festivals, and competitions (Monster Energy). Monster Beverage Corporation has not selected traditional advertising with the help of media as a strategy to attract customers’ attention. On the contrary, the company has chosen to support local sports teams, promote extreme sports competitions, and organize music festivals while inviting the bands which are interesting to young people (Monster Energy). As a result, teenagers and young persons learn about the product from each other, and their interest in Monster Energy increases.
Despite proposing a comparably expensive product and addressing the target market using alternative promotion strategies, Monster Energy is one of the most popular energy drinks in the United States. Success can depend on an effective marketing mix. The reason is in the determined position regarding the product’s qualities, target audience, and promotion strategies. As a consequence, a popular brand name contributes to high sales despite the product’s price.
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Monster Beverage Corp. Monster Beverage Corporation, 2017. Web.
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Monster Energy. Monster Beverage Corporation, 2017. Web.