Entrepreneurship Essay - 2192 Words

Entrepreneurship There have been numerous attempts to define the traits or characteristics possessed by entrepreneurs. However, there is low correlation between trait measures and performance (Chell, 1985). Explain why this may be the case. Peter Drucker (1985) states in his article, A Prescription for Entrepreneurial Management, Leadership does not necessarily mean bigger; it means being accepted as the leader, recognized as the standard setter. Above all, it means having the freedom to lead rather than being obliged to follow . In looking at these definitions it can be seen that there are many different types of leadership. Several examples might be transformational, charismatic, and entrepreneurial leadership. Entrepreneurial†¦show more content†¦Entrepreneurial Leadership within Management Success for entrepreneurs requires innovation. There are several ways to achieve this according to Drucker. Entrepreneurial management first requires that the organization be made receptive to innovation and willing to perceive change as an opportunity rather than a threat. It must be organized to do the hard work of the entrepreneur and create the entrepreneurial climate. It secondly requires systematic measurement#8212;or at least systematic appraisal#8212;of a companys performance as entrepreneur and innovator, and built-in learning to improve performance. Thirdly, entrepreneurial management requires specific practices with respect to organization structure, staffing, management compensation, incentives, and rewards. Not only is innovation a key factor in the success of entrepreneurial management but, an important issue that needs to be brought to managements attention; individualism and collectivism within the corporation. Morris et al., state the following, Managers and theori sts interested in entrepreneurship must begin to come to terms with the roles of the individuals and the group, respectively, within an organizational context. These roles are an integral component of the internal environment of the firm. Drucker (1985) authoring anotherShow MoreRelatedEntrepreneurship1111 Words   |  5 PagesEntrepreneurship Entrepreneurship is the act of being an entrepreneur or one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods. This may result in new organizations or may be part of revitalizing mature organizations in response to a perceived opportunity. The most obvious form of entrepreneurship is that of starting new businesses (referred as Startup Company); however, in recent years, the term has been extended to include socialRead MoreEntrepreneurship1326 Words   |  6 Pages‘Critically evaluate the key theoretical developments of the term Entrepreneurship’. Student Name : Jonalee B. Magtoto Student ID : 1009007374 Matriculation No: 20037830 Date: June 13th 2013 Word Count : 2,091 words Introduction: Entrepreneurship as a lot of meaning but for me it divided into two separate fundamental, the first part debate high involveRead MoreEntrepreneurship1228 Words   |  5 Pagesthat has the right of control is hired from the owner. Page 2 of 4 Similarities and differences between a manager, a business owner and an entrepreneur By Henry Amm Modern approaches like ‘corporate entrepreneurship’ try to overcome those boundaries by incorporating advantages of entrepreneurship into common management. Companies try to facilitate diversification with internal development workshops. That makes activities necessary, in areas that are usually only loosely related to the current ‘domain’Read MoreEntrepreneurship4156 Words   |  17 PagesEntrepreneurship Challenges in 21st. Century | | What is Entrepreneurship? The definition of entrepreneurship has been debated among scholars, educators, researchers, and policy makers since the concept was first established in the early 1700’s. The term â€Å"entrepreneurship† comes from the French verb â€Å"entreprendre† and the German word â€Å"unternehmen†, both means to â€Å"undertake†. Bygrave and Hofer in1891 defined the entrepreneurial process as ‘involving all the functions, activities, and actions associatedRead MoreEntrepreneurship4409 Words   |  18 Pages1 LESSON- 1 ENTREPRENEUR AND ENTREPRENEURSHIP Dr. Jyotsna Sethi STRUCTURE 1.0 Introduction 1.1 Objectives 1.2 Entrepreneurship as a Career Option 1.3 Concepts and Definitions 1.3.1 Entrepreneur 1.3.2 Entrepreneurship 1.3.3 Enterprise 1.3.4 Difference between Entrepreneur and Entrepreneurship 1.4 Role of Entrepreneurship in Economic Development 1.4.1 Entrepreneurship and Economic Development 1.4.2Entrepreneurship and Education 1.5 FunctionsRead MoreEntrepreneurship1106 Words   |  5 Pagesenterprise without undermining his/her relationship. In this last case a good entrepreneur should be free from personal commitment, at first, at least, because his/her work, or his/her relationship, could be compromised. Q2: Inc. Magazine claims, â€Å"Entrepreneurship is more mundane than it’s sometimes portrayed †¦ you don’t need to be a person of mythical proportions to be very, very successful in building a company.† Do you agree? Explain. 