8.1 - 8.2: Marketing Wine

Question 1

Give a simple and useful definition of marketing.

Answer 1

Marketing is: ‘the management process which is responsible for identifying, anticipating and satisfying consumer requirements profitably

Question 2

What experiences can wine bring that are important to target in marketing?

Answer 2

• confirmation of social status
• ownership of something perceived as valuable
• return on investment capital

Question 3

Describe a successful marketing campaign.

Answer 3

Achieves an adequate level of profit within a specified timetable

Question 4

Name the 5 stages of creating and implementing a marketing strategy.

Answer 4

1. identifying the product/brand to be marketed
2. identifying the target market
3. setting the objectives of the marketing strategy
4. devising the marketing strategy (the ‘marketing mix’)
5. implementing and monitoring the marketing strategy

Question 5

Define internal and external factors used in a SWOT analysis

Answer 5

Internal: Resources and Capabilities

External: Factors and trends in the wider business environment

Question 6

What 3 questions does a SWOT analysis seek to answer?

Answer 6

1. How do the various factors favor the company’s success in achieving the objective (I.e. strategic fit)
2. What changes can be made to achieve a better strategic fit?
3. How can the risk from any identified threats be managed?

Question 7

What is value-curve analysis?

Answer 7

Analyst identifies factors that differentiate products in a particular market (e.g. price, packaging, convenience, prestige) and identified common clusters of consumer demand.

Hope to find clusters that are under-supplied.

Question 8

Give some examples of “resources” a company could possess

Answer 8

Established reputation

Reliable supply chain relationships

Vineyards that favor a particular style of wine

Production facilities for a particular wine style

Strong financial position

Question 9

Give some examples of “capabilities” a company could possess

Answer 9

Ability to build strong new brands

Scale production up or down

Innovatively develop new products

Lobbying for subsidies, favorable regulation

Question 10

When researching external factors for SWOT, what can help you to make sure you’re not missing anything?

Answer 10

PESTEL

Question 11

Give examples of Political factors that could be relevant in a SWOT analysis.

Answer 11

Taxes and prohibition

Subsidies

Question 12

Give examples of Economic factors that could be relevant in a SWOT analysis.

Answer 12

Exchange rates

Recession reducing consumer spending

Question 13

Give examples of Social factors that could be relevant in a SWOT analysis.

Answer 13

Generational changes in preferences

Rural decline

Attitudes toward additives

Question 14

Give examples of Technological factors that could be relevant in a SWOT analysis.

Answer 14

New production techniques

New equipment

Question 15

Give examples of Environmental factors that could be relevant in a SWOT analysis.

Answer 15

Climate change

Use of energy and synthetic chemicals

Question 16

Give examples of Legal or Regulatory factors that could be relevant in a SWOT analysis.

Answer 16

Trade regulations

Regulations surrounding production