Intro To Marketing Wine Flashcards
How is marketing defined by the reading?
“the management process which is responsible for identifying, anticipating and satisfying consumer requirements profitably”
Besides quality product, what are consumers often looking for in wine?
Experience
- Confirmation of social standing
- Affirms ownership of something perceived as valuable
- Return on investment
What are the five stages of the marketing process?
- Identifying the product/brand to be marketed
- Identify target market
- Create objectives of marketing strategy
- Devising the marketing strategy
- Implementing and monitoring the strategy
What does SWOT stand for?
Strengths, Weaknesses, Opportunities, Threats
- Internal
Helpful: Strengths
Unhelpful: Weaknesses - External
Helpful: Opportunities
Unhelpful: Threats
What is necessary to perform a SWOT analysis?
A specified objective
Why is a SWOT analysis helpful?
- Evaluates different factors in their relation to a desired objective
- Can guide investment in resources and capabilities
- Evaluates threats and weaknesses and how to mitigate them
What is a resource?
An asset (tangible or not) that can be used as a tool for achieving an objective
Examples:
- Good vineyard location
- Good production facilities
- Healthy relationships throughout supply chain
- Internal expertise
- Strong financial position for investment
What is a capability?
A thing that an organization is able to perform
Examples:
- Brand building
- Scaling production up/down
- Technological innovation
- Political influence to create favorable laws/regulations
What is PESTEL? What is it used for?
It’s a checklist for considering any external factors (opportunities and threats) that could influence an objective’s achievability
- Political
- Economic
- Social
- Technological
- Environmental
- Legal/regulatory
