CH 8 - Wine Marketing

Question 1

Wine Marketing

What is Marketing?
What is the goal?

Answer 1

• Process of identifying, anticipating and satisfying consumer requirements profitably
• Also encompasses the broader consumer experience and emotional value associated with the product
• Primary goal - create profits (including cost of campaigns) either through sales vol or inc value of sales

Question 2

Wine Marketing

What are the 5 steps in the Marketing process?
What do they entail (high level)?

Answer 2

• ID product/brand to be marketed
• ID target market - demog/psychographics of intended audience
• Set objectives of mktg strat - definable and measurable outcomes
• Develop marketing mix - 5 Ps
• Implement/monitor - Execution of strat and track performance to refine approach

Question 3

Wine Marketing

How does assessing SWOT help an org?

Answer 3

• Assess org strategic fit w/ objective - how various factors aid company achieving its obj
  
  • ID challenges to success, changes to improve chances
  • What are threats and how risks can be managed
  • Assess whether obj can be achieved - and/or ID alt objective

Question 4

Wine Marketing

What are 3 ways of setting marketing objective?

Answer 4

• Intuition
• Personal aspiration/dream
• Generated by business tools

Question 5

Wine Marketing

What is value curve analysis?

Answer 5

• Demand analysis/conjoint/tradeoff study
• ID key attributes that diff prods in a market and assess as different clusters to identify and size unmet/under-served needs
• Can understand and size by segments

Question 6

Wine Marketing

What are specific wine-related examples of internal factors (strengths/weaknesses)?

Answer 6

• Resources -a “thing” that can be used - estab brand ID in growing market, reliable value chain, prop vineyards, strong fin position, internal expertise
• Capabilities - something an org can “do” - build new brands, scale production in resp to chg in demand, experiment to dev innov prod, lobby/infl govn’t
• Weaknesses - limited distrib network, lack of digital presence, high prod costs

Question 7

Wine Marketing

What are specific wine-related examples of external factors?
What is important to consider?

Answer 7

• Oppty- emerging markets, sustainability trends, digital marketing tools
• Threats - regulatory constraints, econ downturns, competitive pressures
• Consider - comprehensive set of things that are real, accurate and bear on the strategy and consider current situation and trends into future (PESTEL)

Question 8

Wine Marketing

What is PESTEL?
What are examples for each?

Answer 8

• Political - import/export restrictions, taxation, subsidies for local prod
• Economic - Exch rates, infl, cons spending trends
• Social - Cultural prefs and attitudes, health trends, generational habits (young not drinking, embrace canned wine)
• Technological - new prod techniques/equipment, digital marketing tools/platforms
• Environmental - climate chg impact, sustainability, org cert, pressure for alt land use, changes to logistics/waste mgt, energy use due to environ change
• Legal/Reg - Trade restrictions/regulation, inc regulation of production, alc taxation, labeling laws, advert restrictions