As Greg says, according to your image, you are only setting this red color in the reflection tab. You have Color AND Reflection active, but since I can’t see what your color settings are on the Color tab, I have to assume it is the default gray.
In order to use the exact red you have here, you can grab the color swatch and drag it over the word Color at the top of your material editor, once it switches to that tab, you can drop the color onto the color swatch there.
Let me know if that doesn’t make sense…
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Tim Shetz
c4dtraining.com