2. I don’t agree with the sentence above; I think that a temporaryRead MoreEntrepreneurship Should Be Aware At The World Of Entrepreneurship Essay1531 Words   |  7 PagesPROVIDED MANY OPPORTUNITIES ANYONE PLANNING TO ENTER THE WORLD OF ENTREPRENEURSHIP SHOULD BE AWARE OF ITS POTENTIAL DRAWBACKS Introduction:- Entrepreneurship is defined as the practice of beginning a new trade or reviving an existing business, for capitalizing on fresh opportunities. The statement were analyzing today is all about entrepreneurship. The author here is trying to explain that like every coin has two sides, entrepreneurship also has benefits and drawbacks. Every year the number of peopleRead Moreentrepreneurship2937 Words   |  12 PagesSCHOOL OF ENGINEERING AND INFORMATION TECHNOLOGY ASSESSMENT COVER SHEET Student Name Navpreet Kaur Student ID S265457 Assessment Title Case Study 1 Unit Number and Title PRT503 Entrepreneurship for Professionals Lecturer/Tutor Mr. Jamal El-Den Date Submitted 07 August 2014 Date Received OFFICE USE ONLY KEEP A COPY Please be sure to make a copy of your work. If you have submitted assessment work electronically make sure you have a backup copy. PLAGIARISM PlagiarismRead MoreThe Concept Of An Entrepreneurship1345 Words   |  6 PagesThe definition of an entrepreneurship is a commonly argued point, with several definitions given by many different people. The Business in Action textbook defines entrepreneurship as the combination of innovation, initiative and willingness take risks required to create and operate new businesses and an entrepreneur as a person with positive, forward-thinking desire to create profitable, sustainable business enterprise. According to this definition, a small business owner could definitely be classedRead MoreSocial Entrepreneurship1926 Words   |  8 PagesRose Spiegel Rationale 5.7.13 Everyone describes social entrepreneurship differently. While many have been able to describe the traits and features of a social entrepreneur there doesn’t seem at all to be a consensus about the definition of what constitutes the field of social entrepreneurship. Susan Davis and David Bornstein in their book, Social Entrepreneurship: What Everyone Needs to Know define social entrepreneurship as â€Å"a process by which citizens build or transform institutions to advance

The Scarlet Letter By Nathaniel Hawthorne - 1319 Words

As great effect as emotions can have on someone, even greater is the effect of how one reacts to his emotions. Arguably the two most influential of these emotions are guilt and anger. They can drive a man to madness or encourage actions of vindication. Hester Prynne and Arthur Dimmesdale are subject to this very notion in Nathaniel Hawthorne s The Scarlet Letter. Hester simply accepted that what she had done was wrong, whereas Dimmesdale, being a man of high regard, did not want to accept the reality of what he did. Similar to Hester and Dimmesdale, Roger Chillingworth allows his emotions to influence his life; however, his influence came as the result of his anger. Throughout the book, Hawthorne documents how Dimmesdale and Hester s†¦show more content†¦immeasurably interested in acquiring fixed ideas of God, of the soul, and of their general duties to their Creator and their fellow men; for doubt on these first principles would abandon all their actions to chance and would condemn them in some way to disorder and impotence†. Dimmesdale lost sight of what his â€Å"fixed ideas† concerning his morals were and allowed guilt to control his life. Another effect on Dimmesdale, seen as his guilt slowly wears him down, is how he compares his actions to those of Roger Chillingworth. This is clearly seen when Dimmesdale claims to Hester, We are not, Hester, the worst sinners in the world. There is one worse than even the polluted priest! That old man s revenge has been blacker than my sin. He has violated, in cold blood, the sanctity of a human heart. Thou and I, Hester, never did so!† (Hawthorne 185). Even in the privacy of the forest, he did not want to accept the full reality of his actions. This is a step forward for him, however, because he chooses to actually say aloud that what he did was wrong, just not as wrong as Chillingworth’s terrorizing of him. Eventually, Dimmesdale is able to confess to the public his sin, and this is due to his longing to escape the torture Chillingworth has been putting him through. Dimmesdale is no longer affected by the guilt that his actions brought about, so Chillingworth has no reason to aggravate him anymore. Sadly for the reverend, the shame

Evaluating Sex Trafficking Prevention Programs - Free Samples

Question: Discuss about the Evaluating Sex Trafficking Prevention Programs. Answer: Introduction Sex trafficking is a glaring issue in the world at present and it continues to concern the governments around the world. The worst thing about it is the involvement of young children who are supposed to have education and a proper life. Human trafficking is a menace that has to be fought with a commitment to end it rather than just reduce. It amounts to the violation of the basic human rights. According to the statistics of the International Labor organization (ILO), more than 20 million people fall victim to human trafficking globally. Of these 20 million, 54% are trafficked for sex trade[1]. Among those, around 2 million children are trafficked for sexual exploitation every year. Although majority of countries and the international forum has criminalized trafficking, it continues to grow and has become a 150 billion dollar industry[2]. The low-income nations, especially the Asian countries register most number of sex trafficking cases due to the lack of proper education and poor ec onomy. Thailand is one of the worlds top hubs for trafficked victims to be sold and bought. Many organizations government and NGOs are devising new ways to tackle this menace and they have been able to achieve some sort of success. However, a lot needs to be done in this regard, as the business continues to flourish despite increased efforts. In this paper, sex trafficking in Thailand is primly focused. The paper will evaluate the efforts of DEPDC in Thailand towards ending this menace. News of sex trafficking from Thailand is a common occurrence