9. Identifying the product/brand to be marketed Flashcards
What are the four parts of a products life cycle?
1) Introduction
2) Growth
3) Maturity & stabilisation
4) Decline
Summarise what’s required by the winery at the introdcution phase of a product’s life cycle.
Focus on getting product to market, gaining recognition.
Define a brand according to the CIM.
‘The set of physical attributes of a product or service, together with the beliefs and expectations surrounding it - a unique combination which the name or logo of the product or service should evoke in the mind of the audience.’
What does branding seek to achieve?
Move a product from being simply a commodity to the extent that consumers will want to buy the product even if it costs more than the minimum price.
What are four potential aspects of a wine brand’s story?
1) Producer’s history - multi-generational winemakers; forerunners in a new region.
2) Where are the grapes grown - SV, interesting name, unusual vineyard.
3) How is the wine made - organic, biodynamic, natural; distinctive process; old equipment.
4) Is there a story behind the name, label or bottle design?
What does a premium wine brand’s story seek to achieve when compared to bulk produced wines?
To create a sense of authenticity linking wine to a particular place in a way that bulk production wines do not.
What must a brand do to be successful?
Create a positive image in the consumer’s mind whether for consistency, quality, value, luxury etc.
How might a brand create a positive image in the consumer’s mind (5)?
1) Substance: successful brands deliver the same level of quality and style.
2) Consumer trust: low-involvement customers depend on consistency.
3) Consumer engagement: the feeling the brand’s marketing is aimed directly at them.
4) Even a minor change to branding can alienate a loyal customer.
5) Brand story: a story to which the consumer develops emotional attachment.
How do consumers view a price premium?
As a guarantee of quality.
What links to longevity are created in the consumer’s mind?
Links to consumer trust, consistency, reliability.
Name three different brand names that have changed for the Chinese market for better translation/resonance.
1) Penfolds - Ben Fu
2) Lafite - La Fei
3) Casillero del Diablo - Hong Mo Gui
What is ‘brand equity’?
The value of the brand to its owner including brand awareness, brand image.
What are the four suggested brand positions?
Value
Standard
Premium
Super-premium
What might a brand do if competition increases?
Lower prices to remain competitive or be seen as better value.
How might a brand raise its profile?
Modernising production, updating brand image, introducing higher-end products.
I.e. Symington’s Cockburns Port.
What might a large brand do to have broad consumer appeal?
Have brands positioned at different price points to attract broadly.
What is a ladder brand?
A brand that gives consumers ‘rungs’ so as to help them understand at each rung they’re trading up to higher-priced but better quality expressions.
What are the three common rungs of a ladder brand?
Accessible
Stretch
Aspiration
What are the advantages of a ladder brand?
The aspiration product casts its super-premium status over the rest of the range giving the perception of quality throughout.
What are the disadvantages (2) of a ladder brand?
1) Tends to work less well with low-involvement customers who may be unaware of or disinterested in the aspiration product and so no identity is given by it to the rest of the ladder.
2) At worst, the image of the entire ladder can be based on the accessible wine and even the stretch product may be perceived as too expensive
Provide an example of a ladder brand
Accessible - Pol Roger NV
Stretch - Vintage
Aspiration - Winston Churchill
Provide an example of a soft brand within the context of a ladder brand.
Accessible - Bourgogne
Stretch - Gevrey-Chambertin (village)
Aspiration - Le Chambertin (Grand Cru).
What advantages are there to small producers of soft brands.
The producer may be too small to have their own identifiable brand but can benefit from the brand image of their region i.e. Sancerre.
What is a ‘soft brand’?
A term sometimes used to describe any cue used by a consumer when choosing to buy one product over another i.e. Marlborough Sauvignon Blanc over Sancerre.
Give five examples of soft brands.
Country of origin - brand Australia.
Region - Rioja.
GI - Pouilly Fume.
Grape variety - Merlot.
Wine style - oaky Chardonnay
Why is the term ‘soft brand’ considered controversial?
Some marketers do not consider them brands at all.
What might a luxury brand do to increase the perception of value?
Promote the idea they are scarce even if they are not i.e. a Veblem Good.
What might a brand’s marketing promote to suggest its luxury status?
Promote the quality of its fruit or vineyard
High quality winemaking - new oak etc
A rich and long-standing heritage
Summarise what’s required by the winery at the growth phase of a product’s life cycle.
Increasing distribution aimed at a broader target market.
Summarise what’s required by the winery at the maturity & stabilisation phase of a product’s life cycle.
Highlight differences between product & competition.
Summarise what’s required by the winery at the decline phase of a product’s life cycle.
Improving product, updating packaging, reducing price, seeking new markets, each requiring a marketing strategy.
