Step 1: Identify the characteristic asked in the question.
The question asks to identify the planet known as the 'Red Planet'.
Step 2: Recall the distinct features and common nicknames of planets in our solar system.
(1) Venus: Venus is often called Earth's "sister planet" due to its similar size and mass, and it is known for its extremely hot surface and thick, toxic atmosphere. It is also known as the "Morning Star" or "Evening Star".
(2) Jupiter: Jupiter is the largest planet in our solar system, famous for its Great Red Spot, which is a giant storm, but the planet itself is not primarily referred to as the "Red Planet."
(3) Saturn: Saturn is distinctive for its prominent ring system.
(4) Mars: Mars has a distinct reddish-orange appearance due to the widespread presence of iron oxide (rust) on its surface. For this reason, it is commonly known as the 'Red Planet'.
Step 3: Conclude the correct planet.
Based on its characteristic reddish color, Mars is known as the 'Red Planet'.