2. Factors that Affect the price of a Bottle of Wine

Question 1

Q1
What are the 2 categories of Grape Growing Costs?

Answer 1

Costs of establishing a new vineyard.
Ongoing costs of managing the vineyard and growing grapes.

Question 2

Q2
What are the stages of factors that affect the price of a bottle of wine, from vineyard to POS ? (8)

Answer 2

Factors affecting the price of a bottle of wine :
1)Grape growing costs
2)Winemaking costs
3)Transportation costs
4)Importation costs
5)Sales costs
6)Marketing costs
7)Taxes
8)Currency fluctuation

Question 3

Q3
What does the price of land reflect, in terms of its characteristics ?

Answer 3

The price of a land reflects :
The potential to produce high-quality fruit.
The name/specificity of the appellation itself (e.g. Bordeaux AOP vs Pauillac AOP)
The scarcity of the land（希少性）

Question 4

Q4
What are the initial costs（初期費用） associated with Vineyard Establishment?
How can these costs vary?
2 eg.s?

Answer 4

Initial costs relate to buying or renting the vineyard land.
Price of land varies wildly from one site to another, even within the same region.
e.g. California; land prices in Napa Valley can be 10X higher than in the Central Valley.
Bordeaux; land prices in the most prestigious Médoc AOPs can be 100X higher than generic Bordeaux
AOPs

Question 5

Q5
How can a vineyard site’s reputation affect land prices?

Answer 5

Good reputation => More demand => Higher wine prices => Higher land price
e.g. California; Napa Valley (more $$$) more known for producing grapes from which premium-super
premium wines are made vs Central Valley (less $$$) more associated with bulk wine.

Question 6

Q6
Using Champagne as an example, explain how scarcity of land can affect its price ?

Answer 6

A
Scarcity of land :
Land in prestigious appellations, e.g. Champagne, rarely comes on the market.
When it does = sold to the highest bidder.
Land is finite : GI laws limit the geographic area in which wine can be produced under the Champagne
AOP.

Question 7

What are the costs associated with establishing a new vineyards ? (10)

Answer 7

Vineyard establishment costs :
1.Surveying the land
2.Site clearance
3. Building access roads
4.Buying and planting vines
5.Buying trellising materials
6.Installing a drainage system
7. Installing an irrigation system
8. Protection against weather hazards
9.Protection from animal pests
10.Buying/renting machinery and equipment

Question 8

Q8
What vineyard establishment costs are involved with Surveying Land?

Answer 8

Checking suitability for viticulture and appropriate grape varietal choices (satellite imaging and soil
samples may be involved).

Question 9

What vineyard establishment costs are involved with Site Clearance?

Answer 9

Removing vegetation, large rocks, etc

Question 10

What vineyard establishment costs are involved with Drainage Capabilities?

Answer 10

Installing deep drainage channels and pipework

Question 11

What vineyard establishment costs are involved with establishing an Irrigation System?

Answer 11

rrigation System :
Buying reservoirs, pipes, pumps, sprinkler, dripper systems
Drilling boreholes, laying pipes, installing pumps for underground water
灌漑システム：貯水池、パイプ、ポンプ、スプリンクラー、ドリッパーシステムの購入、ボーリングホールの掘削、パイプの敷設、地下水用ポンプの設置

Question 12

What vineyard establishment costs are involved with Weather Hazards?

Answer 12

Establishing windbreaks, anti-hail protective mesh, frost protection (sprinklers, smudge pots, wind
machines)

Question 13

What vineyard establishment costs are involved with Animal/Pest/Fungus Prevention?

Answer 13

Animals : High fences, electric fences, netting
Pests : Pesticides
Fungus : Fungicide

Question 14

Q14
What vineyard establishment costs are involved with buying Machinery and Equipment?

Answer 14

Machinery and Equipment
Tractors, spraying equipment, harvesting machines (plus garages/sheds for them).
Rented by smaller producers who cannot justify the expense, especially if it’s only used once a year.

Question 15

Q15
What are Capital Costs ?
Where can the funding come from ?

