To design, conduct and report on a marketing research project of your Essay

To design, conduct and report on a marketing research project of your choice - Essay Example This paper seeks to find out what magic formula Red Bull has, making its competitors trail in its wake as well as the approach taken by Euroshopper to brand awareness. Apart from answering the two questions, this paper shall also seek to compare the above two products based on; taste, price, energy difference and their core markets. Red Bull is synonymous with the energy drink market. It is encountered in action sport. From the Red Bull air race, to the Red Bull cliff diving championship and even the Red Bull formula 1 team. It is keen to live up to its reputation as a drink that ‘gives you Wings’. As a result, brand awareness of Red Bull is vast among its fans (Jonny n.d). The taste of Red Bull is distinct from those of other products in the energy drink market. The same way Coca Cola is distinguishable from all other ‘Colas’ in the soft drinks market. On the other hand, the taste of Euroshopper has variously been referred to as ‘bitter’ and ‘not smooth’. This scenario calls for blind folding. Blind fold testing has been dismissed by critics as belonging to the ‘blind consumer,’ but its continued usage reliability can not be ignored. It is partly down to this distinct taste that Red Bull has kept its hold of the market (Mintel Press Release, 2011 ). The way both companies approach pricing leaves a lot to be desired. Red Bull charges a premium price for its product. Its high prices are necessitated by brand association. On the contrary, Euro shopper charges much lower prices for its product, precisely a third of what an equivalent amount of Red Bull costs. This is also a reasonable step since customers are never ready to pay expensively for a new product which they are not familiar with. Red Bull is better value for money, in terms of the energy levels that its products guarantee. Euroshopper is not far behind, but still the deficit is palpable when compared to its