Marketing

Question 1

UK Institute of Marketing’s definition

Answer 1

The management process which is responsible for identifying, anticipating and satisfying consumer requirements PROFITABLY

Question 2

What are the 6 stages of the marketing strategy?

Answer 2

1. Identify the product/ brand to be marketed.
2. Analyzing the current market
3. Identify the target market.
4. Set the objectives of the marketing strategy.
5. Divide the marketing strategy (marketing mix).
6. Implement and monitor the marketing strategy.

Question 3

What is a marketing plan?

Answer 3

1. Marketing objective:
   Financial, volume or positioning
2. Marketing strategy
   Designed to meet objectives.
   Sets targets for profit/ volume: turnover
3. Marketing tactics (marketing mix)
   Used to achieve strategy and objectives.
   Uses the 5 p’s
   Product, price, place, promotion, people
4. Regular review, research and revision.

Question 4

What are the 5 P’s?

Answer 4

Product 
Price 
Place
Promotion 
People

Question 5

What is a brand?

Answer 5

‘A brand is a 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 should evoke in the mind of the consumer’

Question 6

Why are brands important?

Answer 6

Implies high level of customer involvement. Involvement in,it’s a greater chance of trading up and building loyalty.

Successful brands give producers a greater chance of increasing profits.

‘People use brands as shortcuts to make purchase decisions’ - Adamson In 2006

Question 7

What does a brand need?

Answer 7

1. Substance
2. Consumer trust
3. Consumer engagement
4. A brand story

Brand equity implies a a serious level of consumer loyalty.

Question 8

What is important to a brand name?

Answer 8

Easy to remember
Culturally appropriate 
Easy to pronounce 
Ties into the brand identity:
May use a geographic indicator I.e. Jacobs Creek or invoke an historic name of a producer I.e. Krug Champagne, Taylor’s port 

Both tie into the brand story

Question 9

What is brand equity?

Answer 9

The intangible value of the brand.

Increases the value of the business

Question 10

What are the world’s strongest wine brands?

Answer 10

Yellow Tail

Casillero del Diablo

Question 11

What is Brand positioning?

Answer 11

Demonstrates advantages over competitors.

Actively communicated to target market.

Question 12

What should be considered when constructing a brand identity?

Answer 12

Who is the target market?
What do they look like?
How do they like to be communicated with?
What emotional and rational needs do they have?
Why will this audience care about the brand?

Question 13

What are 15 tools of marketing?

Answer 13

Consumer tastings. Staff incentives
Staff education & training. TV Adverting
Press adverting Radio ads
P.R. Websites
Social Media. Smart phone apps
Consumer fairs. Trade Fairs
Wine tourism. Sponsorship
Brand ambassadors

Question 14

What are some PR tools?

Answer 14

Public events
TV appearances
Press releases
Newsletters
Social Media 
Strong corporate social responsibility policies - make a positive image.

Question 15

Name 10 promotional tactics?

Answer 15

Multi buys - buy 1 get 1 free
Volume discounts - buy a 6pk for 5% off each bottle.
Link save - buy one wine product and get a discount off food.
Free merchandise 
Charity donations 
Gift presentation packs
Limited editions
Competitions
Send offs

Question 16

What are the 3 categories of brand ambassadors?

Answer 16

The expert sales person

Highly respected industry expert
Eg. Richard Geoffrey, created Dom Perignon

The celebrity

Question 17

What is ladder branding? What are the 3 levels?

Give an example

Answer 17

Give consumer rungs to help them trade up in price and quality.

Enables the entire range to benefit from the prestige of the aspirational product.

Accessible - cheapest most widely distributed.
Stretch - more expensive, special occasions
Aspiration- most expensive, rare, super premium

NV Pol Roger
2008 Vintage Pol Roger
Cuvée Winston Churchill

Question 18

What is a soft brand?

Answer 18

Other cues that consumers use to purchase one product over another.

Doesn’t conform to standard brand structure

May include;
Country of origin eg. Brand Australia
Region eg. Rioja
Grape eg merlot
Style eg. Bourbon

Question 19

What is a wine brand?

Answer 19

’A wine brand is a product cue given
in wine packaging or information
such as origin, grape variety, region,
etc., for which consumers search
during their decision making process’
(Halstead, 2002)