Answer 15

Capital costs are those incurred in first establishing a business.
Funding :
Personal wealth
Loans (interest and repayments must be factored into LT biz plan)
Investors (Which may want some form of managing involvement / profits)
Some countries offer tax incentive or lump sum contributions to encourage the establishment of
vineyards
資本コストとは、最初に事業を立ち上げる際に発生するコストです。
資金調達:
個人資産
ローン (利子と返済は長期事業計画に組み込む必要があります)
投資家 (何らかの形で経営に関与したり利益を得たりしたい場合があります)
国によっては、ブドウ園の設立を奨励するために税制優遇措置や一時金の拠出を行っているところもあります。

Question 16

Q16
Identify the types of costs associated with Vineyard Management (5):

Answer 16

Vineyard managment costs :
Labor
Machinery and Equipment running costs
Vineyard Treatments
Water
Electricity

Question 17

Q17
Factors that affect Vineyard Management costs associated with Labor?

Answer 17

Labros costs factors :
Depends on size/topographical features, e.g. much higher in steep Mosel Valley (hand-harvesting)
vs flat Central Valley of Cali.
Viticultural choices : Organic / Biodynamic are more expensive due to additional procedures which
must be carried out.
The country general labor cost : If labor costs are low and plentiful (e.g. Chile), less incentive to
invest in equipment vs labor costs are high and scarce (e.g. Coonawarra), machinery is better
option
規模/地形的特徴によります。たとえば、急峻なモーゼル渓谷 (手摘み) では、カリフォルニアの平坦なセントラルバレーに比べてはるかに高くなります。
ブドウ栽培の選択肢: 有機栽培/バイオダイナミック栽培は、実行しなければならない追加手順があるため、より高価です。
国の一般的な労働コスト: 労働コストが低くて豊富な場合 (チリなど)、機器に投資するインセンティブは少なく、労働コストが高くて不足している場合 (クナワラなど)、機械の方が適しています。

Question 18

How do labor needs / costs in the vineyard vary at different times of year ?

Answer 18

During harvest :
If by hand, producer will hire a team of pickers, can be unskilled as harvesting procedure can be
quickly taught.
If machinery is used, number of staff can be reduced, but staff must be trained to operate
equipment.
Labor is cheap, but if scarce, workers can choose to work for highest bidder.
The rest of the year :
Smaller staff of higher-paid, skilled workers working under a vineyard manager

Question 19

Q19
What Vineyard Management costs are associated with Machinery / Equipment?

Answer 19

Machinery Fuel
Machinery Maintenance
Vineyard materials (replacement vines / trellising)

Question 20

Q20
What Vineyard Management costs are associated with Vineyard Treatments (4)?

Answer 20

Conventional :従来型
Herbicides, pesticides, fungicides.
Usage can be reduced using integrated pest management.
Organic / Biodynamic :
Smaller amounts of traditional treatments (sulfur / Bordeaux mixture

Question 21

Q21
What Vineyard Management costs are associated with Water Usage?

Answer 21

Irrigation : payment to authorities for right to extract water from river / purchased from
elsewhere.
In dry years, price of water can rise, making irrigation too $$ and grape growing unprofitable
灌漑：川から水を汲み上げる権利に対する当局への支払い/他所からの購入。乾燥した年には水の価格が上昇し、灌漑に多額の費用がかかり、ブドウ栽培が採算が取れなくなる可能性がある。

Question 22

What Vineyard Management costs are associated with Electricity Usage?

Answer 22

Irrigation systems, bird scanners, frost protection equipment

Question 23

What are the categories of Winemaking Costs?(9)

Answer 23

Winemaking costs :
1 Winery Establishment
2 Labor
3 Machinery / Equipment running costs
4 Winery Materials
5 Bought-in Fruit
6 Water
7 Electricity
8 Maturation
9 Packaging

Question 24

Q24
What Winemaking Costs are associated with Winery Establishment?

Answer 24

Winery Establishment
Purchase land to build the winery.
Buying the equipment : Presses, tanks, pipes, pumps, refrigeration, bottling line

Question 25

Q25
What Winemaking Costs are associated with Labor?

Answer 25

Usually a small number of skilled, full-time staff.
Some casual labor may be needed during harvest time for unloading crates / moving equipment

Question 26

Q26
What Winemaking Costs are associated with Winery Materials(5)?

Answer 26

1 Sugar (for enrichment)
2 Deacidification agents (e.g. calcium carbonate), acid for acidification (tartaric acid),
3 Cultured yeasts
4 CO2, inert gases
5 Fining / filtering agents

Question 27

Q27
What Winemaking Costs are associated with Brought-in Fruit

Answer 27

Costs of buying the grapes
Vary significantly according to the quality of the grapes, the grape variety and the vintage
If a winery has to meet a low price-point, it could blend cheaper varieties (e.g. Airén, Ugni Blanc,
Colombard or Semillon) with a more expensive variety (e.g. Chardonnay) to reduce the production
costs
ブドウの品質、ブドウの品種、ヴィンテージによって大きく異なります
ワイナリーが低価格帯を満たす必要がある場合、より安価な品種（アイレン、ユニブラン、コロンバール、セミヨンなど）とより高価な品種（シャルドネなど）をブレンドして生産コストを削減することができます

Question 28

Q28
What Winemaking Costs are associated with Water Usage?
What can be done in order to conserve water usage?

