Overview
Write about the company Red Bull's marketing strategies. The work should include information about the history of Redbull's marketing strategies, what they use now and how they have been successful with it / how they could improve it. Please also include a few sources in this work. Underneath is the start of my paper so you can link it with this and you can understand the flow of the paper.
Red Bull is a globally recognized company and world leader in the energy drink category with the mission to give wings to people and ideas. In 1987, Dietrich Mateschitz, a marketer from Austria founded not only a new product and exceptional marketing strategy but also a whole new product category. The slogan “Red Bull gives you wiings” is famous worldwide and is supposed to give you wings whenever you need it.
Their vision is to be the leading brand to inspire and energize people worldwide through high-performance experience, adventure, and innovation. Red Bull shows off their vision through being the leading sponsor and supporter of extreme sports and athletes in sports such as cliff diving, Formula 1 racing, snowboarding, football, and mountain climbing with the values to increase physical endurance, improve reaction speed, concentration and vigilance. Red Bull, which is currently in over 175 countries, is an energy drink that consists of sugar, amino acid Taurine, B-group vitamins, and caffeine. Different Red Bulls have been created since the original can such as sugar free, winter edition sugar free, red edition, with edition, peach edition, blue edition, green edition, apricot edition, sea blue edition, summer edition, zero, purple edition.In the beginning, Red Bull got a lot of criticism and hate for its ingredients and taste, but Mateschitz saw the discussions as opportunities to keep the product alive and exciting. A big question surrounding Red Bull was the consisting of bull testicles and he would answer people “sure but only two testicles to a can” to joke with them.
To support its mission statement “give wings to people and ideas” Red Bull not only focuses on extreme sport events and athletes, but also initiatives such as Red Bull Basement, Red Bull Music Studio, and sustainability efforts. The Red Bull Basement was created to empower the next generation to develop and launch ideas accelerated through AI. The Red Bull Music Studio is located in LA and New York and offers multi-disciplinary project spaces and radio booths, lecture halls etc. The sustainability efforts of Red Bull starts with “a can has more than one life”. They use aluminum cans instead of glass to be able to recycle and also to save 40% space while delivering and cardboards during production is 100% recyclable.
Red Bull has twice the price per volume of its competitors but still shows strong growth potential. It was ranked as the top 3rd most valuable soft drink brand in 2021 in the world, with 10 million cans sold in it showing an increase of 24,3% more than in 2020.