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 Bulls 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 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 Yoovidhyas 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.
London Business School
Regents Park
London NW1 4SA
United Kingdom
+44 (0)20 7262 5050
www.london.edu

Copyright 2004 London Business School. All rights reserved. No part of this
case study may be reproduced, stored in a retrieval system, or transmitted in any
form or by any means, electronic, mechanical, photocopying, recording or
otherwise without written permission of London Business School.

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 Bulls 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 wasat 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 Starbucksit 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

drinks 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 Bulls 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
Figure 36 and Exhibit 1 for financial information).7
Mateschitzs net worth of over 1 billion made him the third
richest Austrian in 2004.
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.

1.6
1.4
1.2
1.0
0.8
0.6
0.4
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 Bulls Sales & Distribution Tactics

Red Bulls 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 areahot
spots such as clubs and bars popular with the in-crowdwhere 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
stationsaccounting for 79% of the value due to the price premiumwhile 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 said 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 Bulls

Cartoon character

Red Bulls logotwo thick-necked crimson bulls in opposing

charge against a yellow sunwas the epitome of kinetic
virility and pugnacity. This Herculean brand symbol saw a
more light-hearted side in the companys 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).
3

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 dont 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 isnt a drink, its 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 Year16
Sponsorship of Extreme Sports Events & Youth Culture Events
A major part of Red Bulls 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 brands 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?
[]

Red Bull get a lot out of it, says Mani [Ameri, one of RBMAs founders]
Theyve grown out of the DJ culture and now theyre putting something back.
Theyve built up a network of people who like them for doing something right.
Theres a lot of frustration with brands doing this kind of thing wrongly, but
everyone here can see theres a lot of effort put in, and everyones enjoyed it so
far. Theyre not selling more cans of their product but they are getting people to
write about them in a different way. Weve created a dynamic amongst the
music industry and built something thats generally respected. Theres 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

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 Bulls 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 bulls testicles.23 The company addressed such rumours on its website, possibly
helping to reinforce the product mythology.

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 wouldnt seem as interesting.24
Red Bulls 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 margins29 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 Bulls, 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 Alerts 500 ml plastic bottles), to a variety of flavours

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 Pepsis Gatorade and Coca-Colas
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%. Mateschitzs reaction was accordingly
serene: The market isnt generic; it doesnt exist if we dont create it. Its a branded
market.30
Can Red Bull keep its Cool?
Industry analysts were less optimistic, some of them feeling that Red Bulls 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 thisIt makes no sense to build a company on one product
said Mateschitz33Red Bull was slow in releasing a low calorie sugarfree version of Red Bull. This had been produced for years for
Mateschitzs 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

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 Bulls 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 Bulls 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

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

10

Endnotes
1 Zenith International (2004) West Europe Energy Drinks Market Races Towards 2500 million, Press
Release, 6 January 2004.
<http://www.zenithinternational.com/pr/pr.cfm?ContentID=105> (Accessed 16 June 2004).
2 Red Bull (2004) Red Bull Website: <http://www.redbull.com> (Accessed 16 June 2004).
3
Wipperfrth, A. (2003) Speed-in-a-Can: The Red Bull Story, San Francisco: Plan B.
<www.plan-b.biz/pdf/Speed_In_a_Can.pdf> (Accessed 4 June 2004).
4
Lidsz, F. (2003) The New Extreme: Austrian Marketing Maverick Dietrich Mateschitz Found, SI
Adventure Outdoor Sports website.
<http://sportsillustrated.cnn.com/features/siadventure/30/new_extreme> (Accessed 3 September 2004).
5
Wipperfrth, A. (2003) Speed-in-a-Can: The Red Bull Story, San Francisco: Plan B.
<www.plan-b.biz/pdf/Speed_In_a_Can.pdf> (Accessed 4 June 2004).
6 Selling energy, The Economist online, 9 May 2002.
<http://www.economist.com/people/displayStory.cfm?story_id=1120373>
(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.
<http://www.zenithinternational.com/pr/pr.cfm?ContentID=105> (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.
<http://www.hospitalitymagazine.com.au/articles/b9/0c017fb9.asp> (Accessed 3 September 2004).
12
Wipperfrth, A. (2003) Speed-in-a-Can: The Red Bull Story, San Francisco: Plan B.
<www.plan-b.biz/pdf/Speed_In_a_Can.pdf> (Accessed 4 June 2004).
13 Selling energy, The Economist online, 9 May 2002.
<http://www.economist.com/people/displayStory.cfm?story_id=1120373> (accessed 2 June 2004).
14 Ibid.
15
Wipperfrth, A. (2003) Speed-in-a-Can: The Red Bull Story, San Francisco: Plan B.
<www.plan-b.biz/pdf/Speed_In_a_Can.pdf> (Accessed 4 June 2004).
16
Rusch, R. (2002) Apple Shines: 2001 Brand of the Year Results, Brand Channel Website, 4 March
2002. <http://www.brandchannel.com/features_effect.asp?id=82> (accessed 16 June 2004)
17
Red Bull Music Academy, (2003) IDJ Magazine online, Iss. 33, September 2003.
<http://www.i-dj.co.uk/features/featurespage.php?ID=36&page=2> (accessed 16 June 2004).
18
Wipperfrth, A. (2003) Speed-in-a-Can: The Red Bull Story, San Francisco: Plan B.
<www.plan-b.biz/pdf/Speed_In_a_Can.pdf> (Accessed 4 June 2004).
19
Ibid.
20 Students: We shall not be moved, (2004) Europe Intelligence Wire online.
<http://premium.hoovers.com/subscribe/co/news/detail.xhtml?COID=101316&ArticleID=NR2004060
3670.4_3474006fc7c3d0a7> (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
Wipperfrth, A. (2003) Speed-in-a-Can: The Red Bull Story, San Francisco: Plan B.
<www.plan-b.biz/pdf/Speed_In_a_Can.pdf> (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
<http://www.ft.com>(accessed 12 April 2002).
26
Wipperfrth, A. (2003) Speed-in-a-Can: The Red Bull Story, San Francisco: Plan B.
<www.plan-b.biz/pdf/Speed_In_a_Can.pdf> (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,
<http://news.bbc.co.uk/2/hi/uk_news/1437154.htm> (accessed 2 June 2004).
29 Sports/energy drinks continue growth,Just Drinks website, 18 February 2004.

11

<http://Just-drinks.com> (accessed 2 June 2004).

30 Selling energy, The Economist online, 9 May 2002.
<http://www.economist.com/people/displayStory.cfm?story_id=1120373>
(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.
<http://www.economist.com/people/displayStory.cfm?story_id=1120373>
(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.
<http://sportsillustrated.cnn.com/features/siadventure/30/new_extreme/> (Accessed 3 September
2004).

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