Answer 28

Mainly for cleaning (large volumes of water needed)
If water is expensive/scarce, winery may invest in water treatment plants in order to re-use as much
water as possible.

Question 28

Q29
What Winemaking Costs are associated with Electricity Usage?
What can be done in order to conserve electricity usage?

Answer 28

significant amounts of electricity are needed for refrigeration, ventilation, presses, pumps, lighting.
to save on these costs, some estates generate their own electricity (e.g. with solar panels).

Question 29

Q30
What Winemaking Costs are associated with Maturation?

Answer 29

Costs of maturation
Storage if matured at the estate
Vessels (new oak can be expensive, oak alternatives e.g. staves / chips can save significantly)
Labor needed to monitor maturation.

Question 39

Q31
How can appellation laws regarding maturation affect a winery’s cash flow (3)?

Question 39

Q32
What Winemaking Costs are associated with Packaging?

Answer 39

Packaging associated costs :
Bottling line purchase : might be more cost-effective to outsource bottling, as it is usually only used
once a year.
Materials : bottles, closures, labels, cartons, pallets
Heavy / unusually shaped bottles, elaborate labels (embossed/textured paper) costs more.
Labor also required to run bottling line, package wine, design labels (and even bottles)
外注もあり

Question 39

Q33
What are the 4 ways of transporting wine around the world (in order from most to least expensive)?

Answer 39

Air
Road
Rail
Sea (aka ‘Deep-Sea’)

Question 39

Q36
What costs are associated with transporting wine by AIR?
When is this method of transportation used ?

Answer 39

Costs dependent on weight. Heavier = more fuel = more expensive
Very expensive so only used in special circumstances :
Samples for competitions, trade/consumer fair
Very high value wines
Where deadlines are important, e.g. Beaujolais Nouveau for Japanese market

Question 39

Q34
In what form is the most common way transport wine?

Answer 39

Bottle => Boxes => Crates => Pallets

Question 39

Q35
What are the risks involved with long-distance transportation of wine?
What do most wineries do to combat these risks ?

Answer 39

Broken bottles
Spoiled wine due to fluctuating temperatures, direct sunlight, excessive vibrations.
Wineries will use “Freight Forwarders” to combat these risks :
Specialized in safely transporting wine, e.g. JF Hillebrand.
Using highly-specialized temp-controlled shipping containers in order to limit risk of loss or damage.
Insurance against broken bottles or spoiled wine.
More expensive than general multinational logistics companies
割れたボトル
温度の変動、直射日光、過度の振動によりワインが傷む。
ワイナリーはこれらのリスクに対処するために「貨物運送業者」を利用します:
ワインの安全な輸送を専門とする会社 (例: JF Hillebrand)。
紛失や損傷のリスクを抑えるために、高度に専門化された温度管理された輸送コンテナを使用します。
割れたボトルやワインの損傷に対する保険。
一般的な多国籍物流会社よりも高額です。

Question 39

Q37
What costs are associated with transporting wine by ROAD?
When is this method of transportation used ?

Answer 39

Efficient for short distances (e.g. Epernay - Brussels) = efficient
Too expensive for long distances (e.g. Mendoza - NY)
For short distances across water (e.g. English Channel or irish Sea), truck can easily move on and off
ferry = quickest and cheapest way of moving goods through a port.

Question 40

Q38
What costs are associated with transporting wine by RAIL?
When is this method of transportation used ?

Answer 40

Rail transportation :
Cost vary due to length of journey + route + method of loading goods.
Individual pallets : freight costs would be too high.
Containerization : the goods are loaded into a standard container which is lifted onto the back of a
truck and then onto the rail wagon
コストは、移動距離、ルート、商品の積み込み方法によって異なります。
個別パレット: 輸送コストが高すぎます。
コンテナ化: 商品は標準コンテナに積み込まれ、トラックの荷台に載せられ、その後鉄道貨車に積み込まれます。

Question 41

What costs are associated with transporting wine by SEA?
When is this method of transportation used

Answer 41

Sea transportation :
Cheapest method for long distances, e.g. from USA, S. America, Australasia => EU.
Containerization is essential.
Downside is slow, e.g. Australia - UK = ~40 days, so timing of pre-ordering must be considered

Question 42

Q40
How has the volume of wine transported in bulk changed in the past decade ?
What are the 2 methods of transporting wine in bulk ?

