8. Marketing Wine - Introduction

Question 1

Definition of Marketing

Answer 1

The management process which is responsible for identifying, anticipating and satisfying consumer requirements profitably - Chartered Institute of Marketing (CIM)

Question 2

Stages in the Marketing Process (6)

Answer 2

1. Identifying the product/brand to be marketed;
2. Analysing the current market;
3. Identifying the target market;
4. Setting the objectives of the marketing strategy;
5. Devising the marketing strategy (the ‘marketing mix’);
6. Implementing and monitoring the marketing strategy.

Question 3

Marketing is not just about selling the wine to the consumer but also the ‘experience the wine will bring’. What can make up this ‘experience’ (3). What should the marketing emphasise?

Answer 3

1. Confirmation of social status
2. Ownership of something percieved as vaulable
3. Return on investment capital

The marketing should therefore emphasise how the product can give the consumer the experience they are looking for.

Question 4

What is the ultimate aim of marketing

Answer 4

To create profits through:

1. Volume of sales (attracting new consumers, encouraging existing consumers to buy more)
2. Value of sales (convincing consumers that it is worth spending more money on this product, compared to its lower-priced competitors)