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Red Bull Presentation

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Red Bull Presentation

  1. 1. Marke&ng  Research  Study:   Red  Bull     Product  Extensions    
  2. 2. 1.0   Execu&ve  Summary    Most  important  a@ributes  are  taste  and  effec(veness    Red  Bull  rated  poorly  in  terms  of  healthiness  yet  consumers  also   find  this  a@ribute  as  the  next  most  important    Female  energy  drinkers  represent  a  growth  opportunity      Consumers  seem  willing  to  try  out  Red  Bull  with  alcohol,  Red  Bull   with  vitamins,  Organic  Red  Bull,  and  Red  Bull  with  juice    Mismatch  between  consumers’  percep&ons  of  healthiness  and   their  views  of  its  importance      Recommenda(ons:     • Target  female  energy  drinkers  with  a  healthier  version   • Inves&gate  poten&al  and  safety  issues  with  alcoholic  version  
  3. 3. 2.0   Problem  Defini&on   Red  Bull’s  dominance  in  the  energy  drink  market  has   been  threatened  by  challengers  such  as  Monster  and   Rockstar.   Should  Red  Bull  change  its  product  a4ributes  and/or   extend  its  brand  to  other  product  categories?  
  4. 4. 2.1   Managerial  Ques&ons  &  Hypotheses   MQ1:    Should  Red  Bull  change  its  product  a@ributes?    If  yes,  then  how?   Hypothesis  1.1:    Important  a@ributes  are  packaging,  taste,   effec(veness,  price,      por(on  size,  and  “healthiness”  and  the  brand       MQ1.2:    How  does  Red  Bull  score  in  these  a@ributes  compared  to   Monster  and  Rockstar?           Hypothesis  1.2:    Red  Bull  would  score  higher  than  its  compe&tors  
  5. 5. 2.1   Managerial  Ques&ons  &  Hypotheses   MQ2:    Should  Red  Bull  extend  its  brand  to  other  product  categories?    If   yes,  then  to  what?   Hypothesis2.1:    Possible  products  are  energy  mints,  energy  gum,   energy  bars,  Red  Bull  with  juice,  Red  Bull  with  alcohol,  Red  Bull  with   protein  supplements,  Red  Bull  with  vitamin  supplements,  and  Organic   Red  Bull.   MQ2.2:    Who  are  most  likely  to  buy  these  products?   Hypothesis2.2:  Loyal  consumers  of  Red  Bull.  Male  consumers  are  likely   more  open  to  try.  
  6. 6. 2.3   Research  Design   Define  Problem   STEP  1:    Preliminary  Data   Ini&al  Hypotheses   STEP  2:    Focus  Group   Refined  Hypotheses   STEP  3:    Quan&ta&ve  Survey   Data  Analysis  and  Interpreta&on   Recommenda&ons  
  7. 7. 3.0   Results:  Preliminary  Data   Long  working  hours,  long  commutes  and  rising  female   employment  increase  demand  for  energy-­‐enhancing  products.     Lifestyle  food  and  drinks  reflect  the  lifestyle  that  consumers  aspire   to  have.   Young  adults  aged  20-­‐35  are  expected  to  be  the  most  important   consumer  group  for  lifestyle  food  and  drinks  over  the  next  five   years,  closely  followed  by  women.     Food  and  drinks  manufacturers  have  begun  to  launch  products   that  contain  natural  energy-­‐giving  ingredients  such  as  guarana   and  white  tea.  
  8. 8. 3.1   Results:  Focus  Group   Brand  loyalty:  not  obvious  in  driving  consump&on  behaviours   Red  Bull:  considered  unhealthy  due  to  its  chemical  contents   Posi&ve  image  associa&on:  energe;c  and  ac;ve   A  Red  Bull  alcohol  pre-­‐mixed  drink:  to  target  party  users,  provided   that  safety  of  product  is  tested     Red  Bull’s  brand  differen&a&on:  offer  addi&onal  product  extensions   to  suit  consumers’  tastes  to  strengthen  its  market  posi&on  
  9. 9. 3.2   Quan&ta&ve  Survey:  Energy  Drink  Consump&on  Habits   User  Groups  &  Consump(on  Frequencies   Party  Users   80%   Energy  Users   70%   60%   F:  13   F:  2   F:  11   50%   M:  11   M:  5   M:  6   40%   Energy  User   30%   Party  User   20%   10%   F:  2   0%   M:  5   Once  or   Once  every   Once  per   Once  per   Once  every   more  per   3  days   week   month   few   Sports  Users   day   months  
  10. 10. 3.3   Quan&ta&ve  Survey:   AHribute  Importance  &  Red  Bull’s  Ra(ng   9   8   7   6   5   4   3   2   1   0   Red  Bull   Monster   Rockstar   Importance  
  11. 11. 3.4   Quan&ta&ve  Survey:   Regression  Model  
  12. 12. 3.5   Quan&ta&ve  Survey:  Consumer  Sa&sfac&on  of  Red  Bull   AHribute  Importance  Factors  by  Gender   0.40     0.30     0.20     0.10     0.00     Male -­‐0.10     Female -­‐0.20     -­‐0.30     -­‐0.40     Value   U&lity   Appeal   (price,  por&on  &   (taste,  effec&veness)   (package  &  brand)   healthiness)  
  13. 13. 3.6   Quan&ta&ve  Survey:   Sa(sfac(on  by  User  Groups   overall   male  party  user   4   male  energy  user   3   female  party  user   healthiness   taste   2   female  energy  user   1   0   packaging   effec&veness   por&on  size   price  
  14. 14. 3.7   Product  Extension  Poten&als:   Interest  Level  to  Buy  
  15. 15. 3.8   Product  Extension  Poten&als:   Interest  Level  to  Buy  
  16. 16. 3.9   Product  Extension  Poten&als:   Interest  Level  to  Buy  
  17. 17. 4.0   Limita&ons  &  Caveats   Data  cleaning  and  data  quality  check  to  correct  data  error:   • Exclusion:  If  a  respondent  chose  “never”  to  both  open-­‐ ended  ques&ons  about  their  percep&on  of  Red  Bull   • Missing  data:  Respondents  not  familiar  with  Rockstar  or   Monster   Homogenous  results:  Most  samples  cluster  in  age  26-­‐35  and   with  graduate  educa&on  level   Facebook  Group:  Pos&ng  of  survey  request  removed;  Lack  of   heavy  users  (extreme  sports  users)   Geography:  Sample  biased  to  mostly  Canadian  respondents  
  18. 18. 5.0   Conclusions  &  Recommenda&ons   Most  important  a@ributes  are  taste,  effec(veness,  price   Packaging  is  important  for  female  consumers   Healthiness  is  a  hidden  opportunity       Compared  to  its  compe&tors,  Red  Bull  is  rated  as  comparable  in  taste,   be@er  in  effec(veness,  slightly  worse  on  price,  as  poor  as  its   compe&tors  on  healthiness   Consumers  seem  willing  to  try  out  Red  Bull  with  alcohol,  Red  Bull   with  vitamins,  Red  Bull  Organic  and  Red  Bull  with  juice   Party  users  seem  most  interested  in  Red  Bull  with  alcohol,  Red  Bull   with  vitamins,  and  Red  Bull  with  juice   Female  energy  users  most  interested  in  Organic  Red  Bull  

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