Answer 42

Bulk wine shipping
Large increase in the past decade
Still favored for cheaper wine (In 2019 : 34% in volume but only 8% in value)
Increasing interest in transporting more expensive wines in bulk too.
Two methods :
Flexitanks (Flexible - Plastic)
ISO tanks (Non Flexible - Stainless Steel)

Question 43

41
What are the PROS of transporting wine in BULK ?

Answer 43

PROS of transporting wine in BULK :
Much lighter to transport than in bottles
Much more efficient : A standard shipping container can hold around 10,000 litres of bottled wine,
whereas the largest flexitanks can carry up to 24,000 litres of wine in bulk and ISO tanks can hold up to
26,000 litres of wine in bulk.
Significantly reduces fuel used = cheaper and more environmentally friendly
ワインをバルクで輸送する利点:
ボトルで輸送するよりも軽量
はるかに効率的: 標準的な輸送コンテナには約 10,000 リットルのボトル入りワインを収容できますが、
最大のフレキシタンクは最大 24,000 リットルのバルクワインを輸送でき、ISO タンクは最大 26,000 リットルのバルクワインを収容できます。
燃料使用量が大幅に削減される = より安価で環境に優しい

Question 44

Q42
What are the CONS of transporting wine in BULK ?

Answer 44

QOnly suitable for moving large volumes of the same wine, i.e. if vol. is less than 15K cases = no cost
advantage to bulk transport.
Suitable for supermarkets / major brands, but not smaller-production wines.
同じワインを大量にはこぶのにしか向いていない

Question 45

Q43
Why is it essential to correctly insured wine transporation ?
Who usually pays for it ?
What can a producer do to avoir dealing with transportation ?

Answer 45

It is essential that wine is correctly insured throughout its journey, in case it is lost, damaged or spoiled.
It is usually the party sending the goods that will take the insurance:
The winery will be responsible for ensuring the wine makes it safely to its distributor.
The distributor will then be responsible for getting the wine safely to retailers.
Using specialist wine freight forwarders (e.g. JF Hillebrand) lessens these risks + usually offer insurance
as part of serviceワインが紛失、破損、腐敗した場合に備えて、輸送中は必ず適切な保険をかけておくことが重要です。

保険をかけるのは通常、商品を送る側です。

ワイナリーは、ワインが安全に販売店に届くようにする責任があります。

販売店は、ワインを安全に小売業者に届ける責任があります。

専門のワイン運送業者 (JF Hillebrand など) を利用すると、こうしたリスクが軽減され、通常はサービスの一環として保険が提供されます。

Question 50

Q44
What are the categories of costs associated with IMPORTATION (3)?

Answer 50

Custom duties and taxes.
Labelling laws (multiple labels needed for different markets)
Distributor costs

Question 50

Q45
How do labelling laws affect importing costs ?

Answer 50

Different territories have different labelling restrictions. Therefore, if the wine is to be sold in multiple
markets, multiple labels will need to be made = more $$$
Examples :
EU : ABV must show the nearest whole or half unit
US : the ABV permits a 1.5% variance
US : wine will have to be relabeled when going into the EU market.
US : requires a health warning on labels
EU: ABV は最も近い整数または半単位を表示する必要
米国: ABV は 1.5% の差異が許容
米国: EU 市場に出るワインはラベルを貼り直す必要
米国: ラベルに健康に関する警告を記載する必要

Question 50

Q46
What are the PROS and CONS of a producer using a distributor ?

Answer 50

Pros: saves significant amounts of time needed to learn about the target/foreign market.
distributor already has knowledge, contacts and established network of potential retailers / restaurants
to sell to.
Cons:distributors charge a fee which adds to final cost of wine.
delivery charges may be levied on retailers/restaurants.

Question 51

Q47
What is a distributor’s MARGIN and how is this calculated ?

Answer 51

A
The MARGIN is the percentage of the REVENUE from of a wine that is kept as profit by the
distributor.
FEE (added onto COST)
(divided by)
REVENUE
e.g. if COST of wine to distributor is $10, and they add a $1 fee, then margin is $1 / ($10+$1) = 9.09%
margin

Question 52

Q48
What is the normal range for a wine distributor’s margin?
What factors affect the margin?
How can a retailer/producer avoid having distributor margins added to their costs?

