International Journal of Business Management & Research (IJBMR) ISSN(P): 2249-6920; ISSN(E): 2249-8036 Vol. 5, Issue 3, Jun 2015, 61-70 © TJPRC Pvt. Ltd.
RED BULL EUNSOO JIN1, WOONHYUNG YI2, YOUNGEUN LEE3, BORAM HAN4 & SEUGHO CHOI5 1,3
Undergraduate Students, Department of Management, Ewha School of Business, EwhaWomans University, Seoul, South Korea
4
Graduate Students, Department of Management, Ewha School of Business, EwhaWomans University, Seoul, South Korea
5
Assistant Professor, Department of Management, Ewha School of Business, EwhaWomans University, Seoul, South Korea
ABSTRACT With its strong and consistent marketing slogan "Red Bull Gives You Wing," the business was able to surge and became a number one seller worldwide. Currently it is available in 165 countries with 8,996 employees. More than 35 billion cans of Red Bull have been consumed from the beginning including 5.226 billion cans sold worldwide in 2012. Company’s turnover increased by 15.9% from EUR 4.253 billion to EUR 4.930 billion. Such phenomenal results can be attributed to outstanding sales in South Africa, Japan, Saudi Arabia, France, the USA and Germany, efficient cost management and ongoing brand investment. In terms of further expansion, Red Bull is targeting the core markets of Western Europe and the USA and focusing more on the growth market share in Brazil, Japan, India and South Korea. energy drink market is small portion in terms of the whole non-alcohol beverage industry, yet it is the most dynamic one generating the market value of more than $12.5 billion. Especially, the sales of energy drinks in the U.S. had grown by 60 percent from 2008 to 2012 and it is estimated to grown to a value of $21.5 billion until the year of 2017. Considering the large potential the market holds, Red Bull has all the reasons to do everything they can to maintain their position in the market. However, the attractive market lured a great amount of attention among the industry players to enter the market and now, it has now become saturated, making the Blue Ocean to a highly Red Ocean. Especially in the U.S. market, where Red Bull has maintained a strong and firm market-leader position, its place is being continuously threatened by many new entrants of the market. Our team has chosen this company to figure out the specific strategic issues that need to be solved in order for the Red Bull to maintain its top-position in the energy drink market in the U.S.
KEYWORDS: Energy Drink Market, Market Share In Brazil, Japan, India And South Korea, Firm Market-Leader INTRODUCTION History Overview An Austrian entrepreneur Dietrich Mateschitz founded world-leading energy drink Red Bull in mid-1980. He was inspired by Thai energy drink KratingDaeng meaning Red Bull in Thai. Mateschitz acquired a license agreement with Thailand manufacturer, TC Pharmaceuticals in 1984 and took 51 percent from it to his own "Red Bull GmbH." The official product was introduced for the first time in Austria on April, 1987 aiming the niche market of "energy drink" in the non-alcohol beverage industry.
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Product Overview Red Bull GmbH’s functional drink in includes: caffeine, B-group vitamins, sucrose, glucose, taurineand Alpine spring water. The company provides standardized product all over the world except a little variation on vitamin and taurine level due to national regulations. Also, the company was reluctant to adding flavors to the product resulting in selling the original product and only two other variations which are sugar-free and zero-calorie for more than 20 years. However, recently Red Bull introduced three other variations – cranberry, lime and blueberry. The product “vitalizes body and mind,” to be consumed for many occasions. The most prominent causes for its consumption are for enduring extreme sports, studying, working, driving, and also socializing such as clubbing which all require high concentration and awakening time.
BODY Energy Drink Industry Energy drink industry that was pioneered by Red Bull in 1987 is now reaching its mature level in terms of industry life cycle, with more than 1,000 energy drink brands introduced between 2004 and 2008. The dynamic market showed a growth of 60 percent from 2008 to 2011, but it’s not showing any other expansion for recent two years. And the rapidly-saturated market with more than 50 brands currently available makes the market more threatening than ever. As shown in figure 1, the total sales of energy drink worldwide is waning as they reach the year of 2012.
Figure 1: Leading Players in Energy Drink Market (Euromonitor International)
Compared to the World Energy Drinks Market, the Red Bull’s market is going below the worldwide value in the 2012 as well. The market situation for Red Bull also doesn’t seem so good. Red Bull still remains in the leading place holding the largest share, however it is showing a flat growth compared to other players. Red Bull’s biggest rival, Monster fom Hansen Natural is catching up with fierice rate of growth. In 2012, Monster’s sales growth outperformed that of Red Bull with its sales growth of 26.9% versus Red Bull’s 18.1%
U.S. INDUSTRY Competitor Analysis (Monster) As mentioned earlier, Red Bull’s biggest competitor is Monster from Hansen Beverage Company. Red Bull is the number one energy drink with the largest market share with no doubt, but one should look deeper to see the potential growth power of Monster to be prepared for the future.
