JULY 2004
LBS-CS-04-006
The Anti-Brand Brand In 2004, Red Bull found itself at a crossroad, challenged with defending its 70% worldwide market share of the €2.5 billion energy drinks category that it had pioneered. The company was facing a maturing market and an onslaught of competitive brands, some of them promoted by beverage industry giants such as Coca-Cola and Pepsi, others as private labels by mass retailers such as Asda (part of Wal-Mart). Was Red Bull outgrowing its anti-establishment status? Did it need to transition to a more traditional marketing approach? As a mature brand, was it time to use its brand muscle to drive distribution? Should it be more innovative in its product development? Or, would these activities fundamentally destroy Red Bull’s anti-brand mystique?
Company Background
While travelling in Asia for Blendax toothpastes (now part of Procter & Gamble) in 1982, Austrian businessman Dietrich Mateschitz (pictured in Figure 1) came across Krating across Krating Daeng which means “Red Bull” in Thai. This was a cheap tonic sold in a brown bottle by TC Pharmaceuticals and favoured by Thai factory workers to remain alert during their shifts. Mateschitz approached the owner of TC Pharmaceuticals, Chaleo Yoovidhya, and together with Yoovidhya’s son Chalerm they agreed to set up a company. Red Bull GmbH was founded in Austria in 1984 and was credited with creating the energy drinks category. In 2004, the worldwide energy drinks category was worth €2.5 billion and Red Bull commanded a 70% market share. Red Bull was being sold in over 100 markets and was the market leader in the USA as well as in 12 of the 13 West European markets where it was present.1
This case was prepared by Nirmalya Kumar, Sophie Linguri and Nader Tavassoli of London Business School as a basis for classroom discussion rather than to illustrate either effective or ineffective handling of a management situation.
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The taste and texture of the product was adapted from the original Thai formula and it was bottled in a slender 250-millilitre (8.3 oz) blue and silver can ( Figure 2). It was a carbonated fluorescent yellow liquid whose main ingredients were taurine (an amino-acid), caffeine (about the same as in a cup of coffee), glucuronolactone (a carbohydrate), Vitamin B and sugar. Red Bull’s retail price was €2 per can and it sold for up to €6 in bars, much higher than competing soft drinks. Its claimed benefits were: To increase physical endurance, concentration and reaction speed, vigilance and stimulate the metabolism. 2
improve improve
Initial market research results were far from promising, however: The thin colour of the new drink was totally unappetizing, the sticky mouth feel and the taste were deemed ‘disgusting’. And the concept of ‘stimulates mind and body’ was—at best— irrelevant. The verdict by the research firm: ‘No other product has ever failed this convincingly.’ 3
Figure 1: Red Bull founder, Dietrich Mateschitz
Mateschitz did not see early consumer reactions as a failure, however: "50 percent of our test group was crazy about Red Bull, and 50 percent said it tasted terrible," he said, "I thought, Great! You can't beat ambivalence. It's attention, it's controversy, it's discussion that keeps a product alive."4 The Austrian FDA was also reluctant to approve the first energy drink. And when it was approved and launched in 1987— coincidentally, the same year that Howard Schultz acquired a small Seattle-based coffee shop called Starbucks—it was at first only sold in Austrian petrol stations, because bars refused to stock what seemed to them to be a medicinal product. Mateschitz viewed these initial first three years “the worst three years of my life.” 5
Figure 2: Red Bull can
However, soon Austrian clubbers and snowboarders discovered the drink’s reviving effect and brought it with them to alcohol-free raves. Rapidly, it also became the mixer of choice in Austrian ski resorts, and the notorious vodka-Red Bull combination was born.
In 1992, the product was distributed in Hungary and Slovenia, followed by Germany and Switzerland in 1994. Red Bull entered the U.S. market in 1997, testing it in California, and taking five years before the drink was distributed nationally. By 2003, the US market generated an estimated 40% of Red Bull’s turnover. In 2004, Red Bull sold in over 100 countries. Its 2003 global sales were €1.26 billion and around 1.5 billion cans (see 6 7 Figure 3 and Exhibit 1 for financial information). Mateschitz’s net worth of over €1 billion made him the third richest Austrian in 2004.
1.6 1.4 1.2 1.0 0.8 0.6 0.4
By 2004, Red Bull was an established brand in a maturing category. After the rapid growth of the 1990s, volume growth for energy drinks had slowed in Western Europe from 44% in 2000 to 6.5% in 2003. 8 In the face of slower growth, an aging youth culture, and a well-known brand name, Red Bull was challenged to continue growing and maintaining buzz.