Answer 52

A
differs from distributor to distributor, markt to market, but typically 5-25% margin.
generally, selling to hospitality = higher costs and larger staff = higher margins vs retail sector.
margins can be avoided if retailer buys directly from producer, but not always legal and many find
having a reliable distributor is worth paying for

Question 53

Q49
What are the different categories of Sales Costs?
販売コストにはどのようなカテゴリがありますか?

Answer 53

Sales costs :
Property Costs
Equipment and Materials
Labor
Delivery Costs
Storage Costs
Margin at POS

Question 54

Q50
What costs are involved with Property Costs?
What are the two main options?

Answer 54

Property Costs :
Premises, esp. restaurants/bars tend to be in prime location which are most expensive
Decorating / furnishing to suit image
Running costs, maintenance, security, water, energy, insurance
Online only retailers: costs be less expensive, away from city centers.
Two options :
Lease = cheaper initially, may be forced to move out, more flexible.
Buying = high capital costs, can be funded via loan or mortgage
不動産コスト:
建物、特にレストランやバーは、最も高価な一等地にある傾向があります
イメージに合った装飾や家具
運営コスト、メンテナンス、セキュリティ、水道、エネルギー、保険
オンラインのみの小売店: コストは安く、市内中心部から離れています。
2 つのオプション:
リース = 最初は安く、強制的に退去させられる可能性があり、より柔軟です。
購入 = 資本コストが高く、ローンまたは住宅ローンで資金調達できます。

Question 55

Q51
What retail costs are involved with Labor?

Answer 55

A
Labors costs :
Cost varies according to skill level and type of outlet
Supermarket (low skilled staff, low labor costs) vs specialized wine retailers (highly knowledgeable staff
that can engage w/ customers and advise them)
Bars & restaurant labor costs = higher than shops (wait staff, cleaning staff).
Training staff is a significant business cos
人件費:
コストはスキルレベルと店舗の種類によって異なります
スーパーマーケット (スキルの低いスタッフ、低い人件費) とワイン専門店 (顧客と関わりアドバイスできる知識豊富なスタッフ)
バーやレストランの人件費はショップ (ウェイター、清掃スタッフ) よりも高くなります。
スタッフのトレーニングは重要なビジネス コストです

Question 56

Q52
In terms of Labor Costs, how do different categories of restaurant compare with each other ?

Answer 56

Non-destination restaurants : Low labor costs, staff will not necessarily need to know much about wine.
Casual dining : Medium labord costs. More skilled and knowledgeable staff than NDR.
Fine Dining : High labord costs. Very high skilled staff. Head Sommelier selects wine list, offers detailed
advice regarding wine selections to guests
ノンデスティネーションレストラン: 人件費は低く、スタッフはワインについてそれほど詳しくなくてもよい。
カジュアルダイニング: 人件費は中程度。NDR よりも熟練した知識豊富なスタッフがいる。
高級ダイニング: 人件費は高い。非常に熟練したスタッフがいる。ヘッドソムリエがワインリストを選び、ゲストにワイン選びに関する詳細なアドバイスを提供する。

Question 57

Q53
How do different types of retail outlets incur different costs for Equipment and Materials
小売店の種類によって、設備や資材にかかる費用はどのように異なるのでしょうか？

Answer 57

Vary considerably between different types of retail outlet
Specialist Winer Retailer : at the very minimum, a till system, a fridge (if chilled wine is to be sold),
shelving, display cabinets, materials to enhance displays and cleaning equipment.
Restaurant: will need much more, including kitchen and bar equipment, tableware and glasses. Food
service profits can help cover costs
小売店の種類によって大きく異なります

ワイン専門店: 最低限、レジシステム、冷蔵庫 (冷やしたワインを販売する場合)、棚、陳列棚、ディスプレイを充実させる資材、清掃用具が必要です。

レストラン: 厨房やバーの設備、食器、グラスなど、さらに多くのものが必要になります。食品サービスの利益でコストをまかなうことができます

Question 58

Q54
How do different types of retail outlets incur different costs for Storage?

