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WSET Dip Mod 2 > Marketing > Flashcards

Marketing Flashcards

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1
Q

What are the 5 stages of creating a marketing plan?

A
  1. Identify the product
  2. Identify the market
  3. Set the objectives
  4. Devise the strategy
  5. Implement the plan
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2
Q

Name 5 key areas you need to think about in Opportunities and Threats in a SWOT

A
  • Political climate / tensions
  • Technical - production techniques, analysis, equipment
  • Economic - currency, recession…
  • Social
  • Legal and regulatory (three tier system)
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3
Q

Name the four stages of a product life

A
  1. Introduction
  2. Growth
  3. Maturity or stabilisation
  4. Decline
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4
Q

What typifies a product in the maturity stage?

A

IT seeks to differentiate itself from others which by now have entered the market.

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5
Q

Name 4 elements a brand needs to be successful?

A

Substance - the product itself. Consistency of style. Think of NV champagne
Consumer trust - they chose that brand over others
Consumer engagement - they feel the marketing is aimed at them.
Brand story
Price premium
Longevity
Brand name

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6
Q

What considerations need to be taken into account when picking a name?

A
  • pronounceability
  • recognition
  • market it will be released in (“Garry Potter” in Russia)
  • meaning in other languages
  • potentially even different name for other markets (mainly china - Penfolds is Ben Fu)
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7
Q

What does brand equity mean?

A

it’s the value of the brand and includes image and awareness.

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8
Q

What are the three rungs in a ladder brand?

A
  1. Accessible - Brut Premier
  2. Stretch - Vintage Rose
  3. Aspiration - Cristal
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9
Q

What’s a downside of the ladder?

A

If the accessible option is the most bought be too much, and there isn’t enough visibility around the aspirational product, then when low-involvement consumers come in contact with the stretch and aspiration products, even if they are familiar with the accessible rung, they will not buy it as they will think the more expensive ones are overpriced.

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10
Q

What is a soft brand?

A

It’s a less concrete brand - like a region, or a grape variety. It can be very broad - Australian; or quite niche - Pouilly Fume.

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11
Q

What are the four sections of segmentation?

A
  1. Geographic
  2. Behavioural
  3. Demographic
  4. Psychographic
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12
Q

Give some of the facets of the psychographic section of segmentation

A

Lifestyle (healthy vs foodie)
Personality (introvert vs extrovert)
Interests (interested in wine vs cinema)
Values and beliefs (vegan / vegetarian)

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13
Q

Give some examples of what constitute behavioural variables

A
  • where they shop
  • when they shop
  • level of interest in wine?
  • brand loyal
  • what do they want from wine (value for money or prestige)
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14
Q

Name the three segments that Hall created to try and break down the market

A
  • wine lovers
  • wine interested
  • wine curious
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15
Q

What is secondary research

A

Market research already available in the public domain or a downloadable report. (vs research made specifically for a brand / client)

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16
Q

Give examples of how consumer behaviour can be observed

A
  • loyalty cards
  • watching consumers move around a shop floor
  • interaction with staff
  • web analytics
17
Q

What are the four areas the marketing objectives should consider

A
  1. Who are you targeting: everyone, small section, or a mix with different approaches
  2. Purpose: What are you trying to achieve? increased sales, brand awareness, new consumers…
  3. Measurement: how will you measure the success?
  4. Time: how long will this take
18
Q

What’s the most important thing…

A

BUDGET

19
Q

What is the marketing mix / strategy.

A

The 4/5 Ps:

```
Price
Promotion
Place
Product
People
~~~

20
Q

What is penetration strategy- what are its pros and cons.

A

Penetration strategy is dropping the price significantly on entry into the market to lure in consumers and undercut competition. The idea is consumers will stick to the brand because of the low price
The downside is it’s extremely hard to bring the price back up afterwards.

21
Q

Who is referred to in the people section of the marketing mix?

A

Consumers - do the segment of the market that is being targeted, but also staff in the company, the marketing team…

22
Q

What are the five categories of market according to maturity, and give an example of each

A
  1. Mature market- Uk / Germany
  2. Established - Hong Kong/ Italy
  3. Growth - US / Poland
  4. Emerging- China
  5. New emerging - India
23
Q

Give the example of different promotional techniques that can be used for point of sale promotions

A
  1. pricing. % discount, seasonal, “Super Tuesday” sales, volume sales (BOGOF, six pack discount…)
  2. Free merchandising: but a bottle get some glasses etc
  3. Special packaging/ limited edition
  4. Competitions: business card draw for those who buy, social media competitions
  5. In store tastings
  6. Staff training
24
Q

What is a point of sales promotion

A

Anything done to encourage sales when the customer is in front of the wine

25
Q

What are non pos types of promotion (9)

A 
Advertising (print, online, radio etc)
Sponsorships
Social media
Brand website
Apps
Wine tourism
Events/ festivals
Reviews & awards
PR
26
Q

How can you monitor the success of a marketing campaign

A
  • increase in sales
  • focus groups to assess if the brand image has changed in their opinion
  • technology to track eye movements across a website
27
Q

What is penetration strategy

A

low discounted price to undercut the competition and get consumers to purchase it

28
Q

Who is referred to in the People segment of the marketing mix

A

consumers - so the segment(s) of the market that is / are being targeted, but also marketeers who execute the strategy.

29
Q

There are 5 types of market in terms of maturity. Name them, and give an example of each

A
  1. Mature - UK / Germany
  2. Established
  3. Growth
  4. Emerging
  5. New emerging

WSET Dip Mod 2 (9 decks)

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