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WSET Diploma 4 D2 > Devising the Marketing Strategy > Flashcards

Devising the Marketing Strategy Flashcards

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1
Q

What are the 5ps?

A

P roduct
P rice
P eople
P lace
P romotion

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2
Q

Product

What 4 things need to happen in product marketing?

A
  1. Communicate charactersitics of product that will appeal
  2. Present the product in appealing way (e.g. label)
  3. Describe the experience the product will deliver
  4. Explain how product is different
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3
Q

Price

What are 3 common pricing strategies?

A
  1. Set low price on launch
  2. Set higher price (consumer enjoy more!)
  3. Hit particular price points (e.g. 9.99)
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4
Q

People

What are 2 ways that people is interpreted?

A
  1. Attitudes and behaviours of target consumers
  2. Relationship between company, staff, partners, customers (knowledge and consistency)
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5
Q

Place

What are 3 types of choice when it comes to place?

A
  1. Choice of retailer
  2. Choice of distribution channel
  3. Choice of country
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6
Q

Place

Name 5 types of markets with an example of each

A
  1. Mature - UK
  2. Established - HK
  3. Growth - USA
  4. Emerging - China
  5. New Emerging - India
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7
Q

Place

What are the advantages and disadvantage of mature & established markets vs. emerging & new markets?

A
  1. Mature & Established - Saturation & low growth BUT reliable trade structure, route to market, established wine culture
  2. Emerging & New - High growth potential BUT risk & few structures
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8
Q

Promotion

What needs to be considered before conducting promotional activity?

A
  1. Consumer segmentation
  2. Constraints by country
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9
Q

Promotion: Point of Sale

Name 6 types of promotional actitivities at the point of sale

A
  1. Price promotions
  2. Competitions
  3. Limited edition packaging / presentation
  4. Consumer tastings
  5. Staff incentives
  6. Staff training
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10
Q

Promotion: Point of Sale

Why are price promotions used?

A
  1. Increase sales of existing products
  2. Volume sales for new products (penetration)
  3. Shift old stock (“bin ends”)
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11
Q

Promotion: Point of Sale

What are the risks of price promotion?

A
  1. Won’t build loyalty
  2. Train people to buy on deal
  3. Damage image (e.g. Champagne in UK)
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12
Q

Promotion: Point of Sale

What are the 3 types of price promotion that aren’t directly linked to price discount?

A
  1. Multi-buys and volume discounts (but banned in some some countries e.g. Sweden)
  2. “Link saves”
  3. Delivery costs
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13
Q

Promotion: Point of Sale

Give an example of a competition. What is an additional advantage of competitions?

A

Buy a bottle - win a holiday to NZ (high value opportunity to win something exclusive)

Collect 1st party data

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14
Q

Promotion: Point of Sale

Name 3 types of limited edition packaging / presentation

A
  1. Elaborate limited edition packaging
  2. Event based limited edition packaging
  3. Regular (e.g. Lanson & Wimbledon)
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15
Q

Promotion: Point of Sale

What are the advantages of consumer tastings (inc. winemaker telling story, wine tasting dinners at restaurants)?

A
  1. Reduce uncertainity about buying
  2. More likely to be repeat buyer
  3. May buy something else while in shop

Studies show effective

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16
Q

Promotion: Point of Sale

When are staff incentives and hospitality a possible option?

A

Possible option for high-volume wine in hospitality

17
Q

Promotion: Away from POS

Describe the range of alcohol advertising laws with an example of each

A
  1. Total prohibition - UAE / Qatar
  2. Strict control - Loi Evin France
  3. Self-regulation - UK
18
Q

Promotion: Away from POS

What are the 14 away from the point of sale options mentioned in the book?

A
  1. Television or cinema
  2. Radio
  3. Press
  4. Billboards
  5. Digital advertising
  6. Social Media
  7. Websites
  8. Smartphone apps
  9. Reviews & Awards
  10. Wine Tourism
  11. PR
  12. Sponsorship
  13. Events & Festivals
  14. Free merchandise

Badly organised in the book and not how media are segmented

19
Q

Promotion: Away from POS

What are 12 different possible aspects of wine tourism?

A
  1. Cellar doors
  2. Vineyard & winery tours
  3. Visitor centres
  4. Shops
  5. Cafes
  6. Dining
  7. Accommodation
  8. Experience packages
  9. Event Spaces
  10. Partnering with other businesses
  11. Wine trails
  12. Tourist attractions (e.g. Napa wine train)
20
Q

Promotion: Away from POS

What are 6 types of PR activity?

A
  1. Company reps attending events or appearing on TV
  2. Press releases
  3. Newsletters
  4. Social Media
  5. Brand Ambassadors
  6. Influencers
21
Q

Promotion: Away from POS

What are 3 examples of sponsorship activity?

A
  1. Logo on billboards or clothing
  2. Exclusive rights to be served in bars / etc
  3. Television sponsorship

Subject to legal restrictions
Suitability in sports

22
Q

Promotion: Away from POS

What are 3 examples of sports sponsorship?

A
  1. Cono Sur - TDF
  2. Mouten Cadet - Ryder Cup
  3. Carbon - F1
23
Q

Promotion: Away from POS

What are some of the advantages of promoting at events & festivals?

A
  1. Attract high involvement customers
  2. But also…attract consumers who might not visit vineyards
  3. Attract new customers

Both even more so if not at wine-focused fairs (e.g. music festivals)

24
Q

Promotion: Away from POS

What are some of the disadvantages of promoting at events and festivals?

A
  1. Pay to exhibit
  2. Pay staff to run the stand
  3. Use stock for tasting samples
  4. Cost of preparing the stand
  5. Competition for attention
  6. People ‘drinking’ rather than ‘tasting’ (so vouchers given)
25
Q

Implementing and monitoring

What does the book call “measurement”?

A

“Marketing research” (i.e. measurement)

26
Q

Promotion: Away from POS

What are 5 potential options for carrying out marketing?

A
  1. In-house
  2. Outsource
  3. Blended (i.e. what all companies actually do)
  4. Part-time
  5. Industry association (e.g. consorzio) / Trade body (e.g. WInes of AU) / Trade grouping (e.g. VIGNO in Chile)
27
Q

Promotion: Away from POS

What are the benefits of carrying out marketing as part of an association?

A
  1. May have marketing team
  2. Benefit from combined knowledge and experience of members
  3. Cheaper despite membership fee
  4. Benefit from being marketed as part of a larger portfolio of wines

WSET Diploma 4 D2 (11 decks)

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