as there are more than 425,000 people living in slavery according to the Global Slavery Index, 2016[3]. Children in particular are most vulnerable to sex trafficking in the country. As per the United States governments report, the chief reason for this is the presence of large number of migrants in the country. Along with the Thai victims, around four million migrants working in the country are trafficked every year in industries like fishing and agriculture and in factories and for domestic work. In case of sex trafficking, Thailand faces the biggest problem. Victims that mostly include young boys and girls and even children are brought to the country from places like Laos, Burma, Cambodia and Vietnam for sex trade. The country also provides passage to victims transported from Burma, India, Vietnam, China, Korea and Bangladesh[4]. Non-governmental organizations (NGOs), with the support from national and international gover nment, are battling this issue in Thailand. DEPDC overview The Development and Education Programme for Daughters and Communities Centre in Greater Mekong Sub region (DEPDC) is an NGO that has been engaged with the task of rescuing the tribal population of Thailand from sex trafficking. DEPDC gives special emphasis on stateless children and women who are devoid of governmental rights and benefits. Sampop Jantraka founded the organization in 1988 and since then it has been engaged in providing free vocational training, education and other opportunities to these children and women. The NGOs primary focus is the Mekong Sub region that holds the major population of these stateless women and children. People in the Mekong sub-region have been fighting for years to be awarded Thai citizenship but the government has not yet been able to do so. In this regard, the DEPDC is proving to be a savior for the people of this region who are always on the verge of being trafficked for sex and labor. The DEPDC initiates a number of projects like the Chiang Khong Safe Shelter, Mekong Youth Net, Half Day School and the Community Learning Center. The following sections shall discuss the two projects namely Mekong Youth Net and half Day School. The Mekong Youth Net is a project that was initiated by the NGO between 2004 to 2010 within the Greater Mekong sub-region (GMS). Through this project the organization hoped to disseminate education and skills training to the youth humanitarian aspirants of Thailand, Laos PDR, Myanmar comprising Shan, Karen, Kachin and AKHA tribes, Cambodia, Vietnam and the Yunnan province of China[5]. The prime scope of this project was to allow the young people hailing from these regions to become well equipped in humanitarian skills so that they could help their respective communities. The project aimed to work at the grassroots level by empowering these youngsters in order to end sex trafficking in the GMS. Human trafficking is a grave issue within the sub-region mainly because of its population that does not have the official citizenship of Thailand. The Half Day School project, opened in 1996 in the Patak village of GMS aimed at disseminating vocational training to the children coming from the village[6]. The projects main scope was to assist with the repatriation of the sex trafficked children in a safe place. It also focused on helping with the social integration of the victims of sex trafficking when and where needed. the project was hoped to be successfully implemented through providing education to the children. in this way, the project not only aimed to help the trafficked children but also prevent others from being victimized. The MYN project members used quantitative data to identify the most vulnerable groups in order to implement the project. In doing so, the members developed a structured questionnaire and distributed to the young people at the GMS region. After gathering the questionnaires, the data was analyzed in order to understand the feasibility of the project[7]. This was done to make the project effective and accessible to the major population within the GMS region. Snowball sampling technique was used to gather data from the concerned population. Snowball sampling is a nonprobability technique of sampling in which the existing samples provide references to their acquaintances for future sampling[8]. In the MYN project, snowball-sampling technique was used because many sex trafficked survivors were not willing to come to the fore and aid in implementing the project. Qualitative method was used to interpret the data collected and then implement the different elements of the project. As part of the project, the NGO members performed a non-participant observation method to investigate the situation in the region. In this type of method, the researcher observes the subjects without actively participating in the situation. The members of DEPDC observed the youth at the GMS region distantly and then analyzed the situation. After the analysis, the project team physically visited the specific areas and then implemented the project. Similar methods were used to implement the Half Day School project as well. However, in this case, the focus was the children in the Patak village who had been victims of sex trafficking. In addition, the project also focused on the children who could be vulnerable to sex trafficking. As part of the quantitative analysis, the HDS team visited the Patak village and met with some parents whose children were victims of the trafficking. It was not possible to have access to each family and thus the snowball sampling technique was used. After distributing the open-ended questionnaires to the respective families, the data was collected and analyzed in order to implement the project. Further, as part of the project scope, the members analyze the places where the children are supposed to be repatriated. In addition, the members also had to analyze the adequate and apt time at which the social integration plan for the children was to be implemented. Implementation process After carrying out extensive research in the GMS region, the DEPDC team then focused on implementing the project. The members at first organized workshops for the young people of the region and made them aware about the program. Then, training sessions commenced where the youngsters were trained on various subjects and topics. The DEPDC members first imparted training on Mekong Regions social problems, its politics and the changes amongst others. It was followed by training on cultural studies that included language, culture, ethnicity and the different hill tribes residing in the region. Young students were also given awareness on the social problems that confront the region like HIV/AIDS, addiction, poverty and education. International issues that involved training on trafficking as well were also taught to the youngsters. The implementation was done after proper scrutiny of the locality. In order to make the project reach out to people globally, the team duly utilized the social m edia platform. A YouTube channel with the name MYN YouTube channel was also launched. The responsibility of the implementation of the Half Day School project was given to three other projects including the HDS project that worked along the same line. These were the Community Learning Center (CLC) Project and the Child Helpline Project (CHL). These projects operate from Mae Sai along with the HDS project. With the help from the two mentioned projects, HDS members are able to implement the project on a large scale and within time. Children who need immediate help are identified and taken to the CLC where their overall betterment is looked after. The CHL works each hour to trace and track those children who have been rescued from trafficking and then bringing them within the organization. Under the orders from the DEPDC, CLC provides computer training, literacy training and human rights training to the children of the community[9]. The CHL, on the other hand, allows people from across the GMS region or the entire northern Thailand to call up and provide information regar ding any sex trafficking survivor. The hotline number is shared amongst local communities and various nurses and doctors who are required to help the children. The number is even publicized to teachers and village leaders so that they too good contribute to this project. Success or failure After the implementation of the MYN project, it was exciting to see to what measure was the project successful. A look at the statistics provided by DEPDC regarding the impact of MYN explains the projects success. The project was successful in achieving its prime objective that was to train youth leaders to fight against trafficking throughout the GMS region. By the end of 2009, 96 youth leaders had been trained across the region. These young leaders then laid the foundation to grassroots projects across GMS as the MYN project has aimed. In the following year, that is in 2010, the Mekong Youth Union (MYU) was formed that served as an umbrella organization for all the future country projects undertaken by MYN. To add to that, the Mekong Youth Union Training Center (MYUTC) was also formed at the DEPDC headquarters. The MYN YouTube Channel is also run by MYUTC. In 2011, the MYN project received an honorable commendation from UNESCO. The award is given to those individuals and organizati ons who achieve exemplary achievement within the field of educational innovation. However, it must also be mentioned that the project could have been even more successful had it developed itself over the years. Starting in 2004, there was very little change visible in the functioning of the project even a decade later. The members must realize that the times have changed since 2004 and as the world prepares to enter into the second decade of the 21st century, issues like sex trafficking are being tackled vehemently. All these have occurred due to the emergence of the social media. The power of this medium has been realized by the people especially those working in such organizations to help the deprived and the victimized. Half Day School project had three main elements that it needed to achieve that included non-formal education, life-skills training and vocational training. The reason that HDS is not an accredited school, it only provides non-formal training on Thai, English, mathematics, science and humanities. The project largely succeeded in providing temporary shelter or safe house to at risk students and helped them attain training on important subjects. The project also helped the vulnerable children learn important life values like the importance of staying hygienic, the value of education and so on. Further, the rescued children were provided the opportunity to involve in activities like rice harvesting that allowed them to forget their past horrors and start afresh[10]. However, the project failed to fulfill its goals completely that was enabling the children through education to live freely without having to worry about their situation. The reason for this failure could be attributed to the temporary nature of the project. After graduating from the HDS grade six, the children have little scope in having education further. This one big problem makes the project a satisfactorily successful project. Conclusion To conclude, it has to be stated that