An Introduction to Marketing Wine

Question 1

What is fundamental to successful marketing?

Answer 1

Identifying the target consumer and understanding their needs and wants

Question 2

Provide a definition of marketing

Answer 2

The management process which is responsbile for identifying, anticipating, and satisfying consumer requirements profitability

Question 3

What are the 5 stages for creating and implementing the marketing strategy?

Answer 3

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 4

Using SWOT

How can SWOT analysis help an organisation?

Answer 4

1. Determining the likelihood of success in achieving an objective (strategic fit)
2. What changes could be made to to achieve a better strategic fit
3. Where there are threats, how can risks be managed?
4. If objective unachievable, can inspire ideas for alternative

Question 5

Using SWOT

From where can an objective originate?

Answer 5

1. Intuition that a particular business opportunity exists
2. Personal business dream or aspiration
3. Generated by business tools e.g. value-curve analysis

Question 6

Using SWOT

What is a ‘value-curve’ analysis?

Answer 6

Using research, create clusters of demand based on factors that differentiate products within a market (e.g. price, convenience, packaging, prestige, history, environmental impact, organoleptic attributes)

Question 7

Using SWOT: Strengths and Weaknesses

What are 7 examples of resources?

Answer 7

1. Established reputation in wealthy, growing markets
2. Reliable and affordable supply chain relationships
3. Vineyards in locations that favour a particular wine style
4. Wine production facilities optimised for particular wine style
5. Access to reliable, affordable support industries
6. Strong finances
7. Internal expertise and experience

Question 8

Using SWOT: Strengths and Weaknesses

What are some examples of capabilities?

Answer 8

1. Build strong brands or grow existing ones
2. Scale production volumes up or down or change products
3. Innovate (develop / launch new products)
4. Lobby political organisations

Question 9

What does a SWOT analysis provide insight into?

Answer 9

• How achievable is the objective?
• What further investment is needed
• What factors help
• what factors hinder

Question 10

Using SWOT: Opportunities and Threats

What does a good SWOT analysis depend on?

Answer 10

The considered factors being:
1. Real and accurately described
2. Everything that is most important to consider
3. Relevant to the objective under discussion
4. Considerate of future as well as present

Question 11

Using SWOT: Opportunities and Threats

What is a useful mnemonic for external factors?

Answer 11

P olitical
E conomic
S ocial
T echnological
E nvironmental
L egal and Regulatory

Question 12

Using SWOT: Opportunities and Threats

What is the range of political factors?

Answer 12

Prohibition & taxes to discourage consumption <> subsisidies to support culutral products

Question 13

Using SWOT: Opportunities and Threats

Name 3 economic examples that could be opportunity or threat

Answer 13

1. Weakening currency
2. Foreign exchange instability
3. Recession

Question 14

Using SWOT: Opportunities and Threats

Name 4 social examples that could be opportunity or threat

Answer 14

1. Moving away from favoured drinks
2. Cultural views of alcoholic drinks
3. Availability of labour
4. Cultural attitudes - e.g. international hostilities, use of chemicals

Question 15

Using SWOT: Opportunities and Threats

How can technological change be an opportunity / threat?

Answer 15

Can increase quality / cost <> difficulty in retaining local style

Question 16

Using SWOT: Opportunities and Threats

Name 3 environmental examples that could be opportunity or threat

Answer 16

1. Climate change
2. Pressure for alternative land use
3. Environment change impact on logistics, waste, energy etc

Question 17

Using SWOT: Opportunities and Threats

Name 3 legal and regulatory examples that could be opportunity or threat

Answer 17

1. Differences by region
2. Regulation - difficulty but can be opportunity if know how to navigate
3. Regulation of production limits choice but can can help to express integrity - relaxing of regulation can be reverse