Impact Factor (JCC): 5.3125
NAAS Rating: 3.07
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First, Red Bull was established in 1987 while Monster was introduced much recently in 2002. It means that Monster has managed to capture 39 percent of the market share within only 10 years. On the other hand, Red Bull, who has almost 15 years of experience in the field, is struggling with only 43 percent on hand. Moreover, in terms of international expansion, considering the years in the field, Red Bull has managed only three times more expansion than that of Monster. As with the product variation, this is where the difference becomes clearer. Red Bull has only three major products with no taste variation. It has launched three additional flavors currently, but has not received those much positive feedbacks. However, in the case of Monster, they have about 34 different products with all different flavors, varying from the taste of fruits to the taste of coffees and other eye-opening tastes. In terms, of price, Red Bull is 1.99 to 2.25 U.S. dollars per ounce while Monster is 1.25 U.S. dollar per ounce. The difference derives from Red Bull’s strategy as to be the premium product, but it also comes as a threat in terms of approaching broader target customers.
Figure 2: Energy Drink Market Share 2013 (Bevnet.Com)
However, in terms of promotion the core message the both companies intend to deliver is pretty much similar. The slogan for Red Bull is “It Gives You Wings,” while Monster is “Unleash the Beast.” Moreover, they both sponsor extreme sports such as F1, BMX Bike, surfing for Red Bull and skateboarding and snowboarding for the Monster. In addition they both aim to provide enthusiasm and excitement to the costumers considering the fact that they both sponsor unique yet fun events like B-boy competition and Ultra Music Festival for Red Bull and Pool Parties and Rock Festival for the Monster. Considering the similarities in the characteristics of the promotion, it is clear that they are aiming for the similar brand image and costumers. It implies that both the companies need the extra something to differentiate themselves from each other.
SWOT ANALYSIS Strength Brand Value-Premium. Red Bull has established a strong, consistent brand image (an independent, edgy brand) globally. Red Bull is synonymous with energy drinks in many countries. While the company heavily concentrates its sales on the U.S market for its global growth, with strong brand value, it continues to enjoy the position of number one raked player in energy drinks globally with a 21.4% market share. Marketing. Red bull’s biggest investments are spent in marketing. Red Bull uses a progressive marketing strategy. The heavyweight promotions and targeted marketing campaign have set strong image stimulation drinks to the western market. Especially, the company is well-known for sponsoring dangerous sports. To reach targeted groups of consumers,
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Red Bull focuses heavily on developing inventive below-the-line promotions. Unlike other businesses, Red Bull creates and organizes its own events around the world. These events provide a platform for talented athletes to showcase their skills and ambition. Sporting events include Red Bull X-Fighters and Red Bull Air Race, where the world’s top FMX riders and pilots respectively perform world-class flips, turns and tricks in front of tens of thousands of spectators. These events help to establish the brand values. Such marketing campaigns focus on sports games or extreme sports events/activities that require an energy boost. With well-targeted marketing campaigns that attracts the core consumers of 18-25 ages, male group. This effort has significantly increased the brand awareness and attains competitive advantage in the energy drink industry. Partnership / Alliances. Red Bull has established an alliance with Cadbury Schweppes in Australia. The alliance has helped expand the brand’s marketing distribution, allowing more customers to have access to Red Bull across the nation. Sales, which are already 40% up compared to the same time last year, are set to rise dramatically as a result of the pending partnership. Such partnerships allow the company to reduce competitive threats from its rivals and extend its sales opportunities. This can adeptness can also be helpful in localizing the brand when expanding or diversifying its products into global market. Weakness Lack of Innovation Despite the company’s bold move by introducing a number of new product lines with less sugar and different flavors in 2004, the innovation is still Red Bull’s biggest weakness. The company has come up with flavorextensions with the introduction of red (cranberry), blue (blueberry) and silver (lime) editions, currently available only in 8.4-ounce cans. In addition, in 2013, the company, for the first time in 15 years added new products to its energy drinks range. Edition is a range of three new flavors and available only in the US market. The move is a response to growing competition. Success for this launch will be crucial to the company’s growth prospects in the mature markets. Therefore, with little changes in its product format, Red Bull is being fast chased up by its competitors, which innovative work remains to be managed. Portfolio Management - High Marketing Cost. As Red Bull’s marketing promotion usually envied advertisings, the costs invested for it is significant. Through advertising marketing, it delivers messages to a wide audience using the press, television, radio and the internet. Although this makes it easy to reach a large audience, it is more difficult to deliver a memorable message that is tailored to a specific target market. It can be costly: for example, television adverts at prime time are very expensive. However, as market maturity in developed markets will make marketing to its core consumers harder than in the past, well planned asset management of the portfolio that concentrates both on R&D and marketing will be necessary. Opportunity Global Expansion. Currently, Red Bull remains heavily dependent on the US for its global growth. While it is a company’s weakness, the company’s weakening global performance in volume terms can be translated as an opportunity. The top ten consuming countries among the 57 covered by the Zenith report were the United States, Vietnam, China, United Kingdom, Thailand, Mexico, Australia, Germany, Poland and Saudi Arabia. Australia, New Zealand, Austria, Saudi Arabia and Israel had the highest consumption per person. North America is still the leading region, with 36% of global volume in 2011, followed by Asia Pacific with 22% and West Europe with 17%. According to the research, the Asia
