REDBOX Research Paper Example | Topics and Well Written Essays - 750 words

REDBOX - Research Paper Example In the year 2009, Coinstar paid the other share holders of Redbox and McDonald’s and solely owned the company. Redbox has increased its kiosks and the locations in the United States from that of 2007. The number of the locations even surpassed Blockbuster, one of the leading companies. Mitch Lowe, the former Co-Founder of Netflix joined Redbox in the year 2003. Initially, he started as consultant for the company and then gradually he progressed as Vice President of purchasing and operation departments. And in the year of 2005, he was introduced as CEO of the company and in 2009 his name was announced as the President of Redbox. The year 2010 is remembered as the year from when the company started to rent Blue Ray movies in most of its kiosks (Redbox, â€Å"The History of Redbox†). Video rental has been attached with the US culture for over 30 years, yet Redbox has been successful in establishing its presence in the market as well as in the industry just within the period of last 5 years. The marketing strategies adopted by Redbox emphasizes mostly on customer acquisition and increasing distribution. Marketers decided on using the color red to attract people’s attention for about a decade since its inception since red is the color which one’s eyes recognize faster. And this has become their signature. They have even focused on keeping the rate of the DVD provided for rent low comparatively and is charged per night basis. Since watching movies are enjoyable to people belonging to different age groups, the target market is huge in size. Redbox has always considered the interest of its customers as high preference, the renting price of the movies is always kept low to accommodate maximum customers from different economical groups. Varieties of DVDs belonging to different genres are another marketing approach of the company to meet the need of the customers. They have always made sure to keep updated videos and recent releases to hold