Answer 58

Individual bars, restaurants and shops
Will usually store their wine on the premises.
They may invest in expensive wine fridges to keep the wines at a constant cellar temperature.
In some cases, a lack of storage space means they have to keep the wine in external storage until it is
needed, incurring additional costs for the storage space and transporting the wine to and from it
Larger chains (especially of supermarkets and shops)
Have centralised warehouses where the wine is stored (often in a cheaper, easily accessible, out-of
town location) and then distributed to branches as and when needed

607 / 5,000
個々のバー、レストラン、ショップ
は通常、ワインを敷地内に保管します。
ワインを一定の温度に保つために、高価なワイン冷蔵庫に投資することもあります。
場合によっては、保管スペースが不足しているため、必要なときまでワインを外部の保管庫に保管する必要があり、保管スペースとワインの輸送に追加のコストがかかります。
大規模なチェーン店（特にスーパーマーケットやショップ）
ワインを保管する集中倉庫（多くの場合、より安価でアクセスしやすい郊外の場所）があり、必要に応じて支店に配送されます。

Question 59

Q55
What costs are incurred in terms of Delivery to the end consumer ?
What are some options available to retailers in terms of administering these fees ?
最終消費者への配送に関して、どのような費用が発生しますか?
これらの料金の管理に関して小売業者が利用できるオプションにはどのようなものがありますか?

Answer 59

Delivery to consumer is one of the most expensive elements of the supply chain
Heavy, fragile bottles / risk of breakage or spoilage in transit
End consumer will be expected to pay for delivery, but some retailers wish to circumvent this.
Options :
Fixed fees, knowing that it might cost retailer more to deliver wine, depending on size of order.
Higher fees for delivery on specific days or at specific times.
Free delivery for orders over certain $amount, therefore giving a discount w/out reducing price of wine

520 / 5,000
消費者への配送は、サプライ チェーンの中で最もコストのかかる要素の 1 つです
重くて壊れやすいボトル / 輸送中に破損または腐敗するリスクがあります
最終消費者は配送料を支払うことが求められますが、一部の小売業者はこれを回避したいと考えています。
オプション:
注文のサイズによっては、小売業者がワインを配送するのにかかる費用が高くなる可能性があることを考慮し、固定料金を設定します。
特定の日または特定の時間に配送する場合は料金を高く設定します。
一定額を超える注文は配送料が無料になるため、ワインの価格を下げることなく割引が適用されます

Question 60

Q56
What costs are incurred due to Margin at POS (4)?

Answer 60

Retailers must make profit to be financially viable.
Specialist Retailers= 30-50% margin.
Bars & restaurants = closer to 66.6% i.e 3x cost.
Profits are usually higher on wines available by the glass, as once opened risk of spoilage before the
bottle has been emptied.
売業者は、経済的に成り立つために利益を上げなければなりません。
専門小売業者 = 30～50% のマージン。
バーやレストラン = 66.6% 近く、つまりコストの 3 倍。
グラスで提供されるワインは通常、利益が高くなります。これは、ボトルが空になる前に開封するとワインが腐ってしまうリスクがあるためです。

Question 61

Q57
What are the 3 categories of Marketing Costs?

Answer 61

Labor
Design and production of bottles and labels
Marketing Campaigns

Question 62

Q58
What kind of Labor costs are involved in Marketing?

Answer 62

Larger producers = in-house marketing teams.
Smaller producers = external marketing team which is paid for services.
Produers may be members of industry association, e.g. consorzio in Italy, VDP in Germany, or trade
body, e.g. Wines of Australia, Wines of S. Africa. These organisations will help with marketing but are
member-funded, so $$$
大規模生産者 = 社内マーケティング チーム。
小規模生産者 = サービスに対して報酬を受け取る外部マーケティング チーム。
生産者は、イタリアのコンソルツィオ、ドイツの VDP などの業界団体、またはオーストラリアワイン協会、南アフリカワイン協会などの業界団体のメンバーである場合があります。これらの組織はマーケティングを支援しますが、メンバーの資金で運営されるため、$$$ です。

Question 63

Q59
What kind of Marketing Campaign costs are involved with Marketing (5)?

