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WSET LVL 4: Business > Identifying Product/Brand to Market > Flashcards

Identifying Product/Brand to Market Flashcards

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1
Q

What are the stages of a product’s life cycle?

A
  1. Introduction
  2. Growth
  3. Maturity/stabilization
  4. Decline
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2
Q

What should be the focus of the marketing strategy during the introduction stage?

A
  • Getting the product into the market
  • Establishing a reputation/gaining recognition
  • Possibly limiting distribution to a select number of channels
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3
Q

What should be the focus of the marketing strategy during the growth stage?

A
  • Increase distribution channels
  • Widen audience
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4
Q

Why do products hit a plateau after the growth stage?

A
  • Most consumers have already bought the product
  • Competition has increased
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5
Q

What should be the focus of the marketing strategy during the maturity/stabilization stage?

A
  • Highlighting differences from competitors
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6
Q

What should be the focus of the marketing strategy during the decline stage?

A
  • Enter new markets
  • Innovate (eg. improve the product, change the packaging)
  • Lower prices
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7
Q

What does branding do for a product?

A

Lessens the direct correlation between quality and price

The product is no longer a commodity, and consumers will pay more for a brand they identify with

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8
Q

How does the reading define a “brand”?

A

“the set of physical attributes of a product or service, together with the beliefs and expectations surrounding it – a unique combination which the name or logo of the product or service should evoke in the mind of the audience”

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9
Q

What are some factors that can lead to a brand’s success?

A
  • Substance
  • Consumer trust
  • Consumer engagement
  • Brand story
  • Price premium
  • Longevity
  • Brand name
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10
Q

What does it mean for a brand to have substance?

A

The brand delivers consistent quality and style (eg. a Champagne houses’ style of NV bottlings)

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11
Q

How is consumer trust built?

A
  • A result of a brand’s substance
  • Low-involvement consumers will regularly buy their favorite brands rather than brands they don’t know
  • A very important factor in supermarket branded wines
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12
Q

What does it mean for a brand to have consumer engagement?

A
  • Consumer feels their favorite brand’s marketing is aimed directly at them
  • A sense of personal ownership of brand and becomes a channel for self-expression
  • Any small changes in branding risk alienating loyal consumers
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13
Q

Why are brand stories important?

A
  • Emotional and personal connection with brand
  • Younger consumers heavily attracted to wine with a story
  • Creates a sense of authenticity and origin
  • Connects product with price/POS
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14
Q

Why is a price premium important in branding?

A

Most consumers view higher-priced items as higher in quality

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15
Q

What is a brand’s longevity?

A

Longevity is how long the brand has been established

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16
Q

What are some factors in choosing a successful brand name?

A
  • Easy to remember
  • Accessible in markets that speak different languages (translation is appropriate, easy to pronounce. Eg. Penfolds/Ben Fu in China)
  • Connects to brand story (geographical or family name)
17
Q

What is brand equity?

A

The value of a brand to its owner

Measured by:
- Brand awareness
- Brand image
- A calculated $ amount

18
Q

What is brand positioning?

A

A brand’s position is where it’s value lies in relation to other brands in the market (usually measured by retail price)

19
Q

What’s a common method of categorizing brand positioning?

A
  • Value
  • Standard
  • Premium
  • Ultra-Premium
20
Q

At which point of the product life cycle is a brand’s position established?

A

Usually at launch (introduction)

  • Position can lower to remain competitive
  • Position can raise over time through improvement to product, updating brand image, and introducing higher-end products (rarely happens)
21
Q

What is a benefit to a value brand position?

A

Higher volume of sales

22
Q

What is a way to for a producer to market their products across a range of brand positions?

A

Create a ladder brand, which consists of positions for products at three distinct tiers

23
Q

What are the three tiers of a ladder brand?

A
  • Accessible
  • Stretch
  • Aspirational
24
Q

What characterizes the Accessible tier of a ladder brand?

A
  • Least expensive
  • Most widely distributed
  • Most regularly consumed
25
Q

What characterizes the Stretch tier of a ladder brand?

A

Affordable for the average consumer, but only for special occasions

26
Q

What characterizes the Aspirational tier of a ladder brand?

A
  • Most prestigious wine of the producer
  • Most consumers will never buy it
  • Creates a premium identity for the entire ladder brand
27
Q

What’s an example of a region that often markets a ladder brand?

A

Champagne

  • NV Bottling
  • Premium Cuvees (BdB, Vintage, Single vineyard)
  • Tete de Cuvee
28
Q

How can “soft brands” create ladder systems?

A

Burgundy is the best example

  • Bourgogne Rouge
  • Gevrey-Chambertin
  • Chambertin Grand Cru
29
Q

When are ladder brands unhelpful?

A

When the consumer base is low involvement

  • The identity of the brand will be associated with the bottom rung
  • Few consumers will be aware of the aspirational rung
  • Those who know about the stretch and aspirational rungs will consider them overpriced
30
Q

What is a soft brand?

A

A cue to consumers to influence consumer preference towards one product over another

  • Geographic Indications
  • Country of Origin
  • Grape
  • Style of wine
31
Q

What is a luxury brand? What are it’s key characteristics?

A

No agreed definition

  • Super-premium prices
  • Perception of scarcity
  • Brand story highlights quality of vineyard/fruit, expensive winemaking techniques, heritage
  • Sponsors luxury events
  • Positioning in high end retailers
32
Q

What are the five largest wine brands as of 2020?

A
  1. Yellowtail (AUSTRALIA)
  2. Casillero del Diablo (CHILE)
  3. Gallo Family Vineyards (USA)
  4. Jacob’s Creek (AUSTRALIA)
  5. Barefoot (USA)

WSET LVL 4: Business (14 decks)

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