For instance, GoPro gained a massive audience by partnering with Red Bull, an already established and well-known brand. This article is commentary by an independent contributor. Routledge. Shutterstock Flex Subscriptions Multimedia Downloads with 15% Off! Shutterstock is a leading creative marketplace for high-quality royalty-free photographs, vectors, illustrations, videos, motion graphics, and music to business, marketing agencies, and media organizations. And finally, the synergy of the partners provides a significant boost to the awareness of both brands which ultimately redounds to the commercial benefits for both parties. Such elements include being tied to the core objectives and goals of the business, blocking competitive rivals, developing core competitive advantage, having strategic choices for the industry, and mitigating significant business risks. A strategic alliance is essential for businesses wanting to scale up the market faster. Published by M. Ridder , Mar 9, 2022. B. Advantages of Red Bull and GoPro Strategic Alliance: 1. Red Bull enjoys this benefit and has exclusive access to the best action cameras in the market hence making their production a success. Jumping From Space! - Red Bull Space Dive - BBC - YouTube Red Bull Takes Equity in GoPro, Commits to Multi-Year Partnership. GoPro and Red Bull have signed a multi-year partnership that will see the two brands collaborate on content production and distribution, as well as on "product innovation," they said Tuesday. Red Bull sponsors extreme sporting events, while GoPro provides athletes with a way to capture these events from their own perspective. 2011 - 2023 Stock Photo Secrets - A Stock Photo Press Online-Magazine. GoPro's product and brand will have access to more than 1800 Red Bull events across more than 100 countries, the companies will share content rights on co-productions, and related content will be distributed across both Red Bull and GoPro's digital distribution networks, including The GoPro Channel, Red Bull TV, Red Bull.com and in the Red Bull https://business-essay.com/gopro-and-red-bull-companies-strategic-alliance/. The equity-based partnership between GoPro and Red Bull does not involve investing together. Todd Ballard, Vice President of Global Sports Entertainment Marketing at GoPro explains: We are excited to team up with Red Bull Racing for the upcoming season and capture content from unique locations around the globe. All other trademarks are the property of their respective owners. In this alliance, two companies combine resources without forming a separate business. The venture has clear objectives, and profits are split between the two parent companies (Russo & Cesarani, 2017). Brands fast-food chain Taco Bell originally launched on March 12, 2012 in a Taco Bell store in Toledo, Ohio. Eliminating equity sharing for the two firms gives them an advantage in marketing, sales, production, and research development (Tjemkes et al., 2017). If you are looking for a fresh take on your brand's marketing and promotional strategies, working with another brand might be what you need to reach more people and change things up. GoPro and Red Bull, as a match, are as good as it gets. Strategic alliances preserve the independence and autonomy of each organization, allowing each to focus on its own objectives while working together for a common goal. . Associating them with thrilling adventures, they evoke images of excitement, energy, and wonder. Lim, E. (2019). The GoPro Channel on Red Bull TV will also feature two of its acclaimed original series, Chasing El Nio with Chris Benchetler and Two Roads, as well as additional content exposing the intimate, never-before-seen perspectives of some of the worlds top adventure sport athletes: Authentic and immersive GoPro content has been synonymous with the Red Bull brand since the revolutionary cameras were first introduced in 2002. GoPro and Red Bull Racing Ready to Join Forces | GoPro GoPro Inc (NASDAQ:GPRO) Inks Content Production Deal With Red Bull In marketing parlance, this is also referred to as co-marketing. We will focus on the overlapping positioning of two seemingly unrelated brands which have entered into a partnership to help promote each other to its similar consumer audience. Ji Sainer - Marketing & Brand Manager - Bohemia Interactive | LinkedIn adobo Magazine Online. GoPro - ISPO.com GoPro and Red Bull team up for global partnership Jumping From Space! At the time of publication, the author held positions in Alphabet, Microsoft and Twitter. The following are particular benefits enjoyed by each company independently. Both of the brands emulate a sense of adventure and spontaneity, appealing to a similar consumer, making them a perfect team as they equip athletes and adventurers from around the globe with cameras, tools and funding to capture the action through point-of-view videos at events. They set specific objectives and goals, developed and maintained competency, blocked competitive threats, developed strategies, and mitigated business risks (Dhir & Sushil, 2019). GoPro. "GoPro and Red Bull Companies' Strategic Alliance." We will be able to bring viewers closer to their favorite team than theyve ever been and tell the stories you dont usually get to see. Just in: Red Bull buys GoPro! - BeachGrit GoPro Releases Their Own Channel on Red Bull TV | Digital Trends Red Bull Gives GoPro Wings, But Camera Maker Still Low-Flier GoPro and Red Bull Form Exclusive Global Partnership Therefore, this perfect combination of immersive and engaging content and storytelling shared by these two brands provides the very foundation on which this co-marketing partnership was borne and continues to thrive on. Red Bull is the number one energy drink in sales ahead ofMonster Beverage. Red Bull's Vines are mini masterclasses in lo-fi innovation. Total number of Red Bull employees worldwide 2021 | Statista It will be able to use GoPro clips and cameras for its marketing. According to Lim (2019), an excellent strategic alliance can bring a business more revenue. | Marketing | Hindi | Edrilla - YouTube Red Bull and GoPro are two of the most popular brands in their respective industries.. GoPro has access to more than 1800 Red Bull events across 100 countries. GoPro and Red Bull Form Exclusive Global Partnership SAN MATEO, Calif., May 24, 2016 /PRNewswire/ -- GoPro (NASDAQ:GPRO) and Red Bull today announced they are joining forces on a multi-year, global partnership that includes content production, distribution, cross-promotion and product innovation. Russo, M., & Cesarani, M. (2017). Lisa Stassen - Auckland, Auckland, New Zealand - LinkedIn This is an . This partnership is very strategic for GoPro," said Nicholas Woodman, founder and CEO of GoPro. I am the founder and editor of Stock Photo Press, one of the largest networks of online magazines in the industry. Designed to capture first-person views of athletes, their cameras capture the action from the athlete's perspective. Co-branding, by design, is based on the creation of a new product or service., The GoPro x Red BullCo-Marketing Partnership. There is a partnership business between GoPro and Red Bull. Both GoPro and Red Bull are renowned for the production of content that takes sports fans right to the heart of the action and this new partnership is set to see the Red Bull Racing Team and the HERO4 camera maker push the boundaries of motorsport video to new and thrilling heights. GoPro and Red Bull have formalised their close working bond, signing a multi-year global partnership which will span content production distribution, cross-promotion and product innovation. Both parent firms maintain the new company by sharing resources and signing an agreement. (2019). Registration is now open for the early bird rate of more than 15% discount versus the regular rate. Master the Modes: New Firmware Coming for HERO10 Black, Master the Modes: HERO10 Black Resolutions + Frame Grabs. SAN MATEO, Calif., May 24, 2016 -- GoPro (NASDAQ:GPRO) and Red Bull today announced they are joining forces on a multi-year, global partnership that includes content production, distribution, cross-promotion and product innovation. Tags: FootageGoProPoint-Of-ViewRed BullShutterstock. THE JUMP: Red Bull and GoPro teamed up for this SKY HIGH marketing As part of the agreement, Red Bull (also fondly referred to as speed in a can and liquid cocaine) received equity in GoPro and the latter became Red Bulls exclusive provider ofpoint-of-view imaging technologyfor capturing immersive footage of Red Bulls media productions and events around the globe. RedBull sponsors a number of extreme sporting events and is one of the most popular energy drinks worldwide. Your best shots in one spot. Step-by-step explanation Advantage Action Alerts PLUS is a registered trademark of TheStreet, Inc. Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Learn more now. GoPro has serious issues that none of the above partnerships are going to solve. Shutterstock has a wide audience and is perfect for anyone in need of high-quality licensed assets for their businesses and projects including creatives, designers, tech, start-ups, and SMB's, although it is perfectly suited for any other creative projects.#stock-search-form-1 button.stock-search__button{background-color:#e32124}#stock-search-form-1 button.stock-search__button:hover{background-color:#4e4e55}. Sports business Red Bull takes over shares in GoPro The camera manufacturer GoPro and the energy drink producer Red Bull enter into a partnership: Red Bull is even taking over shares and assures GoPro exclusive recording rights. What are the benefits and risks of co-branding for product marketing? Two organizations form a strategic alliance when they pool their resources to achieve a mutually beneficial goal. The founder and CEO of GoPro, Nicholas Woodman, admitted to admiring the global execution and scale of Red Bull. For BMW and Mini, GoPro supplied technology to allow vehicle owners to connect backup camera to their iPhones. A., & Chatterjee, R. (2018). Red Bull is always up for doing things a bit differently and I think GoPro shares a lot of the same values. From extreme to mainstream, professional to consumer,GoProenables the world to capture and share its passion in the form of immersive and engaging content. Each strategic alliance has a different purpose based on its type and project ventured. This stunt was to demonstrate the technical abilities of the GoPro camera harnessed onto Baumgartner and to embody the daredevil brand of Red Bull. Asia-Pacific Journal of Business Venturing and Entrepreneurship, 14(3), 39-46. January 4, 2023. https://business-essay.com/gopro-and-red-bull-companies-strategic-alliance/. Mar 18, 2016 Both GoPro and Red Bull are renowned for the production of content that takes sports fans right to the heart of the action and this new partnership is set to see the Red Bull Racing Team and the HERO4 camera maker push the boundaries of motorsport video to new and thrilling heights. When he isn't tinkering with the latest gadgets and gizmos, he can be found enjoying the sights and sounds of New York City. In the overall scheme of things with respect to brand architecture, co-marketing is really just a part of one pillar, which is promo, out of the six Ps of the marketing mix. Shutterstock Coupon Code: 15% OFF sitewide, The Honest Guide to Selling Photos Online, GoPro and Red Bullannounced their new global partnership. A typology of brand alliances and consumer awareness of brand alliance integration. Red Bull and GoPro: A Brand Partnership that has Defined the Meaning of Co-Marketing Excellence In previous blogs, we've talked about brand positioning but always only featuring a single brand. From extreme to mainstream, professional to consumer,GoProenables the world to capture and share its passion in the form of immersive and engaging content.
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