“Gives You Wings”
The Red Bull brand is an iconic worldwide model of how a company can create a powerhouse and a style of marketing that many traditional companies would never attempt. The company uses its extreme stunts and sponsorships of extreme sports to promote the brand and product and excel in a style that has attracted a younger generation with a main focus on teenagers to the late twenties. This has mainly been due to the success of Dietrich Mateschitz, who helped found the company with a marketing degree from a school in Austria, and prior corporate marketing experience after working for Blendax, (now …show more content…
Exploratory research is important to the management decision because it will help to define the potential business opportunities. The exploratory research will assist in deciding if expanding Red Bull’s target audience will be worth it, financially. This research will also help to obtain more information about the new target audience and to find out what kind of follow-up research needs to be done in order to make this marketing decision successful. Red Bull faces an ambiguous situation: should they target an older market, and is it a worthwhile opportunity to pursue? Exploratory research can narrow the scope of this situation and give researchers a clearer path for which to conduct descriptive research.
This next step, descriptive research, is also crucial to making a management decision. Descriptive research allows management to make specific decisions, in regard to how they will target the new audience. Since an older target market will be a new step for Red Bull, they will want to get an accurate picture of this segment’s characteristics. Descriptive research will determine what the “average” consumer in this market is like: age, disposable income, interests, values, and current beverage consumption habits. Consumer buying habits and income information will help Red