Red Bull has been known for its original energy drink, their target market being college students and young adults. They have a product style that is well known and a taste that is loved by many. Although this is the case, they have come out with other flavors of their energy drink, to aim more towards the young adult females of their target market. Against Red Bulls competitors who have had various flavors and varieties out such as Monster, Rock Star, and AMP who have already had various flavors out to suit the needs of various consumers.
Red Bull is a little behind on this; they have 3 other flavors but are still only marketing it in the larger cities. The competitors have had it out and in stores all over for a while now. The goal is for Red Bull to bring their 3 other flavors out to be purchased by a larger consumer base in more than just large cities. SWOT Analysis Strengths Red Bull is considered the leader of the energy drink market in the world with a 70% of the market share in 2012. Red Bull is a product that everyone at least knows something about.
Either they have tried the drink or they have heard of it and know what it is. A reason that Red Bull is well known is all the sponsorships that they do. They sponsor many sports, many athletes, and many athletic events. Weaknesses Although Red Bull is well known they are lacking in variety. Red Bulls competitors have had other varieties out that open their products to other consumers. Red Bull has a distinct flavor that only some people may like, whereas their competitors have many other flavors that may be more enjoyable to woman consumers. Opportunities
Red Bull has opportunities that they can get their new product out into a larger market. Rather than just keeping their 3 flavors to selling them in the larger cities they can start selling them at their events or slowly integrate them into certain retailers throughout the rest of the United States. Threats Threats to Red Bull are the competitors who already have various flavors to their original product. Not only do they have the many flavors out, but they have them out in more than just a couple of large cities throughout the United States. They are in more retail stores than Red Bulls flavors. However, there is a multi-flavored Monster heavy on heals of the Bull and I think they are a little scared.
Earlier this year there was only a 700,000 million dollar gap between Red Bull and Monster and this gap has been closing as Monster spreads world-wide. ” (Red Bull: Red, Blue, and Silver Edition) Marketing Objectives Red Bull should target their flavored energy drinks more towards the women. The main consumer of their current original energy drink is mostly the male population, if they want to increase their consumer base they should target towards the women.
Advertise and sell at female athletic events, produce female focused commercials, and advertise in magazines. Marketing Strategies and Tactics Red Bull decided to advertise their company with sports events, promotions, and campaigns. Making it a word-of-mouth rather than paying for various other forms of advertisements. They sponsor events and athletes, such as Shaun White and Felix Baumgartner. They created a product that has turned out to have great brand loyalty. Red Bull has decided to hold off on the release of the red, blue, and silver editions of their new flavored energy drink.
In hopes that this will get hype on their new product, in order to get some out there they have only chosen, for the time being, to sell it at certain clubs in the larger cities such as Miami, New York, Los Angeles, and a couple others. Although it has been said that they will be releasing these flavors in March of 2013, Red Bull wants to stay at the top of the energy drink segment. And coming out with these 3 new flavors just might keep them there. Marketing Implementation