Red Bull Case Study

Red Bull Case Study

PLEASE READ THE RED BULL CASE STUDY AND IMAGINE THAT IN 2005, YOU WERE HIRED BY THE COMPANY TO ASSIST IN THEIR MARKETING EFFORTS. YOUR ANSWERS SHOULD REFLECT THE COMPANY’S SITUATION AT THAT TIME, INCLUDING THEIR COMPETITION, THEIR TARGET MARKET(S), AND THEIR OWN FORECASTING EFFORTS. BASED ON THE INFORMATION FROM THAT CASE STUDY AND NOTES FROM THE LECTURE SLIDES – DO NOT TO USE ANY OTHER SOURCES FOR YOUR WORK – ANSWER THE FOLLOWING: 1. CREATE A MISSION STATEMENT FOR RED BULL THAT SATISFIES THE FIVE CRITERIA. (3 MARKS) 2. CREATE A VISION STATEMENT FOR RED BULL. (2 MARKS) 3. CREATE THREE (3) SMART OBJECTIVES FOR RED BULL THAT REFLECT YOUR ANALYSIS OF THEIR SITUATION AND WHAT YOU BELIEVE ARE THE NEXT STEPS THAT THE COMPANY SHOULD TAKE. (6 MARKS) 4. AT WHAT STAGE OF THE PRODUCT LIFE CYCLE ARE ENERGY DRINKS? WHY? (2 MARKS) 5. LIST THREE (3) DIFFERENT STRATEGIES (IN ORDER OF PREFERENCE) THAT YOU BELIEVE RED BULL SHOULD CONSIDER SO THAT YOU CAN ACHIEVE YOUR OBJECTIVES. EXPLAIN YOUR REASONING. (6 MARKS) 6. SUGGEST MARKETING TACTICS (I.E. DISCOUNTS, PROMOTIONS, ETC.) YOU WOULD USE WHEN PUTTING EACH OF YOUR STRATEGIES INTO ACTION. EXPLAIN YOUR REASONING. (6 MARKS) Please make sure there is at least (1) mark per sentence or point that is made. If a question requires 6 marks, (6) points must be included.