2
-
0.2 0 1987
89
91
93
95
97
99
2001
Adapted from The Economist (2002) and Various Sources
Figure 3: Cans of Red Bull Sold (billions), 1987-2001
Red Bull’s Sales & Distribution Tactics
Red Bull’s decentralised sales units were responsible for sales, marketing and distribution in their own area. Its distribution strategy contributed to the perceived exclusivity of Red Bull. When contacting small distributors, sales reps insisted that Red Bull be distributed exclusively by a dedicated sales force. If refused, they set up their own Red Bull warehouse, bought vans, painted them with the Red Bull logo, and hired their own deliverymen to distribute the cans of Red Bull. 9 Sales reps had a selective sales strategy. They identified five key accounts in their area—hot spots such as clubs and bars popular with the “in-crowd”—where they approached key individuals including DJs, bar tenders, and other trendsetters. They provided these accounts with Red Bull as well as branded promotional items to enhance the brand visibility. If other establishments asked to buy Red Bull, they were at first refused. 10 Sales reps then targeted shops near universities and gyms. Dealing with individual accounts rather than big retailers had the added advantage of being fast. In 2003, an estimated 64% of volume was generated by consumption in bars, clubs and petrol stations—accounting for 79% of the value due to the price premium—while retail outlets made up the remaining 36% of volume. Red Bull was facing strong competition in the retail space, not only from beverage heavyweights such as Coca-Cola and Pepsi, but also from private labels. For example, the retailer Asda (part of Wal-Mart) launched its own energy drink branded Blue Charge in the UK. Recently, Red Bull had started to experiment with the distribution mix. For example, it had been highly successful in a distribution alliance with Cadbury Schweppes in Australia, where expanded distribution contributed to a 40% up-tick in sales between the summer of 2003 and 2004 over its existing core channels of licensed premises, grocery and convenience stores. Red Bull Australia's managing director Stuart MacLean sa id the goal of the partnership was to “allow more customers to have access to Red Bull." 11 Red Bull also considered using vending machines as a way to increase sales as well as reinforce its brand. Vending was an established way that soft drink manufacturers such as Coca-Cola and Pepsi had expanded sales and enhanced brand awareness. Brand Marketing at Red Bull
Figure 4: Red Bull’s Cartoon character
Red Bull’s logo—two thick-necked crimson bulls in opposing charge against a yellow sun—was the epitome of kinetic virility and pugnacity. This Herculean brand symbol saw a more light-hearted side in the company’s quirky cartoon character used since the launch in 1987 and that established the slogan “Red Bull gives you wings” ( Figure 4).12 These cartoons were intended to reinforce brand identity rather than create awareness. Most importantly, the Red Bull brand had not been nurtured using traditional advertising techniques such as television, print, radio or billboard ads.
Instead of traditional advertising, Red Bull relied on a strategy of word-of-mouth or “buzz” marketing. Red Bull focussed on getting the word out through various stealth marketing techniques, playing on associations with energy, danger and youth culture, carefully cultivating its mystique. Through its sponsorship of youth culture and extreme sports events, Red Bull developed a cult following among marketing-wary Generation Y-ers, (18- to 29-year olds) who perceived it as an anti-brand. While it purported to be a sports drink, it was mostly sold in clubs and bars as an alcohol mixer. It was the perfect substance for the rave scene in Europe, which emerged in the late 80s and early 90s, its caffeine doses helping revive clubbers into the early morning hours. Attesting the power of this approach, Red Bull was voted as one of the top brands in Africa and Europe in 2001 (Figure 5).
