Considerations In Wine Marketing Flashcards
What are the 5 Ps?
Product Price People Place Promotion
What is the definition of “People” in 5Ps?
- Relationship between the company, its staff, its partners and its customers
- includes aspects such as employee attitudes and skills and customer service (target consumer / business consumer e.g. Distributor)
What is the aim of price promotions ?
- increase sales of existing products
- gain volume sales for new products
- attract new customers
What is the definition of marketing according to the Chartered Institute of Marketing
The management process which is responsible for identifying, anticipating and satisfying consumer requirements profitably
What are the key stages of the Marketing Strategy? (5)
- Identifying the product/brand to be marketed
- Identifying the target market
- Setting the objectives of the marketing strategy
- Devising the marketing strategy (the ‘marketing mix’)
- Implementing and monitoring the marketing strategy
Define SWOT
Strengths, Weaknesses, Opportunities, Threats
What are the internal features of SWOT?
Strengths and Weaknesses
What are the external features of SWOT?
Opportunities and Threats
How can SWOT help an organisation?
To determine if various factors favour the organisations success in achieving an objective. (strategic fit)
When factors do not favour, what can be done to achieve a better strategic fit
When there are risks, how can these risks be managed?
What is the definition of branding?
- 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 is the product lifecycle?
Introduction, Growth, Maturity/Stabilisation, Decline
What needs to be done for introduction stage of the product lifecycle?
- Focus on getting the product into market
- Gain recognition and reputation
- Distribute only at few carefully selected channels
What needs to be done for growth stage of the product lifecycle?
- Increasingly widely distributed
- Aim at broader market to encourage strong growth
What needs to be done for maturation stage ?
- Strategy used to highlight differences between product and other competing products that are in the market
What needs to be to done to avoid decline stage?
Actions taken to extend lifecycle:
- Improve product
- Update packaging
- Reduce price → more competitive in market
- Seek new markets