Impact Factor (JCC): 5.3125
NAAS Rating: 3.07
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Pacific area holds an opportunity for Red Bull as it accounted for 50.9% of the global market share of the functional drinks market (40% of which is energy drinks). Despite its potential of growth in the new region however, 6 years have passed without significant impact on any certain Asia Pacific regions such as Korea, China and Japan. In sync with the predictions of the reports, major Asia Pacific regions have displayed huge interest towards energy drinks which facilitated the energy drink markets within the nations, also boosting launches of local energy drink brands. Therefore, Emerging markets represent newer geographies for Red Bull’s expansion. Accelerating the marketing and sponsorships in these markets is a wise move. Gradual regain of market share. While energy drinks have reached a high level of penetration, constant innovation from manufacturers supported by edgy advertising should enable the companies to grow sales. Energy drinks remain the most dynamic segment in the soft drinks market, with strong growth in most countries. According to the “Energy Drinks and Shots: Market Trends in the U.S." report, sales of energy drinks and shots will grow to a value of $21.5 billion by 2017, driven by continued economic recovery, expansion in retail distribution, and strong potential in new product development. In addition, retail distribution of energy drinks and shots continues to expand at a fervent pace—making these products accessible at nearly any retail outlet from major grocery outlets to dollar stores and smoothie shops to sporting goods stores. Packaged Facts estimates that convenience stores hold the largest share of market sales (59%), followed by mass merchandisers (13%), supermarkets (10%), club stores/warehouse (5%), and drug stores (2%). In aggregate, all other retailers contribute a significant 11% to market sales. Threat The energy drinks market has witnessed slowing growth since 2004. This slowdown in growth may inhibit the company’s revenue expansion potential going forward. Red Bull under-performed the overall energy drinks market in 2011-2012. While the company’s market share of the energy drink market in the U.S increased in 2012, the market’s growth rate overall began to wane, showing growth pattern at a maturity stage. In addition, the energy drinks market has attracted a number of players including Monster Beverage Co, and The Coca-Cola Co. which marketed it own brands in the category including Burn as well as engaging in a distribution alliance with Monster Beverage Co. Monster s revenue has increased over 500 percent since 2005, despite ongoing criticism from health care professionals, parents and legislators about the energy drink’s health risks for adolescents. Thus, the energy drink market itself has witnesses slowing growth since 2005. This slowdown in growth may hamper the company’s revenue expansion potential going forward.
Figure 3: Product-Life Cycle: Mature Stage www.tjprc.org
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Health Concerns. Health concerns surrounding sports and energy drinks continued to grow. New York Times had a story that FDA has reports of deaths linked to 5-hour energy drinks. Energy drinks are unhealthful because of the combination of the mega doses of caffeine, sugarand/or artificial sweeteners, and unbalanced levels of amino acids in abnormal amounts that cause all kinds of changes in the body. Studies have shown that even consuming one can of a popular energy drink increases risk of heart attack or stroke, even for young people. Such studies have led negative attitude of customers towards the product, shifting their purchasing decisions to other beverages such as soft drinks, sports drinks (ion), or vitamin drinks. Consumers’ awareness of health and well being. The negative impact of sports and energy drinks exposed by the media drew increasingly more attention from consumers as well as health organizations, mainly because of the taurine and other additives commonly used in energy drinks. Although these cases could not be proved to be relevant to taking energy drinks by professional science agencies or authoritative health organizations, this could impact sales. According to market research by Mintel, about 60% of the U. S. respondents stated that they look for antioxidants when shopping for functional beverages, an area in which energy drink companies capitalize. A future trend that could prove to be very effective would be for energy drink companies to increase the functionality of their beverages to target the growing number of healthconscious consumers. Areas in which these companies could expand could be the inclusion of vitamin and mineral fortification, organic options, all natural, no artificial flavors, preservatives or natural pigments. Increasing Competitors for “energy-boosting” products. Intense competition surrounds the beverage industry as marketers seek to increase market penetration and consumption frequency through positive alignment as a healthy and/or functional beverage. Energy drinks are subject to competition from other energy-boosting beverages such as coffee and tea beverages, as well as an increasing number of new product innovations that tap into the energy trend but are outside of the beverage industry. For instance, recently, Starbucks has introduced its ‘Refreshment drink” contained in cans for energy boosting effects. In addition to the fierce competition among the incumbents, new competitors from new sectors of industry are jumping in, creating more competitive zone for Red Bull in the industry to maintain its place and acquire market share. What inferences can be made based upon SWOT Analysis? Based on SWOT Analysis, we can infer the current timely for Red Bull to make adjustment to the company’s corporate strategy by improving its focus on innovation of the product line.