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Mateschitz believed in the importance of context for consumption of Red Bull. Therefore, the marketing focussed on sampling and event sponsorship that embodies the spirit of Red Bull. Mateschitz invested 35% of turnover in marketing and sponsorship in events. 13 In his words, “we don’t bring the product to the people, we bring people to the product. We make it available and those who love our style come to us,” 14 adding, “Red Bull isn’t a drink, it’s a way of life.” 15
20% 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% Nokia
Ikea
Absolute
Virgin
BMW
Orange
Red Bull
Guiness
Figure 5: 2001 Europe & Africa Top Votes for Brand of the Year
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Sponsorship of Extreme Sports Events & Youth Culture Events
A major part of Red Bull’s marketing was sponsorship of extreme sports events, and more recently in F1 and motorcycle racing to broaden message reach. Many of these had a flying theme, consistent with the brand’s slogan. Rather than merely sponsoring events, Red Bull also developed its own extreme sports events such as BMX biking, kite-boarding, extreme snowboarding, freeskiing, paragliding and skydiving. Soon the drink became associated with dangerous, on-the-edge, adrenaline-fuelled activities, such as the Red Bull King of the Air kiteboarding event in Maui, Big Wave Africa Surf Competition on the Cape peninsula and the infamous Red Bull Flugtag, where amateur pilots build their own flying machines and leap off a parapet into water (see Figure 6, for several examples). Red Bull also sponsored pop culture events, many of which were participatory. For example, the Red Bull Music Academy (RMBA) brought together aspiring musicians and DJs for two weeks to attend workshops and studio sessions, and listen to guest lecturers. The academy was held in different cities: Berlin in 1998, Dublin in 1999, New York in 2001, London in 2002, Capetown in 2003 and Rome in 2004. These events were well received by the music community: While Red Bull have certainly gained out of dance music and its attendant youth culture by selling their ‘energy-giving’ drink, RBMA is possibly the first serious attempt by a multi-national to ‘give something back’, or at least to cultivate a two-way relationship between culture and commerce. So why are they doing it? […]
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“Red Bull get a lot out of it,” says Mani [Ameri, one of RBMA’s founders] “They’ve grown out of the DJ culture and now they’re putting something back. They’ve built up a network of people who like them for doing something right. There’s a lot of frustration with brands doing this kind of thing wrongly, but everyone here can see there’s a lot of effort put in, and everyone’s enjoyed it so far. They’re not selling more cans of their product but they are getting people to write about them in a different way. We’ve created a dynamic amongst the music industry and built something that’s generally respected. There’s no hidden agenda – the only way to make a serious cultural statement has to be without one.”17
Figure 6: Red Bull sponsorship examples
Additional events such as Red Bull BC One Breakdancing competition helped spread the word about Red Bull with trendsetters in youth culture, giving it its street credibility. Red Bull also created brand experiences around other art forms, such as the Red Bull Creative Contest for which entrants created a work of art from an empty Red Bull can. Well-known contemporary artists such as Tracey Emin and fashion designer Wayne Hemmingway had been on the judging panel of the contest. In the words of event planner Adam Comey, “Red Bull is willing to invest a lot in making sure people become believers in the brand through hands-on experiences.” 18
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Hitting the Streets
Red Bull hired consumer education teams to drive cars that were painted blue and silver with logos on the side and a giant Red Bull can mounted on the back ( Figure 7). The vehicles contained fridges stocked with cans of Red Bull, which the teams handed out for free to “those in need of energy,” at truck stops, office buildings, gyms and construction sites. Red Bull also gave cans to DJs to drink while mixing in clubs. It also left empty cans on tables in trendy bars and pubs, as well as in garbage cans outside select nightclubs.
Figure 7: Consumer Education Teams distributing Red Bull
Not all of Red Bull’s buzz marketing tactics succeeded. In 1996, it had a placement in the PlayStation racing game Wipeout 2097 (along with a number of fictional sponsors), one of the most successful games at the time. Players who clicked on the Red Bull icon received extra energy and improved reaction time. This tactic, however, resulted in backlash from many players who perceived it as intrusive. 19 Student Brand Managers
Red Bull launched a programme at universities whereby student brand managers were hired to promote the product on campus (Figure 8). The scheme provided students with free cases of Red Bull and encouraged them to throw parties, as well as to raise the profile of Red Bull in the university press. In addition, these brand managers reported back to Red Bull, thus providing them with market research. UK consumer collection manager Fiona Bosman, who ran the UK scheme, stressed the value of peer network as target consumers are easily turned off by a sales approach. In the words of Bosman, “You need an approach that doesn't look like a sales pitch.” 20 The scheme targets trendsetters to be brand managers: “We are looking for individual, non-conformist people, not just ambitious types looking for work experience.” 21
Figure 8: Recruiting Student Brand Managers in Italy
Consistently Cultivating Brand Mystique
Mateschitz believed mystique was important to the brand identity of Red Bull. Described as “the Porsche of soft drinks,” 22 Red Bull had nicknames like “liquid cocaine”, “speed-in-acan.” Mixed with vodka, it became known as “liquid viagra” purported to have ecstasy-like properties. Similarly, a rumour that taurine was made from bull's testicles simply added to its popularity. “The rumours never hurt,” said Mateschitz. He joked, “I always have to fly to Pamplona to source bull’s testicles.”23 The company addressed such rumours on its website, possibly helping to reinforce the product mythology.