Answer 63

Marketing Campaign Costs :
Advertising and promotional materials
Sending samples to tastings, competitions, retailers.
Retailer price promotions.
Usually the producer that bears the cost of these
Many small producers are successful w/little marketing. Larger brands have large marketing budgets
for ads/campaigns, the costs of which are reflected in the price of the wine.
マーケティング キャンペーン費用:
広告および販促資料
試飲会、コンテスト、小売店へのサンプル送付。
小売店の価格プロモーション。
通常、これらの費用を負担するのは生産者です。
小規模生産者の多くは、マーケティングをほとんど行わずに成功しています。大手ブランドは、広告/キャンペーンに多額のマーケティング予算を費やしており、その費用はワインの価格に反映されています。

Question 64

Q60
Explain the purpose of storing wine in a ‘bonded warehouse’, a practice that is often seen in the UK
(3):
What is the purpose of this?
英国でよく見られる「保税倉庫」にワインを保管する目的を説明してください。
(3):
その目的は何ですか?

Answer 64

In UK, excise duty is payable on imported wines unless it is stored in a ‘bonded’ warehouse.
Importers/distributors can choose to pay duty on wines upon their entrance (storing them in their
own facilities) or storing in the BW until someone wishes to buy.
the purchaser will then cover the cost of taking the wine out of bond (duty).
PURPOSE: hiring space in BW costs $$$, but it means that retailers don’t need to use their own to
pay duty, which can aid cashflow.
英国では、輸入ワインは「保税」倉庫に保管されていない限り、物品税が課せられます。
輸入業者/販売業者は、ワインの輸入時に関税を支払うか（自社施設に保管）、誰かが購入を希望するまで保税倉庫に保管するかを選択できます。
購入者は、ワインを保税倉庫から取り出す費用（関税）を負担します。
目的：保税倉庫のスペースを借りるには費用がかかりますが、小売業者は関税の支払いに自社のスペースを使用する必要がなくなり、キャッシュフローの改善につながります。

Question 65

Q61
What legal factors might influence a producer’s decision on whether or not to enter a market

Answer 65

As has already been seen, the cost of wine can be affected by various types of legislation including
Taxes, duties, subsidies, minimum pricing
Trade barriers : If import duty is too high, it might no be possible to sell the wine at a competitive
price and simply choose to focus on other markets
Labelling laws : Onerous labelling laws may put off new entrants to a particular market.
すでに述べたように、ワインのコストは、税金、関税、補助金、最低価格設定など、さまざまな法律の影響を受ける可能性があります。
貿易障壁: 輸入関税が高すぎると、競争力のある価格でワインを販売することができなくなり、他の市場に焦点を絞るしかなくなる可能性があります。
ラベル法: 煩わしいラベル法は、特定の市場への新規参入を阻む可能性があります。

Question 66

Q62
Explain how Fluctuations in Currency can affect the cost of wine

Answer 66

The constant fluctuation of the exchange rate between currencies can affect the price of the wine
considerably.
If the exporting country’s currency gains value compared to that of the importing country =>
Importing will be more expensive and vice versa
These small differences can become significant if the order is for a large number of bottles and can
impact on the profits which the producer or the buyer might earn.
通貨間の為替レートの絶え間ない変動は、ワインの価格にかなり影響する可能性があります。
輸出国の通貨が輸入国の通貨に比べて価値が上がると =>
輸入コストが高くなります。逆もまた同様です。
大量のボトルを注文すると、これらの小さな差が大きなものになり、生産者や購入者が得る利益に影響を与える可能性があります。

Question 67

Q63
What are the different methods that those in the wine industry can use to mitigate the effect of
exchange rate fluctuations
ワイン業界が為替レートの変動の影響を軽減するために使用できるさまざまな方法は何ですか？

Answer 67

Methods used to mitigate the effect of exchange rate fluctuations :
Options.
Price fixing in currency of importer at date of ordering.
Buying currency to cover specific orders.
Entering contract to fix ex. rate.
Trading in USD/EUR
Opening a foreign currency acct at local bank.

為替レートの変動の影響を軽減するために使用する方法:
オプション。
注文日における輸入業者の通貨での価格固定。
特定の注文をカバーするために通貨を購入。
為替レートを固定するための契約を締結。
USD/EUR での取引。
現地銀行で外貨口座を開設。
海外銀行で口座を開設。

Question 68

Q64
How do OPTIONS help those in the wine industry mitigat the effects of currency fluctuations (7

Answer 68

shifts currency risk to producer from retailer, so producer may charge a premium.
Usually, prices are set in currency of producer = certainty of how much $ they will receive f
Retailers prefer this method, so they can work out retail price according to amount paid.
not agreeing on price means subsequent changes in exchange rate cou result in paying higher (or
lower) prices on delivery
通貨リスクを小売業者から生産者に移すため、生産者はプレミアムを請求できます。
通常、価格は生産者の通貨で設定されます = 生産者が受け取る金額の確実性
小売業者はこの方法を好みます。支払った金額に応じて小売価格を計算できるためです。
価格に同意しないと、その後の為替レートの変化により、配達時に支払う価格が高くなる（または低くなる）可能性があります。

