D2C08 Introduction To Marketing Wine

Question 1

Give one definition of marketing

Answer 1

CIM (Chartered Institute of Marketing):
The management process which is responsible for identifying, anticipating and satisfying consumer requirements profitably

Question 2

In the context of marketing, what does consumer requirement involve

Answer 2

The wine
The experience that the wine brings: confirmation of social status, ownership of something perceived as valuable, return on investment capital

Question 3

The goal of marketing

Answer 3

Create profits either through volume of sales or value of sales

Question 4

What is considered a successful campaign

Answer 4

Marketing campaign costs money and resources. A successful one achieves adequate level of profit within a specified timetable

Question 5

Key stages of successful marketing

Answer 5

Identifying the product/brand to be marketed
Analyzing the current market
Identifying the target market
Setting the objectives of the marketing strategy
Devising the marketing strategy(the marketing mix)
Implementing and monitoring the marketing strategy