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The long FDA approval times in many countries and boycotts by concerned mothers further stirred rumours of the dangers of Red Bull. It was banned in France and Denmark due to health concerns. This was on the heels of the deaths of three individuals in Sweden in 2001 after consuming Red Bull (two of these had mixed Red Bull with alcohol, the third had consumed Red Bull after an intensive workout) as well as the death of an Irish teenager who had consumed three cans of Red Bull before playing basketball. In 2004, the European Court had upheld the French ban on Red Bull. The nicknames, bans, deaths and boycotts, all seemed to lend the drink its edginess and aura of danger. In the words of Mateschitz: “Without the old high school teacher telling his students Red Bull is evil – probably even a drug – it wouldn’t seem as interesting.” 24 Red Bull’s strategy was to keep the message fresh, but to keep it consistent over time. “From the launch in Austria in 1987, we did not change anything. We have the same communications strategy, the same tone of voice,” said Mateschitz. 25 While regional brand coaches were given flexibility to develop programmes appropriate for their geographic region, each brand coach was provided with a brand bible, to ensure that they understood which activities were true to Red Bull. 26 However, in order to keep the brand message fresh, Red Bull consistently devoted resources to coming up with new ideas to enhance its brand. In 2002, Mateschitz decided to dedicate two days a week to brainstorming ideas for promoting Red Bull.27 The Onslaught of New Competitors
The success of Red Bull and the growth of the energy drinks category led to an onslaught of new competitors. For example, in 2000, 23 new functional energy drinks were introduced in the UK market alone, but Red Bull was able to hold onto 86% of the market. 28 (see Figure 9 for several examples). The high industry margins 29 attracted copycats from large companies like Anheuser-Bush (e.g., 180), Carlsberg (e.g., Battery), Cadbury-Schweppes (e.g., Venom), Coca-Cola (e.g., Burn and KMX), and Pepsi (Amp), as well as large retailers such as Asda (part of the Wal-Mart group). In some cases competitors led local markets, such as Battery which outsold Red Bull in its native Finnish market. However, even small brands had been able to establish competitive positions, such as the Austrian company Shark that held the number two position in Europe.
Figure 9: Examples of competitive products
Many of the competitive brands attempted to cultivate a similar anti-establishment brand image to Red Bull’s, imitating several of its buzz marketing techniques. Others, such as the Finnish brand battery chose a cutting-edge and futuristic techno look supported by slick television advertisements. Several brands more narrowly positioned themselves squarely around the rumoured sexual virility supplied by energy drinks, ranging from cheap gimmicks like including a free condom with the can to ads featuring naked models. Competitive product offerings ranged from pure knock-off brands such as Red Rhino (centre Figure 9), visually distinct brands like Battery (second from right in Figure 9), unusually shaped brands such as Bomba that is in the shape of a hand grenade (third from right in Figure 9), and larger sizes (e.g., Red Alert’s 500 ml plastic bottles), to a variety of flavours
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such as cherry, cranberry and orange. Brands had also begun to differentiate themselves by ingredients such as proteins, natural caffeine, and various vitamins. In many cases, brands also offered a broad product line including carbonated and non-carbonated versions, a variety of flavours and sizes, and sub-brands with different ingredients, some even without taurine. Indirect competition came from sports drinks such as Pepsi’s Gatorade and Coca-Cola’s Powerade that contained electrolytes but not caffeine or taurine, as well as from caffeinated water such as Water Joe. Ready-mixed alcoholic drinks such as Bacardi Breezer and Smirnoff Ice were also considered competitors. Did Red Bull feel threatened? On the one hand, Red Bull legally challenged several competitors over trademark infringements that could lead to brand confusion (e.g., Red Rhino). On the other hand, Red Bull continued to dominate Western Europe where the rest of the top 20 brands had a combined share of 17%. Mateschitz’s reaction was accordingly serene: “The market isn’t generic; it doesn’t exist if we don’t create it. It’s a branded market.”30 Can Red Bull keep its Cool?
