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WSET D2 Wine Business > 8 > Flashcards

8 Flashcards

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1
Q

Identifying the target consumer

A

Not all products will appeal equality to all consumers

  • need to identify the type of consumer that the product is aimed at so that the marketing strategy can be tailored to their wants/ needs
  • a product that does not provide something different will have limited successes
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2
Q

Analyzing the current market

A
  • consider both internal and external market forces
  • objective analysis of the health of the business
  • consider current and potential customer trends

Most common is SWOT strenght, weakness, opportunities, threats

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3
Q

SWOT analysis – Strengths

A

-Competitively priced

-High quality

-Unique wine

  • Strong customer base
  • Broad market
  • Highly skilled/knowledgeable
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4
Q

SWOT analysis – Weaknesses

A
  • High production cost
  • Limited marketing activity
  • The wine not widely know outside its region of production
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5
Q

SWOT analysis – Opportunities

A
  • new & growing markets
  • gap in market for new products of different price points

-market trends

-week local currency, making

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6
Q

SWOT analysis – Threats

A

-competitors

  • possible changes in legislation
  • changing tastes

Consumers over social health & impact of alcohol

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7
Q

Market segmentation

A

Groups of consumers who will be attracted to their product and tailor the product and the marketing of that product to them

Aim is to choose a group who have sufficient similar preference and needs to create a meaningful market and can be targeted by co.

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8
Q

Segmentation is often based on variable which include:

A

B a D G a P

Behavior

Demographic

Geographic

Psychographic

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9
Q

Segmentation based on geographic variables

A

Relate simply to where the consumer live

Country, region, city

And whether they live in an urban or rural area

-usually these are too broad and cover too wide a range of people to be meaningful

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10
Q

Segmentation based on Demographic variables

A

Age Gender

Ethnicity Family status- single, children

Income Level of ed- college? Masters?

Occupation Socioeconomic

Status- individual or family’s position in society relative to others based on their income, level ed and occupation

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11
Q

Segmentation based on psychographic variables

A

lifestyle- people who go out to eat & drink, health conscious

  • personality-people who show off wealth or knowledge
  • value and beliefs- vegetarians, prefer products that are organic, environmentally friendly, Fairtrade

-Interests – interested in wine from a particular country or region?

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12
Q

Segmentation based on behavior variables

A

-what BENEFIT (e.g. quality, value for money, prestige)?

-WHEN buy (e.g. regularly, only on special occasions)?

  • WHERE buy (e.g. supermarkets, specialist wine retailers)?
  • HOW often, WHAT volume, brand LOYALTY?
  • level of INTREST (e.g. enthusiast, moderate interest, indifferent)?
  • early adopters (i.e. people who are keen to buy new products when they come on to the market) or late adopters?
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13
Q

Define High-involvement consumers?

A
  • have a deep interest in the wine they drink
  • Are keen to try new products
  • tend to spend more on wine
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14
Q

Define Low-involvement consumers

A
  • have little interest in the detail of what they drink
  • stick to a few products that they know
  • unlikely to spend on wine
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15
Q

Consumer segregation created by Hall

A

Segregation based on wine tourism

1 Wine Lover - those w/ great interest in, knowledge of, high income and high education

2 Wine Interested- those w/ great interest in wine, moderate wine knowledge, college ed w/ moderate income

3 Wine Curious - those w/ a moderate interest in wine but limited knowledge, moderate income, and med level of ed, they see wine as an opportunity to maintain social relations

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16
Q

Wine Intelligence segregation model known as Portraits

Name the US Portraits?

A

E M P ty B a S K e t

Experienced explores Bargen hunters

Millennial treaters Senior Sippers

Premium bran suburban’s Kitchen Casuals

17
Q

What is the goal of Wine Intelligence segregation model

A
  • companies pay for access to info to target specific consumers
  • make realistic estimates on how many consumers will fit the profile
18
Q

The Wine Intelligence portrait describes what characteristics of the consumer?

A

WHO ARE THEY demographic groups

WHY THEY DRINK level of involvement & motivations and behaviors

WHAT DO THEY DRINK wine buying habits

19
Q

Experienced explores

A

Who are they? – aged primarily 35-54, higher spenders who are confident in their wine knowledge

Why do they drink? Wine allows them to relax or socialize w/ friends and family, it’s a regular treat for them

What do they drink? -large repertoire, and enjoy trying new styles and regions

20
Q

Millennial treaters

A

Who are they? Frequent and adventurous wine drinkers, highest spenders

Why do they drink? Wine is a part of their social lives; they enjoy it as part of their lifestyle and its good for their image

What do they drink? – open to a large repertoire, enjoy trying new styles and regions yet with limited awareness of brands

21
Q

Premium bran suburban’s

A

Who are they? – frequent, core wine drinkers from across the US and across all age groups

Why do they drink? – a glass of wine at the end of the day is a frequent treat

What do they drink? Looking for good value everyday wine and know their brands

22
Q

Bargain hunters

A

Who are they? Older drinkers, more preoccupied w price and looking for a cheap deal

Why do they drink? Drink wine infrequently, mostly at home

What do they drink? Tend to stick to easy choices in terms of brands and varietals

23
Q

Senior sippers

A

Who are they? Older, less frequent wine drinkers, low spenders, unconfident and unknowledgeable

Why do they drink? A relatively affordable and healthy choice for an occasional drink

What do they drink? Consume from a narrow repertoire that is driven by low prices

24
Q

Kitchen casuals

A

Who are they? Middle aged or older and infrequent wine drinkers, typically disengaged w/ the category

Why do they drink? To relax at home w/ an informal meal

What do they drink? Consume a narrow repertoire that is driven by low prices

25
Q

Define market research

A
  • Is the gathering and analysis of data about a particular market segment in order to understand what that segment wants or needs
  • can be useful during all stages of the market process
  • understand if there is a need for the product and if so what features, how much would they pay for it?
  • important for creating a market strategy
  • confirm approach to segmentation is accurate
26
Q

In developing the aim of market research, what question should be asked?

A
  • what information is needed:
    e. g. what price are consumers prepared to pay for a particular product?
  • from whom will the researchers gather data:
    e. g. a small group of consumers from a particular segment or a cross-section of the public?
  • how will the research be carried out
27
Q

Examples on how market research can be carried out?

A

*survey – a series of questions designed to investigate the opinions, feelings, actions or behaviors of a large group of people.

*focus group – a small group drawn from the relevant consumer segment, brought together to discuss and comment on the topic being researched.

*interviews – one-to-one discussion of the topic being researched.

*observing consumer behavior –

*secondary research – research is carried out by using data already available in the public domain or available as a report from a mkt research co

28
Q

What information can be utilized by observing consumer behavior?

A
  • useful to determine the wants and needs of consumers
  • may be useful in the marketing process to monitor the success of a campaign
  • make adjustments to campaign
29
Q

How can marketing influence a consumer’s behavior?

-considering the product itself

A
  • bring attentions to a need/ want
  • direct consumer -where to buy that product, reduce effort
  • highlight the selling point of the product -luxury status, organic
  • influence the evaluation of the alternatives

-understanding what appeals to a target, their lifestyle, influences their decision, can be useful to ensure marketing strategy

30
Q

What environments are there to observe a customer’s behavior?

A

-Watching customer -how move around the shop

-interact with other customers – retail / hospitality staff build loyalty w/ customers

-store loyalty cards- record of purchases

-web analytics

  • how long did a customer visit, spent money on the page
  • lighting, music, décor in a shop/ restaurant.
31
Q

Key marketing objectives include?

A

T A S P

1 what TYPE of marketing strategy does the company want to pursue

  1. what are the AIMS of the marketing strategy

3 how will the SUCCESS of the strategy be measures

  1. within what time PERIOD should the objectives be achieved?
32
Q

Key Marketing objective

-what type of marketing strategy does the company want to pursue

A

The more clearly defined the objectives, the easier to analyze:

1 Undifferentiated or mass- appealing to whole market, or large section, with a single product- branded wines in supermarket

2 Niche- aiming a product at a specific segment of the market

3 Multiple – either appealing to numerous segments w/ 1 brand

(each segment will potentially require different mkt approach)

-or launching several brands each targeting different sgmts

33
Q

Key Marketing objective

-what are the aims of the marketing strategy-examples include?

A

launch a new product

communicate improvements to existing product

increase sales

increase market share

improve brand awareness

improve brand identity

attract new consumers

34
Q

Key Marketing objective

-how will the success of the strategy be measures- examples include?

A

Profits

Value of sale

Market share?

35
Q

Key Marketing objective

-within what time period should the objectives be achieved?

A

A short-term strategy

Vs.

Several years strategy?

Another important element is budget

WSET D2 Wine Business (12 decks)

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