Question 69

Q66
How does buying currency to cover specific orders help the wine industry mitigate the effects of
currency fluctuation (2)?
特定の注文をカバーするために通貨を購入することは、ワイン業界が通貨変動の影響を軽減するのにどのように役立ちますか（2）？

Answer 69

only viable for larger companies which have the in-house skills necessary to manage currencies
in this way.
currency is purchased in order to cover wine purchase contracts; not considered speculation!
この方法で通貨を管理するのに必要な社内スキルを持つ大企業にのみ実行可能です。通貨はワイン購入契約をカバーするために購入されます。投機とはみなされません。

Question 70

Q67
How does entering a contract to fix the exchange rate help the wine industry mitigate the effects of
currency fluctuation (2)
為替レートを固定する契約を締結することで、ワイン業界は通貨変動の影響をどのように緩和できるでしょうか (2)

Answer 70

retailers which do a lot of business in a particular currency will enter into a formal contract w/bank
or other supplier to purchase a given amt of currency at an agreed rate on a specified date.
even though rate may fluctuate, gives retailer certainty of fixed rate, allows them to budget
accordingly.

310 / 5,000
特定の通貨で多くの取引を行う小売業者は、銀行または他のサプライヤーと正式な契約を結び、指定された日に合意されたレートで指定された量の通貨を購入します。
レートが変動する場合でも、小売業者は固定レートの確実性を得て、それに応じて予算を立てることができます。

Question 71

Q68
How does trading in USD/EUR help the wine industry mitigate the effects of currency fluctuation
(2)?

Answer 71

producers in countries w/unstable currencies prefer to trade in more stable currencies, e.g. USD/
EUR
if producers also purchase vineyard/winery materials in USD or EUR, minimizes the number of
exchanges, less vulnerable to fluctuations in domestic currency.
通貨が不安定な国の生産者は、より安定した通貨、例えば USD/
EUR での取引を好みます。生産者がブドウ園/ワイナリーの資材も USD または EUR で購入する場合、両替の回数が最小限に抑えられ、国内通貨の変動の影響を受けにくくなります。

Question 72

Q69
How does opening a foreign currency acct in a local bank help the wine industry mitigate the
effects of currency fluctuation (4)?
地元の銀行で外貨口座を開設すると、ワイン業界は通貨変動の影響を緩和するのにどのように役立ちますか (4)?

Answer 72

buyer can open a foreign currency acct in local bank, therefore paying for goods directly in seller’s
currency.
foreign $ still needs to be purchase, might not be an effecient usage of funds to have large
amounts of $ tied up in foreign $.
more useful when many processes are being conducted using the same currency, e.g. equipment
bought from Italy, manufacture in UK, selling in Germany = all EUR transactions.
less useful when goods are bought in one $ and sold in another.
買い手は地元の銀行で外貨口座を開設できるため、売り手の通貨で直接商品の支払いができます。
外貨は依然として購入する必要があり、多額の外貨を外貨で固定しておくのは資金の効率的な使用ではない可能性があります。
多くのプロセスが同じ通貨を使用して実行される場合、たとえばイタリアから機器を購入し、英国で製造し、ドイツで販売する = すべての EUR 取引など、より便利です。
商品が 1 つのドルで購入され、別のドルで販売される場合は、あまり役に立ちません。

Question 73

Q70
How does opening an acct in an overseas bank help the wine industry mitigate the effects of
currency fluctuation (2)?
A
all the same pros/cons as opening foreign $ acct in local bank.
PLUS: banking regulations vary from country to country; time must be taken to ensure that rules
are thoroughly understood
海外の銀行に口座を開設すると、ワイン業界は通貨変動の影響を緩和するのにどのように役立ちますか (2)?
A
地元の銀行で外貨口座を開設する場合と同じ長所と短所があります。
さらに: 銀行規制は国によって異なるため、ルールを完全に理解するには時間が必要です。

Answer 73

all the same pros/cons as opening foreign $ acct in local bank.
PLUS: banking regulations vary from country to country; time must be taken to ensure that rules
are thoroughly understood
地元の銀行で外貨口座を開設する場合と同じ長所と短所があります。
さらに: 銀行規制は国によって異なるため、ルールを完全に理解するには時間が必要です。