The brand, “Red Bull”, was derived from a Thai energy drink known as Krating Daeng or “Red Water Buffalo” invented by the product developer, Chaleo Yoovidhya, of T.C. Pharmaceutical Co. in 1984 (Onkvisit & Shaw, 2008). On the other hand,Dietrick Mateschitz, an Austrian cosmetic sales representative, collaborated with C. Yoovidhya in order to form the company,Red Bull GmbH, in 1987 aimed at manufacturing and distributing Red Bull initially within Austria (Franzen & Moriarty, 2008).
During the introductory period of the brand, the concept was not readily accepted by its launch first market. Lancaster and Massingham (2010) have suggested that this reaction must be due to the product’s concept-testing phase, which is a period when there is a lacking frame of reference against which to judge the concept. Added by Franzen & Moriarty (2008), consumer acceptance was largely affected by the taste, logo, and the relatively new concept comparable only to its Japanese counterpart, Lipovitan or Livita, which started in 1962 but distributed only within Japan until the early 1980s(Fisk, 2009); however, this consumer response became shortlived after Red Bull focused on the product’s marketing. In fact, during its first year alone, the campany was able to generate an estimated revenue of US$ 1 million, doubling in the first quarter of 1989, and surging to US$ 88 million by 1995(Holper, 2008).
These are just excerpts of essays please access the order form for custom essays, research papers, term papers, thesis, dissertations, book reports and case studies.