SOLUTIONS Why should Red Bull Alter their Strategy? Owing to the current analysis, Red Bull is having greatest market share in the energy drink industry and has substantial revenue. This outperforming result must have been the reason why Red Bull insisted their ‘One brand, one product’ strategy until now. Through one product strategy Red Bull was able to build their strong brand image along with the marketing effects. However, as the Red Bull reached its mature stage of product life cycle, customers started to feel cloying about the one product produced by the Red Bull. Although the present sales results are very bright, the future does not seems to be that bright based on the financial analysis and competitor analysis. Monster, the biggest competitor of Red Bull, is catching up quickly, with their income and revenue growth rate almost twice as that of Red Bull. Maintaining its leader position in the energy drink industry where it is becoming saturatedwith competent competitors cannot be guaranteed in the future with their limited product line. Impact Factor (JCC): 5.3125
NAAS Rating: 3.07
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What would be the Solution for Red Bull and Why? Innovating the product and focusing on Chinese market with the original product and International strategy is needed for the Red Bull. In order to compete with the Monster, the core competitor in the energy drink market, innovating the product is necessary for the Red Bull since there is limit in retaining as a market leader with just one main type of product. However, ’One brand, one product’ was the main theme of Red bull, but their strategy has been changed since the emergence of the Monster. They have created other types of beverages, such as Red Bull Red, Blue and Silver flavored by cranberry, blueberry and lime respectively. However, these products with differentiated flavor proved to be unsuccessful in the market. It has been released in Europe and America on the March of 2013, but there can’t be seen any positive reaction on the social media regarding the new products. This alternation in strategy must have been a radical idea for the Red Bull where they did not insisted on creating new products other than their original version. Considering this aspect of the company, it is possible to assume that the Red Bull is willing to take challenges on product innovation. Moreover, Red Bull has to pay more attention on the Asian market since their main market, Europe and North America, has become saturated with various brands of energy drinks. For this reason the number 2 energy drink Monster is also trying to get into the Asian market and Red bull should increase their ‘first mover in the market’ advantage by concentrating on Chinese market. China is the country with the largest population in Asia, 1.3 billion, which means it is possible to assume that the number of people in 20’s are also high, with the economy 2nd largest in the world. Therefore, it is necessary to attain Chinese people’s interest in the Red Bull. In which way they should to innovate the product? Before thinking about in which way to invent a new category of Red Bull, it is essential to examine consumers of the product. This is because producing products that consumer wants is achievable by knowing why they drink Red Bull. Red Bull’s prime purchasers are the ones in 20’s, because people drink this energy drink to perform to their maximum in energy consuming activities. Characteristic of the ones in 20’s and 30’s now would be the fact that they have experienced similar culture around the world due to globalization. Owing to this unique factor, consumers are hard to differentiate just by the culture of their home country. Therefore, it would be efficient to segment the consumers by the reason that they have in buying the product. Consumers could be differentiated by 3 main categories; people serious in sports, workers (students), and clubbers. The first group drinks Red Bull, because it provides instant improvement in energy spending and concentration whilst playing sports. People who want to enhance their performance for sports matches drink Red Bull just before the game starts. However, Red Bull is not that efficient in keeping the hydration level up to certain point. The Worker (student) group consumes Red Bull to endure their enormous workload. People in highly intense working environment, for instance financial sector, drink Red Bull to stay focused and stay awake. For the clubbers or people who drinks to have fun, their main reason in drinking the Red Bull is that the mix with Vodka and other alcohol drinks taste good. Red Bull and Vodka is a popular among clubbers since Red Bull helps you to stay awake and get hyper due to the caffeine. Whilst enjoying their night out, it is important for them to stay awake since alcohol that helps them to get entertained also makes one sleepy. Each classes drinks Red Bull for their own unique reasons. By focusing on the supplementing the flaws of the product that Red Bull faces, it would be possible to create a product that could be successful in the market, as well as discriminating the energy drink from the Monster’s 20 flavor product lines. However, it would be impossible to create a drink that satisfies all the needs of the group, since each group wants different effects from the Red Bull, devising 3 types of Red bull for each group would be feasible. www.tjprc.org
