Identifying the Product / Brand to be Marketed

Question 1

What are the 4 stages of the product life cycle and requirements of marketing

Answer 1

1. Introduction - Gain recognition and reputation. Distribute in a few channels
2. Growth - Wide distribution and broadly targeted
3. Maturity and stabilisation - Highlight differentiation
4. Decline - Extend the life-cycle

WSET confuses category and product

Question 2

Branding

Define a ‘brand’

Answer 2

The set of physical attributes of a product or service, together with the beliefs and expectations surrounding it

Question 3

Branding

What are 7 ways a brand can create a positive image in a consumer’s mind?

Answer 3

1. Substance - deliver same level of quality and style
2. Consumer trust - always give them what they want
3. Consumer engagement - create relationship / to be asked for by name
4. Brand story - a story to which consumers can emotionally relate
5. Price premium (high price = quality)
6. Longevity
7. Strong brand name

WSET confuses causes and effect

Question 4

Branding

Name 6 aspects that can make up the story of a wine

Answer 4

1. Producer history
2. Where are grapes grown
3. WInemaking
4. Story behind name, label, bottle shape
5. Marketing mix
6. What do other people say about it

Question 5

Branding

What are 6 common characteristics of strong brand names?

Answer 5

1. Easy to remember
2. Innocent across languages
3. Flexible to change in different markets
4. References to geographical features
5. Has the name of a founder (heritage & longevity)
6. Trademark registered

Question 6

Branding

What are 5 common ways to describe different types of brands in wine?

Answer 6

1. Brand position (value / standard / premium / super premium)
2. Private label
3. Ladder brand
4. Soft brand
5. Luxury brand

Question 7

What are the 3 rungs of ladder brands?

Answer 7

1. Accessible (bought most often)
2. Stretch (affordable but for special occassions)
3. Aspiration (most will never buy)

Question 8

Why do ladder brands need to be carefully considered?

Answer 8

1. Can work less well with low-involvement consumers - unaware aspiration exists
2. Image of ladder becomes defined by accessible wine

Question 9

What is a soft brand?

Answer 9

Any cue used by a consumer when choosing to buy one product in preference to another e.g. country / region / GI / variety / style

Question 10

Branding

What are some common aspects of luxury brands?

Answer 10

1. Perception of scarcity
2. Promotion of product assets (e.g. fruit quality, heritage)
3. Luxury marketing