7. Introduction To Marketing Wine

Question 1

What is marketing?

Answer 1

A hard word to define. A simple definition by the Chartered Institute of Marketing - the management process which is responsible for identifying, anticipating and satisfying consumer requirements profitably.

Question 2

What are the stages of creating and implementing a marketing strategy?

Answer 2

Identifying the product/brand
Identifying the target market
Setting objectives if the strategy 
Devising the marking strategy - the marketing mix
Implementing and monitoring

Question 3

What does SWOT stand for?

Answer 3

Strengths
Weaknesses
Opportunities
Threats

Question 4

What two ways can a SWOT analyse divide an objective/factor?

Answer 4

Is the factor helpful or unhelpful

Is the factor internal to the organisation or external

Question 5

In what ways can the SWOT tool help an organisation?

Answer 5

• for a given objective to what extent do the various factors favour the organisation’s success in achieving the objective
• where there are mismatches between the factors and likelihood of success, what changes could the organisation make in order to achieve a better fit?
• where there are threats, how can the resulting risks best be managed?

Question 6

What are the main aims for a SWOT analysis?

Answer 6

• to provide analytical insights into the achievement of any objective, including personal aspirations.
• help an organisation to understand that a particular objective is not easily or realistically achievable and to consider pursuing a different objective

Question 7

Helpful or unhelpful can be broken down into 2 further categories, what are they?

Answer 7

Internal

External

Question 8

How can SWOT present the conclusions?

Answer 8

Internal (organisational resources, capabilities) - Strengths / Weaknesses
External (business-environmental factors and their trends) - Opportunities / Threats

Question 11

What are some capabilities that could be considered in the context of wine production?

Answer 11

• Build strong new brands or grow existing ones
• Scale production volumes up or down in response to changing demand or change products to follow rapid changes in demand
• Experiment in innovatively develop and launch new products
• Lobby local, regional, national or global political organisations to achieve favourable political outcomes

Question 12

What are some examples of where objectives can originate?

Answer 12

• someone’s educated (or uneducated) intuition that a particular business opportunity exists
• an individual’s personal business dream or aspirations
• something generated by other business tools, such as ones that analyse for unmet markets

Question 13

What are some resources that could be considered in the context of wine production?

Answer 13

Established reputation in wealthy, growing markets
Reliable and affordable supply chain relationship
Vineyards in locations that favour a particular wine style
Access to reliable, affordable support industries
Strong financial position to enable investment
Internal expertise and experience

Question 14

When looking at external business environment a SWOT will depend on the factory’s being considered and if they meet the following.

Answer 14

Real and accurately described
Everything that is most important to consider
Relevant to the objective under discussion

Question 15

What are the factors to consider when looking at external environment businesses?

Answer 15

PESTEL
Political
Economics
Sociological 
Technological 
Environmental 
Legal