Bacardi - Most popular brand in USA
"Bacardi has been one of the fastest selling products in the American market for quite a long time now. It is one of the few products that has been able to maintain its sheen in the market despite the colossal change in the market conditions. The brand Bacardi came into existence in the early part of the nineteenth century, but its origins can be traced back to much earlier times. The company shifted the operations out of the Cuban soil during the regime of Castro and has been working in exile since.
The company has undergone lot of strategic shifts from the time its inception. Survival meant that the company had to diversify the portfolio and look at offering newer products to the target audience. It ventured into the field of Vodka production and is currently holding the number three position in the US market. This alone is an identifier to the amount of volatility existing in the market. Bacardi occupies the top position in the US rum market, amounting to almost 341.7 percent of the total market share. However, there is a strong competition from other players who are threatening its position at the top. Captain Morgan is the closest competitor with a market share of 21.3 percent. The target market for Bacardi products is generally the youth and people in the associated category. This product has got a lot of leverage on the club scene and is extremely popular with the youth. The current market situations do not seem in favour of the company as rum is no longer preferred for intoxication. Rum is no longer produced in large quantities and has been replaced by Vodka. This has resulted in a big slump in the annual growth cycle.
Bacardi has been making wide scale changes to popularize the rum brand. Bacardi has been using a lot of innovative techniques to find a solution to this problem; it is coming with a large number of new ideas that could be implemented over the long run. It has made efforts to tie-ups with a lot of music firms and has been organizing cultural events. This would help to bolster the sales of the product in the market and also takes the necessary steps. This also reinforces their image of being young and a hip brand; although the market is not too favorable, it should invest a lot of money into the promotion of the product so that the required sales could be achieved.