D2W3 QUIZ on Marketing Analysis Flashcards
What is the primary aim of marketing?
Select one:
A. To convey an experience to the consumer.
B. To create profits, through volume of sales and/or value of sales.
C. Identifying the target consumer’s needs.
B. To create profits, through volume of sales and/or value of sales
Although the marketing process often isn’t linear, it usually follows a similar pattern. Name and order the steps from first to last.
- Identifying the product/brand to be marketed.
- Analysing 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.
Match the appropriate marketing strategies to the point in the product life cycle where they should be implemented, e.g. Introduction, Growth, Maturity, Decline:
- Steps should be taken to extend the life cycle, perhaps by improving the product, updating the packaging, reducing the price to make it more competitive or seeking new markets.
- The strategy should highlight the differences between the product and the other competing products which, by now, will have entered the market.
- The strategy should focus on getting the product into the market and gaining recognition and reputation. Distribution may be limited to a few carefully-selected channels to begin with.
- The product should be increasingly widely distributed and aimed at a broader target market.
- Decline
- Maturity
- Introduction
- Growth
What is the purpose of branding wine?
- To define the product against the others in the market.
- To demand a higher price than a consumer would pay for an unrecognised wine.
- To make the wine recognisable to the consumer and to define a set of consumer expectations about the product - this is achieved through product consistency.
- To create a close relationship between the consumer and the brand and if possible cultivate consumer trust in the brand.
- To create a ‘story’ around the wine.
Define ‘ladder branding’ and identify the kinds of wines that sit within each of the rungs.
Definition: When a brand has a range of the same type of product at different price points and quality levels to encourage the consumer to ‘trade up’ to a more prestigious product. The whole line benefits from the brand identity of the most prestigious product.
- Accessible - The Lowest rung, which is most widely distributed and purchased by consumers. Often viewed as the most accessible.
- Stretch - Bought less frequently, and usually reserved for special occasions.
- Aspiration - In the super-premium price bracket and often too expensive for most consumers to afford. A luxury purchase.
What is the correct definition of a soft brand?
Select one:
A. A successful brand that consistently delivers the same level of quality and style.
B. Any cue used by a consumer when choosing to buy one product in preference to another.
C. Super-premium priced wines which only a very few consumers can afford.
B. Any cue used by a consumer when choosing to buy one product in preference to another.
For wine this could be a country of origin, region, geographical indicator, grape variety, or even a style of wine.
Briefly describe some of the tactics marketers may use to create the idea of a ‘luxury’ brand wine.
- Luxury brand wines are often portrayed as scarce, and therefore rare and hard to purchase, even if this is not he case. Their supposed rarity makes them seem more appealing to consumers.
- The quality of the wine is often emphasised. This could be the grapes, the vineyard/winemaking techniques, or the vineyard’s location.
- The brand may sponsor luxury events to get the wine seen by the public, therefore associating the wine with high-end occasions.
- The wine will be sold at upmarket restaurants and retailers to promote the idea that the wine is exclusive.
Orden the 10 best-selling wine brands from largest company to smallest company.
- Barefoot
- Concha y Toro
- Gallo
- Changyu
- Yellow Tail
- Sutter Home
- Robert Mondavi
- Hardys
- Beringer
- Great wall
Why do wine marketers try and identify market segments?
- To identify the types of consumers who might be interested in their product.
- To make sure they’re targeting the correct consumers with their product.
- Because it’s not profitable to design and produce a specific product for every individual consumer.
- To understand the behaviours of the consumers who are likely to be interested in their product.
Below are various variables that are often considered when identifying market segmentation. These variables are generally either considered to be A. geographic, B. demographic, C. psychographic or D. behavioural. Match the variables to their respective category:
- Age
- Hobbies & interests
- Rural or urban home
- Level of brand loyalty
- Income
- Level of education
- Occupation
- Country of residence
- Values & beliefs
- When they buy wine
- How often the buy wine and in what volume
- Level of interest in wine
- Age — Demographic
- Hobbies & interests — Psychographic
- Rural or urban home — Geographic
- Level of brand loyalty — Behavioural
- Income — Demographic
- Level of education — Demographic
- Occupation — Demographic
- Country of residence — Geographic
- Values & beliefs — Psychographic
- When they buy wine — Behavioural
- How often the buy wine and in what volume — Behavioural
- Level of interest in wine — Behavioural
Define high-involvement consumers and low-involvement consumers with regard to wine sales.
High-involvement consumers: Have a deep interest in the wine they drink, are keen to try new products and tend to spend more on wine.
Low-involvement consumers: Have little interest in the detail of what they drink, stick to a few products which they know and are unlikely to spend much on the wine they buy.
Hall has attempted to split wine consumers into three segments. Match the definitions with the type of consumer.
- Those with a great interest in wine, moderate wine knowledge, university-educated with moderate income
- Those with a great interest in, and knowledge of, wine; high income and high level of education.
- Those with a moderate interest in wine but limited knowledge, moderate income and medium level of education; they see wine as an opportunity to maintain social relations.
- Wine-interested
- Wine lovers
- Wine curious
Wine Intelligence has created a series of models of consumer segments for various markets, including the UK, the USA and China. Match the definitions with the names given to the segments:
- Older drinkers, more preoccupied with price and looking for a cheap deal. Drink wine infrequently, mostly at home. Tend to stick to ‘easy choices’ in terms of brands and varietals
- Older, less frequent wine drinkers, low spenders, unconfident and unknowledgeable. A relatively affordable and healthy choice for an occasional drink. Consume from a narrow repertoire that is driven by low prices
- Aged primarily 35-54, higher spenders who are confident in their wine knowledge. Wine allows them to relax or socialise with friends and family, it’s a regular treat for them. Large repertoire, and enjoy trying new styles and regions
- Frequent, ‘core’ wine drinkers from across the US and across all age groups. A glass of wine at the end of the day is a frequent treat. Looking for good value everyday wine and know their brands
- Frequent and adventurous wine drinkers, highest spenders. Wine is a part of their social lives, they enjoy it as part of their lifestyle and it’s good for their image. Open to a large repertoire, enjoy trying new styles and regions, yet with limited awareness of brands
- Middle-aged or older and infrequent wine drinkers, typically disengaged with the category. To relax at home with an informal meal. Like Senior Sippers, consume from a narrow repertoire that is driven by low prices
- Bargain Hunters
- Senior Sippers
- Experienced Explorers
- Premium Brand Suburbans
- Millennial Treaters
- Kitchen Casuals
What is one of the main problems with segmentation models?
Select one:
A. Not all consumers fit neatly into one segment.
B. People who share psychological or behavioural characteristics are not likely to behave in a similar way.
C. Segments only consider one type of variable (geographic, demographic, psychographic and behavioural)
A. Not all consumers fit neatly into one segment
For some consumers, multiple models may be applicable, or they may not adhere to all the identifiers within a model.
Match the market research methods to their brief descriptions.
- Market research is carried out by using data already available in the public domain or available as a report from a market research company.
- A small group of people drawn from the relevant consumer segment, brought together to discuss and comment on the topic being researched.
- Monitoring and analysing the behaviour of target consumers.
- One-to-one discussion of the topic being researched.
- A series of questions designed to investigate the opinions, feelings, actions or behaviours of a large group of people.
- Secondary research
- Focus group
- Observing consumer behaviour
- Interviews
- Survey