Industry analysts were less optimistic, some of them feeling that Red Bull’s product development has been complacent. Now that growth in the energy drinks market had fallen into the single digits, Red Bull also faced a rather different challenge for growth. Red Bull also faced legislative challenges. While France and Denmark had been the only countries to ban it outright over health concerns, Norway had classified Red Bull as medicine, and there were moves towards restricting the drink in Ireland, Netherlands, Turkey and the U.S. The possibility of such concerns being translated into sales bans was a potential challenge for Red Bull. 31 Additionally, growing health consciousness among the public had led in a per capita increase in bottled water away from caffeinated soft drinks. Even without shrinking category sales, Red Bull faced an ongoing challenge. It had to recruit a new generation of 16-year old consumers each year as its first generation of consumers aged. It also hoped that existing consumers would continue to use Red Bull beyond their student years although probably less intensely. 32 This was now more of a challenge despite its significant investment into marketing activities, as major competitors were similarly investing. To date, Red Bull had almost exclusively focussed on its original product, which made it vulnerable to market variations. Despite realising this—“It makes no sense to build a company on one product” said Mateschitz33 —Red Bull was slow in releasing a low calorie sugarfree version of Red Bull. This had been produced for years for Mateschitz’s private consumption but had at first been considered as to “wimpy” for the Red Bull brand. 34 The sugar-free version has not been widely promoted since its launch in 2003 and the question remained how a “diet” Red Bull would affect the brand that till now had been so carefully and consistently orchestrated (Mateschitz had previously set up a separate company to launch three new-age health drinks). The only other drink to carry the bull logo was LunAqua ( Figure 10), water bottled "under the glare of the full moon," apparently when the water reached its "highest bioenergetic power." Originally, this was only sold at the Full Moon parties the company sponsored. In 2004, a caffeinated and a caffeine-free version were on the market. These recent changes are signalling that Red Bull is committed to becoming more innovative: “We have to go for diversification and
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Figure 10: LunAqua
acquisitions, and we are investing lots in R&D. We already have concepts and brand formulations for five years' time,” says Mateschitz. 35 Not everyone supported this strategy, however. Some feared that if Red Bull became a sort of Austrian Coca-Cola with mass appeal, its carefully cultivated mystique could “vanish like bubbles in the brew.” 36 The 2004 strategy seemed to offer more room for growth. In 2002, the highest consumption rate of Red Bull had been in Ireland at 11 cans per person. If a similar usage rate could be achieved in the USA, for example, where sales only averaged one can per person, then the company could generate additional annual sales of over two billion cans in the US market alone.37 The company also attempted to create buzz in new and different ways. In line with its slogan “Red Bull gives you wings,” it built a huge glass hangar at Salzburg airport, where it housed various exhibits, air shows, and a collection ancient aircraft, including a DC-6 that once belonged to Marshal Tito. The hangar also contained an upscale restaurant, Ikarus, that featured star chefs, as well as the MayDay bar ( Figure 11).
Figure 11: Hangar-7, Ikarus restaurant and the MayDay bar at Salzburg airport
In recent years, there had also been several forays into television advertising in mature markets. One campaign featured amateurish footage from Flugtag and soapbox races. Another consisted of a whimsical series of cartoons, for example, starring a flirtatious encounter between Adam and Eve. This seemingly reinforced Red Bull’s rumoured powers as an aphrodisiac. Another ad seemed to suggest heightened fertility and drew complaints from regulators. While these ads were non-mainstream and tended to reinforce the rumours surrounding the brand, some considered them sacrosanct for a company that was built on a fragile bond of trust between a hero of the anti-brand establishment and advertising-weary consumers. A mass advertising approach could undermine Red Bull’s perceived authenticity. Others were less concerned and felt Red Bull was ready for prime time. Mateschitz was well aware of these various challenges and ready to grab the bull by its horns. "I'm a marketing person," he said. "In the worst case, if it doesn't work, what have I lost? Pride? Money? All those things can be replaced. The challenge is to build a mystique." 38