Thailand being the epicenter of sex trafficking, is finding it difficult to progress and develop. The above-mentioned non-profit organization is only a single one that is working towards rescuing the nation from being drained into sex trafficking. The report presented accounts and workings of the DEPDC organization. It could be seen that DEPDC focuses on the tribal community of Thailand who do not have the countrys citizenship. The assignment presented an overview of the two projects undertaken by the DEPDC that was followed by the project scope. The implementation process followed by the organization in ensuring the success of the two projects was also mentioned. Further, the essay provided the methodology of the projects. In addition, it also discussed the extent of the two projects success and failure. The report also presented a brief analysis of the overall situation of sex trafficking in the world and the scenario in Thailand. It was found that the two projects had great flexibility and feasibility but lacked permanence. The sorry condition of Thailand with regards to sex trafficking has also been presented through certain statistics. In addition, the report has given an insight into the working of organization and the extent to which it has been successful. It however needs to be mentioned that further reading and research into the topic has to be done in order to track the latest trends in sex trafficking in Thailand. It is recommended that the MYN Project be reshaped and modified as per the changing needs of the generation. Further, it is also suggested that DEPDC must look to integrate the project with other international initiatives so that more funds and support can be garnered. It is also recommended that the success of the project be tracked and maintained through continuous evaluation. In case of the HDS Project, it is recommended that the concerned people find a solution to the temporal nature of their non-formal training. Although they are doing an excellent job providing education to the affected children at the GMS region, it has to be assuring enough to the children. In addition, the teachers involved in the project must also be trained in the local culture and language so that they are able to get along easily with the children. References: "Mekong Youth Net". 2018.DEPDC / GMS. https://depdcblog.wordpress.com/projects/mekong-youth-net/ Bernstein, Elizabeth, and Elena Shih. "The erotics of authenticity: Sex trafficking and Reality Tourism in Thailand."Social Politics21, no. 3 (2014): 430-460. Carnochan, Sarah, Mark Samples, Michael Myers, and Michael J. Austin. "Performance measurement challenges in nonprofit human service organizations."Nonprofit and Voluntary Sector Quarterly43, no. 6 (2014): 1014-1032. Depdcblog.wordpress.com. 2018. "Half Day School".DEPDC / GMS. https://depdcblog.wordpress.com/projects/half-day-school/ Depdcblog.wordpress.com. 2018. "Rice Harvesting With The Patak Half Day School".DEPDC / GMS. https://depdcblog.wordpress.com/2017/12/11/rice-harvesting-with-the-patak-half-day-school/. Emerson, Robert Wall. "Convenience sampling, random sampling, and snowball sampling: How does sampling affect the validity of research?."Journal of Visual Impairment Blindness (Online)109, no. 2 (2015): 164. Global Report On Trafficking In Persons, Unodc.Org. https://www.unodc.org/unodc/en/human-trafficking/global-report-on-trafficking-in-persons.html (accessed April. 7, 2018) Our Strategy, DEPDC / GMS. https://depdcblog.wordpress.com/about-us/strategy/ (accessed April. 7, 2018) Statistics On Forced Labour, Modern Slavery And Human Trafficking (Forced Labour, Modern Slavery And Human Trafficking), Ilo.Org. https://www.ilo.org/global/topics/forced-labour/policy-areas/statistics/lang--en/index.htm (accessed April. 7, 2018) Thailand - Global Slavery Index 2016,Global Slavery Index. https://www.globalslaveryindex.org/country/thailand/ (accessed April. 7, 2018) Thailand, U.S. Department Of State. https://www.state.gov/j/tip/rls/tiprpt/countries/2017/271297.htm (accessed April. 7, 2018)

Red bull

Red-Bull and its recent developments Red-Bull has broken new ground of energy drinks category all over the world. It became an example of the success story in the soft drink and beverages industry. The brand first tested in 1984 and later launched into the market in 1987. It was during this time that the iconic slogan logo was designed.Advertising We will write a custom research paper sample on Red bull-Building Brand Equity in Non-Traditional Ways specifically for you for only $16.05 $11/page Learn More Red bull was created by Mateschiz a professional and businessman who borrowed the energy drink idea from Asia (Richey, 2001). Mateschizt believed that red bull quality of energy drink will only attract consumers only if it sold on prices above the traditional soft drinks. Within a year of its launch red bull brand has established in Europe and America (Richey, 2001). Today red bull is a world wide brand and a market leader in the energy drinks. Red bulls growth strategy has been attributed to the expansion of its international distributors spread in almost 130 countries. Red bull has also positioned itself as the major sports events sponsors as well as its marketing strategy that targets the younger generation. Sources of Brand Equity for Red bull Red Bull has emerged as the most acknowledged leader in the category of energy drinks. In fact, through Red Bull’s appealing catchphrase ‘Red Bull offers you the wings’, the product is widely undisputed. There are numerous brand equity sources for Red Bull. For instance, Keller (2008) asserts that brands have their powers based on what the clients