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
Identifying the target market
Setting the objectives of the marketing strategy
Devising the marketing strategy(the marketing mix)
Implementing and monitoring the marketing strategy