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Exhibit 1: Red Bull Financials, 1996-2001 (Euro, Thousand)
2001
2000
1999
1998
1997
1996
Operating revenue Sales
686,490 654,790
568,600 551,100
380,200 366,400
196,400 189,200
128,000 123,800
85,600 84,800
Profit (loss) before tax Cash flow Total assets Shareholders funds Current ratio Profit margin (%) Return on shareholders funds (%) Return on capital employed (%) Solvency ratio (%)
110,900 72,990 264,300 144,300 2.43 16.15 76.85
91,900 43,800 201,800 91,500 3.22 16.16 100.44
43,700 31,000 133,600 50,400 2.4 11.49 86.71
10,310 8,200 68,300 21,500 1.51 5.25 47.95
-1,000 200 58,600 14,900 1.13 -0.78 -6.71
-2,700 -1,500 40,100 15,900 1.3 -3.15 -16.98
71.58
60.27
48.78
32.35
-4.26
-13.19
54.60
45.34
37.72
31.48
25.43
39.65
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Endnotes 1 Zenith International (2004) West Europe Energy Drinks Market Races Towards €2500 million, Press Release, 6 January 2004. (Accessed 16 June 2004). 2 Red Bull (2004) Red Bull Website: (Accessed 16 June 2004). 3 Wipperfürth, A. (2003) “Speed-in-a-Can: The Red Bull Story,” San Francisco: Plan B. (Accessed 4 June 2004). 4 Lidsz, F. (2003) “The New Extreme: Austrian Marketing Maverick Dietrich Mateschitz Found,” SI Adventure Outdoor Sports website. (Accessed 3 September 2004). 5 Wipperfürth, A. (2003) “Speed-in-a-Can: The Red Bull Story,” San Francisco: Plan B. (Accessed 4 June 2004). 6 “Selling energy,” The Economist online, 9 May 2002. (accessed 2 June 2004). 7 “Austrian Red Bull Sales at 1.261 Bln Euro 2003” (2004) Austrian News Digest , 12 March 2004. 8 Zenith International (2004) West Europe Energy Drinks Market Races Towards €2500 million, Press Release, 6 January 2004. (Accessed 16 June 2004). 9 Corts, K.S. and D. Freier (2003) “Judo in Action,” HBS Case 9-703-454, Cambridge: Harvard Business School Publishing. 10 Hein, K (2001) “Bull's Market - the marketing of Red Bull energy drink,” Brandweek , 28 May 2001. 11 “Bull hitches chocolate lift,” Hospitality Magazine online, 4 July 2003. (Accessed 3 September 2004). 12 Wipperfürth, A. (2003) “Speed-in-a-Can: The Red Bull Story,” San Francisco: Plan B. (Accessed 4 June 2004). 13 “Selling energy,” The Economist online, 9 May 2002. (accessed 2 June 2004). 14 Ibid. 15 Wipperfürth, A. (2003) “Speed-in-a-Can: The Red Bull Story,” San Francisco: Plan B. (Accessed 4 June 2004). 16 Rusch, R. (2002) ”Apple Shines: 2001 Brand of the Year Results,” Brand Channel Website, 4 March 2002. (accessed 16 June 2004) 17 “Red Bull Music Academy,” (2003) IDJ Magazine online, Iss. 33, September 2003. (accessed 16 June 2004). 18 Wipperfürth, A. (2003) “Speed-in-a-Can: The Red Bull Story,” San Francisco: Plan B. (Accessed 4 June 2004). 19 Ibid. 20 “Students: We shall not be moved,” (2004) Europe Intelligence Wire online. (accessed 4 June 2004). 21 Ibid. 22 Chaundy, B. (2001) “Red Bull: Raging Success,” BBC News online, http://news.bbc.co.uk/2/hi/uk_news/1437154.htm (accessed 2 June 2004). 23 Wipperfürth, A. (2003) “Speed-in-a-Can: The Red Bull Story,” San Francisco: Plan B. (Accessed 4 June 2004). 24 Corts, K.S. and D. Freier (2003) “Judo in Action”, HBS Case 9-703-454, Cambridge: Harvard Business School Publishing. 25 Jones, A. (2001) “Extreme sports and clubbers fuel energetic rise” FT.com, 22 November 2001 (accessed 12 April 2002). 26 Wipperfürth, A. (2003) “Speed-in-a-Can: The Red Bull Story,” San Francisco: Plan B. (Accessed 4 June 2004). 27 “Selling energy,” The Economist online, 9 May 2002. http://www.economist.com/people/displayStory.cfm?story_id=1120373 (accessed 2 June 2004). 28 Chaundy, B. (2001) “Red Bull: Raging Success,” BBC News online, (accessed 2 June 2004). 29 “Sports/energy drinks continue growth,” Just Drinks website, 18 February 2004.
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(accessed 2 June 2004). 30 “Selling energy,” The Economist online, 9 May 2002. (accessed 2 June 2004). 31 “Red Bull GmbH – SWOT Analysis,” Datamonitor Company Profiles, 15 April 2004. 32 “Selling energy,” The Economist online, 9 May 2002. (accessed 2 June 2004). 33 Ibid. 34 Ibid. 35 Ibid. 36 Ibid. 37 Ibid. 38 Lidsz, F. (2003) “The New Extreme: Austrian Marketing Maverick Dietrich Mateschitz Found,” SI Adventure Outdoor Sports website. (Accessed 3 September 2004).
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