have in their minds. This implies that, clients best brand equity transpires only when the consumers are highly familiar and have elevated levels of awareness with a particular brand which makes them to hold certain distinctive, favorable and strong products brand relations in reminiscences. When Dietrich Mateschitz first ina ugurated Red Bull, he had both the clients and brand equity built in his mind. The creation of Red Bull brand equity incorporated price, positioning, attributes, packaging and brand design. Pricing The premium pricing structure for Red Bull serves as an imperative facet for the brand equity. When compared to a bottle of soda or even a cup of tea or coffee, Red Bull still emanates to be dear. For consumers looking for mutual benefits, this makes a lot of sense. If Red Bull could have avoided the premium pricing strategy by making its prices similar to soda and coffee, most customers could have wondered how different these products were and might have the sources of difference.Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Thus, the first-rate pricing approach signifies that Red Bull is a superior brand which generates a sensation of supremacy among consumers and gives additional b enefits when compared to any other drink. In addition to premium pricing structure, red Bull equally utilizes effective positioning tactics to advance the brand equity. Positioning The positioning of Red Bull is conceivably the main influential facet of its brand equity. According to Richey (2001, p.70), the tangible Red Bull’s benefits are ideally conveyed through â€Å"revitalizes the mind and body† catchphrase. Indeed, everyone needs daily mind and body revitalization. The author claims that he often requires at least a single revitalization each afternoon at 2 pm. The creative Red Bull tag-lines give rise to unlimited opportunities for this brand consumption. Just a handful of various consumption occasions which come to average consumers minds are to achieve the best in sports, work and at school. Such a positioning strategy makes everyone to use and yearn for Red bull any moment and in whichever place. This produces manifold segmentation prospects for the marketer s of Red Bull. Attributes There is not even a single product that has produced features which incorporates the Red Bull attributes. The matchless Red Bull benefits incorporates a blend of glucoronolactone for augmented detoxification as well as metabolism; taurine for vigor, for improved metabolism, as a detoxifying agent and essential amino acid; and caffeine as a source of energy (Richey, 2001). Whereas other drinks can assist with metabolism as well as detoxification while coffee and soda might offer requisite energy, Red Bull is single option that provides numerous distinctive benefits in a single sip. Such derived benefits similarly entail increased mental alertness, concentration, reaction speed, overall wellbeing sensation and improved physical endurance (Richey, 2001). All these are pooled in a single drink which creates matchless, strong and encouraging brand connection in Red Bull enthusiasts’ minds. Packaging and brand design According to Richey (2001, p.70), Red-B ull emerges in sole two hundred and fifty milliliters can which is blue and silver. In the can, there are the ‘energy drink’ catchphrase and the Red-Bull insignia which symbolizes its exclusivity to the consumers. The exceptionality accrues from the fact that Red-Bull was the earliest energy drink that rocked the global marketplaces.Advertising We will write a custom research paper sample on Red bull-Building Brand Equity in Non-Traditional Ways specifically for you for only $16.05 $11/page Learn More The two colliding bulls denote the vigor and might that Red Bull gives to its consumers but the ‘energy drink’ phrase precisely recapitulates what actually Red-Bull does as well as what it is. The logo and casing design creates a matchless brand connection amid the loyal consumers and Red-Bull which enduringly creates and maintains its brand equity. Such powerful and unique brand equity sources have remained unfailing in all marke ts and countries where Red Bull enters. Besides, Red Bull’s marketing tactics as it succeeds and enters numerous global markets have remained consistent. There has not been any change in Red Bull brand equity sources. The marketing program for Red-Bull Basically, Red-bull has ever since its inauguration been employing witty marketing strategies. However, word of mouth seems to be the most considerably employed tactic that Red-Bull uses to generate and uphold its market dominance besides building the reputable brand equity. When compared to other market competitors, the successful marketing program for Red-Bull incorporates point of purchasing promotion, sports and events marketing as well as sampling. Sports marketing To amicably build its brand equity, Red-Bull has ventured into supporting sportspersons such as athletes. This appears to be an influential tactic given that most athletes are alleged to be potent and triumphant. Therefore, when Red-Bull aligns itself with athle te such as Vonn Lindsey (skier) and White Shaun (snowboarder), it further strengthens its brand equity (Perley, 2010). The kind of extremely passionate but triumphant athletes and sports persons who are linked with the Red-Bull brand tend to correspond to ‘Red-Bull offers you wings’ watchword which further adds to strong brand equity building. Events Marketing Red-Bull also uses an influential and imperative event marketing approach. Under this strategy, Red-Bull is seen to sponsor and create events which are typically intended to build its brand equity through enhancing its brand icon. Most products and Red-Bull’s logo are widespread is such events. This has created a subversive alignment of Red-Bull product with matchless events including snowboarding and bull riding (Richey, 2001). Often, every event serves as a prospect for Red-Bull to extend and advance its brand equity.Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Sampling Sampling is also another marketing tactic that Red-Bull uses to develop and increase its brand equity. After individuals and groups have tasted Red-Bull as a product, the marketers usually encourage them to inform their friends about the existence of such a product. The consumers who are directed by their friends are also given the product to try and notify other more people about Red-Bull. Whereas conventional sampling normally occurs in retail stores where product execution is done with marketers who have deficient brand knowledge, a different approach has usually been employed by Red-Bull (Richey, 2001). Red-Bull student brand managers and sampling teams are globally employed by Red-Bull to strategically institute sampling programs in various positions (Todd, 2003). The notion behind setting sampling in such strategic localities is to seize consumers whenever they require ‘Red-Bull wings’. Concerts and sports events are some instances that have people who ar e exhausted and might need the Red-Bull wings. The marketing teams constitute of groups and individuals who vested their career interests in Red-Bull marketing. Thus, they normally work much harder to market Red-Bull product in order to build its brand-equity. Word of mouth When Red-Bull entered every global market where it is currently present and brilliantly dominant, it used word of mouth as a core pillar to strongly build on its brand equity icon. The word of mouth strategy entailed targeting micro cool and hip hangouts as well as locations. These places were flooded with influential marketers who used sweet words to lure consumers to have a taste of the Red-Bull. The influential thereafter instigated with WOM campaigns everyone had consumed the Red-Bull. Many people were influenced by their counterparts but it was difficult to quantify how many were influenced. However, most people were enticed by the marketers’ assertions that, provided something is deemed cool, masses will always consume it and there is no exception with Red-Bull (Richey, 2001). The word of mouth created huge markets for Red-Bull even in areas where the product was invisible. The huge demands made consumers to look for Red-Bull nearly everywhere and it was a result of persuasion by influential word of mouth marketing that Red-Bull brand equity was built. Point of purchase Red-Bull uses an effective marketing tactic to called point of purchase to strengthen and categorically build its brand equity. This involves setting-up signage and refrigerators at various bars and nightclubs. In such places, Red-Bull employs a team of devoted workers and marketers who ensures that the demanded stocks are available. The teams also ensure that the required Red-Bull ads are up. When party goers begin to yawn, they are reminded by the marketers that Red-Bull is there to quench their thirst and give each one of them wings. Red-Bull has also used social networking to capture the marketing (Richey, 2 001). Currently, there are nearly two million face book fans that admire and consume Red-Bull. This has significantly developed and built Red-Bull’s brand equity. The effectiveness of Red-Bull in advertising its brand to various consuming groups According to the demographic segmentation, younger generations are the large consumer compared to the older generation and the business segments. Those between the early and mid twenties relatively drink red bull more than the older generations. This is majorly due to the red bull marketing strategy as well as the product perception. Historically the product was first launched in the night clubs and other places visited mostly by younger generation hence perceived as the younger generation drink. Since the usage of the product was marketed as being unlimited to a particular period or occasions, users will continue to utilize the red bull even as thy change their priorities (Richey, 2001). Red bull also, through its advertising campaig ns, pushes the product towards this demographic segment. Logically the body needs at thirties is more than the body needs at twenties in terms of energy. That is because the person at thirties fell exhausted very quickly than the person at twenties. Therefore the drink will still be needed at thirties just as it was needed in twenties to enhance body energy. In this sense, the product is will still be valid and acceptable by the consumers (Richey, 2001). Gradually, there will be renewed consumers of the product and this is what has made red bull grow and sustain in all market segment. In case red bull remains focused on the current marketing strategy then it is has a future growth potential. How Red-Bull can maintain its marketing momentum Red Bull brand proved to have a marketing impetus especially in the western European market. Red Bull brand has tremendously established itself within the energy drink market and has continued to maintain its dominance despite numerous competitors . Red Bull presence is felt allover. It has fully utilized all channels of advertising both traditional methods as well as new media arena. In additional, Red Bull has been sponsoring and promoting sports activities making it to be the most favored sports brand in the sports arena (Richey, 2001). Moreover the promotion strategies that Red Bull uses are distinct from its