Dietrich Mateschitz - Red Bull Events Essay Example | Topics and Well Written Essays - 1000 words

Dietrich Mateschitz - Red Bull Events - Essay Example The Austrian graduate in Business Management and billionaire developed his marketing skills, amongst other things, with the German Blendax company. Since 1987, Dietrich Mateschitz is trading with his â€Å"Red Bull GmbH† to reach world leadership in the Energy-Drink sector. He tried out a different concept which helped him in creating a product differentiation amongst other beverages available in the market. In order to create a market for the product he targeted the health conscious and sports loving youth, and rest is the history. The brand label of â€Å"Red Bull† is ever since associated with strength and endurance in sporting events. In association with a Thai partner, he conceptualized the idea of coming out with catchy slogans and contemporary advertisements, which appealed to the youth segment (Dolan, 2005). In addition this entrepreneur came forward in sponsoring extreme sports sponsorships. Terry and Franklin (1994) say that competence for a leadership job is the product of both inherited and acquired qualities. Therefore the leader has to be a good learner, so that he can acquire ideas and concepts while keenly observing the world around him and capitalize on the stronger points of the business entity while trying to minimize the effects of weaker points. During one of his many business trips to Asia with Blendax, he got to know about the booming market for energy- and adrenaline drinks, which were totally unknown in Europe and the Western part of the World. In 1983 he bought the license for such a drink and founded the business â€Å"Red Bull† together with his Thai partners Chaleo and Chalerm Yoovidhya in 1984. After some changes of the mixture and the development of the marketing concept, the product was launched in Austria in 1987. The Name â€Å"Red Bull† was directly translated from the former Thai name of the product â€Å"Krating Daeng†. ‘Often copied never equaled’ is