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For the sports group, combining the Red Bull with sports drinks or putting in the ingredients that helps in dehydration would be an option. Moreover, for the worker (student) consumers, it would be beneficial to them if Red Bull has an effect in enhancing concentration and provides energy to work without having to intake calories frequently. The clubbers class would enjoy the Red Bull if they can buy the Red Bull and Vodka mix cans, owing to the fact they can enjoy the Red Bull and Vodka even at home without buying Red Bull and Vodka separately. Also, at the club, without having to mix the two, they can just provide the Red Bull can containing alcohol. In which way can Red Bull Increase Awareness in China and in What Grounds? Red Bull is the product that receive high loyalty from buyers, so if it can draw attention in Chinese market where the ones in their 20’s are the largest in the world, 82 million people, it would be possible to make this enormously developing country as one of major market other than Europe and North America. Since Red Bull has similar taste and price all over the world due to centralized production in Austria, performing International strategy would be plausible. In addition, less pressure from localization enables Red Bull to consider the Global strategy, however, the fact that Red Bull is produced in Austria makes it hard for Red Bull to lower their price to perform Global strategy. One of the shortcomings of International strategy is that it is not possible to leverage benefits of altering value chain activities according to the local characteristics. However, if Red Bull were made in China by utilizing its cheap labor cost, it would be not that attractive to Chinese people since they are highly concerned about food and beverages made in their own country. Recently, there was milk powder scandal that made Chinese people to pay more attention to where it is being made. Owing to the concern over safety of food, asking consumers to pay extra by producing in Austria would be more suitable according to the market preference. Nevertheless, it is needed to alter the taste of Red Bull slightly as Oreo in China changed the type of cookies they use without changing the taste to satisfy this market. This is because, Chinese market is famous for providing harsh environment to globally standardized products. Every country has preference over the same taste, such as level of sweetness and adjusting to this specific inclination would not harm the Red Bull’s overall product image. Moreover, as having similar price all over the world, marketing the product to the people in the high end of economic status should be performed since the price is above average drinks in China. For instance, water is usually CNY 1, and Coca-Cola is generally around CNY 4 to CNY 6, but the price of Red Bull is around CNY 16. Due to this factor and the polarization of Chinese people in economical aspect, focusing on the high-end market is suitable for the Red Bull without having to lower the price.
CONCUSIONS Red Bull has generally increased product awareness by supporting extreme sports in that country as a marketing strategy. In China, where martial arts such as Shaolin Temple are famous, holding martial arts competition would create publicity effect through broadcasting. Also, for the high-end buyers, inviting them to the Red Bull challenge program that is about challenging the limit of F1 Red Bull team at Xinjiang Uygur desert would be effective in helping the consumers to experience core value of Red Bull, giving wings to people to go beyond. In addition, according to the fact that energy drinks are being consumed at certain time, practicing time based site marketing would be another option.
Impact Factor (JCC): 5.3125
NAAS Rating: 3.07
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How the above solution will solve the problems stated? Red Bull is in the mature stage of product life cycle. In this stage, reverse positioning which would be lowering the price or breakaway positioning, such as improving the products should be considered. However, Red Bull would not be able to perform reverse positioning since it has only one main products and lowering the price of the drink would bring substantial impact on the total revenue of company. Owing to this fact, Red Bull has one option, breakaway positioning, to survive in the energy drink market. Since diversifying the flavor has proven wrong to Red Bull, combining with alcohol or sports drinks in desired to be firmly recognized as a functional energy drink. Also, the first mover in Chines market would secure the sales of original product, which is in recession in growth at the major western markets. Innovation of the product and the shortest time consuming possibility, the M&A, would take some time to be actualized. Meanwhile, to boost the sales and compete with the core competitor Monster, it is necessary to securely position itself at the one of largest market in Asia. If Red Bull receives interest through slightly altering the flavor and positioning as premium product positioning, it would be possible to make Chines market as their major markets.
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Impact Factor (JCC): 5.3125
NAAS Rating: 3.07