competitors. This strategy has actually provided red bull a competitive advantage. Red Bull should prioritize on maintaining its leading position in market share particularly in already existing markets. It should also continue developing new markets in countries that it does not exist. The company strategy of using the young stars as its marketing agents should be used in developing new markets (Perley, 2010). Red Bull has always focused on the recruitment of the young graduate brand managers. As the students advance in their career they also advance with the brand. Moreover they physically grow with the brand. In t heir first years, they take Red Bull as an energy enhancer. But as they become older they take Red Bull as a mixer just as the working adults do. Red Bull has already created its pricing image as affordable energy drink. Red Bull leading prices has provided the company with an increased competitive advantage in the energy drink market. Moreover the company has utilized affordable prices to penetrate markets that have already been conquered by other competitors (Perley, 2010). In addition its pricing strength has been a barrier to entry by other leading competitors such as coca cola in the energy drinks. Therefore Red Bull should continue with this pricing strategy especially in developing new markets. In relation to the packaging Red Bull should maintain its packaging style. The Red Bull brand in the traditional can is becoming fashionable day by day as the company brand continues to penetrate the market (Richey, 2001). Furthermore, the company is known with its brand packaging whic h users always find convenient. Though refreshing the packaging style would be advantageous to the company keeping the tradition would provide more competitive advantage. Besides, Red Bull should maintain its brand extension as the company could not afford losing its brand image. Losing brand image would lead to the lost awareness hence losing the competitive advantage. An evaluation of Red Bull’s move into fast-food, magazines and chains herbal teas Red Bull energy drink has been successful in the energy drink market. Therefore the company should always try to maintain this product and prioritize on its development it terms of improving quality and increasing its market share. In other words the company should not lose focus on its successful main brand. Though there could be some potential in the other drinks such as herbal tea, losing focus on the main product brand would be detrimental to the company especially on its market share (Richey, 2001). Diversification is essent ial for the growth of the company, however market factors should always be considered before the company diversifies. To the Red Bull scenario diversification within the product brand would be beneficial. Moving to the products would be result in increased competition as other companies such as Pepsi cola has already taken the larger market share. Diversification in various brands has been held as the reason why larger global brands such as coca cola failed in their strategies when they were entering into the beverage markets (Perley, 2010). However there might be some available opportunities that the company might exploit while entering the tea market. There still exist middle and old age potential customers who are not fully served with tea. These are major users of tea but are not targeted by Red Bull since Red Bull focus on the younger generation. The company can focus on these potential customers and use its brand image to grab the market share. Fast foods are usually considere d as unhealthy and full of cholesterol which is against the Red Bull brand image. Red Bull is only known for the provision of sugar free energy drinks which it claims to be healthy. Therefore, Red Bull association with energy does not fit in the fast food chains (Richey, 2001). Moreover, the fast food chain market is flooded with not only larger corporations but also with smaller enterprises that have the capabilities of penetrating the core market. Magazine is a good venture for red bull not only for increased revenue but also as a marketing strategy. In deed the magazine should focus on major sports activities such as formula one event that features for instance Night life Classic planes of flying bulls sponsored by Red Bull. This will not only reinforce the Red Bull brand but also increase the association with the consumer (Keller, 2008). Moreover it will increase the consumer knowledge about the brand as well as the consumer trust. Investment in magazine will contribute to the r eduction of the cost of advertizing. In addition investment in magazine will help Red Bull leveraging the brand equity and the good that is essential in building the additional brand stature. The involvement of Red Bull in other brands might generally lead to the loss of focus on its flagship or major product. Moreover, it might also lead to the dilution of the existing brand thereby negatively affecting the brand image (Todd, 2003). That is, damaging the existing brand perception. The competitors may use other brands to attack the original Red Bull brand. However, ingenious use of the Red Bull on other products may increase the product image and help it to have a bigger share in the market. References Keller, K. (2008). Strategic brand management: Building, measuring, and managing brand equity. Upper Saddle River, NJ: Prentice Hall. Perley, I. (2010). Lesson 2 brand equity, positioning values. Web. Todd, H. (2003). Red Bull North America, Inc. beverage world. Web. Richey, K. (200 1). Red Bull: Building band equity in new ways. 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