Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

WSET Diploma D2 > Final Review > Flashcards

Final Review Flashcards

You may prefer our related Brainscape-certified flashcards:
WSET ® Level 1 Wine flashcards WSET ® Level 2 Wine flashcards WSET ® Level 3 Wine flashcards WSET ® Level 2 Spirits flashcards WSET ® Level 1 Spirits flashcards WSET ® Level 3 Spirits flashcards WSET® Level 4 Wine flashcards
1
Q

What are 4 possible transportation costs that contribute to the cost of a bottle?

A

Freight forwarder
Main mode of transportation
Premium on bottle vs bulk
Insurance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

6 costs that are incurred on the retail end of the supply chain (sales costs that contribute to the cost of a bottle)

A 
Property
Labour
Equipment and materials
Storage costs
Delivery costs
Margin at POS
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Importation Costs (3) that contribute to the cost of a bottle?

A

Customs/duties/taxes
Labelling requirements
Distributor margin

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What are examples of conglomerates?

A

E&J Gallo
AXA insurance
Moet Hennessy-Louis Vuitton

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

5 options for getting wine to POS

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is a joint venture? Example?

A

When two supply chain businesses of a similar size form a separate entity and have joint control over it.

Mentzendorff (uk distributors) is partly owned by Bollinger and Fladgate

Vinalba owned by Buckingham Schenk (uk dist) and Winemakers herve and diane joyaux fabre

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Examples of specialist wine retailers?

A

Chain - OBrien’s In ireland
Hedonism wines
Berry bros and rudd
Caves de pyrene

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

6 Talking points with wine investment?

A
  • Type of company involved, examples
  • Reasons for investment
  • Type of wines in secondary market
  • Where wines are initially purchased
  • where they are resold
  • risks
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

3 considerations when identifying the product/brand to be marketed?

A
  1. Product lifecycle
  2. Branding & Brand image
  3. Aspects/types of brands
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What are 5 aspects/types of brands?

A 
Brand position
Private label 
Ladder brand 
Soft brand 
Luxury brand
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

3 tiers of ladder brand?

A

Accessible
Stretch
Aspirational

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What is Brand position and what arr common categories?

A

Where a brand sits within a market, often linked to retail price. Brands may straddle multiple

Value
Standard
Premium
Super premium

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Two main methods of identifying the target market?

A

Segmentation

Market research

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What is segmentation?

A

Division of the market into distinct subgroups/segments each characterized by tastes, requiring a specific strategy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What are 3 methods of segmentation?

A

4 variables

Hall’s wine lovers, wine interested, wine curious

Wine intelligence portraits

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What is market research?

A

The gathering and analysis of data about a particular segment to understand what they want and need

17
Q

What is the purpose of setting the marketing objective?

A

To help people in the company understand their roles in the marketing process and to help the company analyze whether the strategy is working.

18
Q

What is the marketing mix?

A

The elements of the strategy, a combination of factors that must work together for the strategy to work.

19
Q

What is product when devising the marketing strategy?

A
20
Q

What are the 5 stages of creating and inplementing the marketing strategy?

A
  1. Identify the product/brand
  2. Identify the target market
  3. Set objectives of the marketing strategy
    4. Devise the marketing strategy/mix
  4.  implement and monitor
    
21
Q

What is the price element of the marketing mix?

A

The retail price, including delivery and discounts, and cost in time and effort the consumer is willing to go to to purchase

22
Q

Considerations of the price aspect of the marketing mix

A

Pricing strategy, ie. penetration

Price is influenced by supply/demand, and costs

Psychological implications of price - premium feeling and using decimals etc.

23
Q

Six considerations for the place aspect of the marketing mix

A
  1. Where the target market shops
  2. What distribution channels are most effective
  3. Regional consumer tastes
  4. Regional legislation, taxation, duty and distribution policies
  5. Regional price sensitivty
  6. Maturity of market
24
Q

What are the five market maturities and examples, what is it relating to?

A

Mature - wine has reached its potential with stable or declining volumes, UK, germany france switzerland

Established, strong historical growth that is tailing off, irrland, south africa, italy, hong kong

Growth - wine is mainstream and or experiencing growth, usa, canada, brazil, poland

Emerging - experiencing growth and showing pitential, china russia turkey taiwan

New emerging - wine is still fairly new and unknown but showing potential, india malaysia phillipines, thailand

WSET Diploma D2 (15 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions