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D2 > Marketing > Flashcards

Marketing Flashcards

1
Q

Define marketing:

A

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

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2
Q

Five steps of the marketing process?

A

Identify the product/brand to be marketed
Identify the target market
Setting the objectives of the marketing strategy
Devising the marketing strategy/mix
Implementing and monitoring the marketing strategy

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3
Q

What is the strategic fit?

A

Various factors and how they relate to an organizations ability to achieve an objective

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4
Q

What is the purpose of a SWOT analysis?

A

Determine if an objective is reasonably achievable

If not, can it be changed, or do we pursue a different objective?

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5
Q

What determines a marketing objective?

A

An educated/uneducated guess that an opportunity exists
A personal dream/aspiration
An idea generated from market research

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6
Q

What type of research can help establish a marketing objective?

A

Value-curve analysis

Takes multiple factors into account

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7
Q

What are the primary items that make up strengths/weaknesses?

A

Capabilities and resources

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8
Q

Examples of resources?

A 
Established reputation
Reliable supply-chain relationships
Vineyard location
Quality facilities
Access to support and staff
Strong financials
Expertise
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9
Q

Examples of capabilities?

A 
Building strong new brands
Growing new brands
Scale production up/down based on supply/demand
Experiment/innovate
Lobby political organizations
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10
Q

Factors to consider for opportunities/threats?

A 
PESTEL
Political
Economic
Sociological
Technological
Environmental
Legal
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11
Q

Example of economic factors?

A

Changes in currency value, local or global

Recession

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12
Q

Examples of social factors?

A

Generational change in habits
Cultural views on alcoholic consumption
Availability of labor
Cultural views on trade, chemicals, etc.

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13
Q

Examples of environmental factors?

A

Climate change and resulting styles
Pressure for alternative land use
Environmental change such as waste management, energy use, and synthetic chemicals

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14
Q

Examples of legal factors?

A

Production regulation

Trade regulation

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15
Q

Product life cycle?

A

Introduction
Growth
Mature
Decline

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16
Q

Aspects of branding:

A 
Substance
Consumer trust
Consumer engagement
Brand story
Price premium
Longevity
Brand name
Brand position
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17
Q

Advantages of Ladder branding?

A

Steers high involvement consumers to trade up to a higher priced/higher quality expression
The highest tier benefits the lower tiers with its reputation

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18
Q

Disadvantages of Ladder branding?

A

Low involvement consumers are not aware of higher tiers

Can confuse consumers with pricing

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19
Q

Define the rungs of ladder brands:

A

Accessible - least expensive, widely distributed, most often purchased
Stretch - affordable, but special occasion only
Aspiration - most prestigious, rarely purchased by those that know it; casts identity on the rest of the ladder

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20
Q

Define soft brand:

A

A cue used by a consumer when choosing one product over another
Can be region, varietal, or style

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21
Q

How to market a luxury brand:

A

Scarcity
Sponsorship of exclusive/luxury events
Position on top wine lists only and upmarket retailers
Focus on quality of fruit/heritage/vineyard/winemaking technique

22
Q

10 most powerful global wine brands?

A 
Yellowtail
Casillero del Diablo
Gallo
Jacob's Creek
Barefoot
Gato Negro
Carlo Rossi
Frontera
JP Chenet
Mouton Cadet
23
Q

Primary categories of segmentation?

A

Geographic
Demographic
Psychographic
Behavioral

24
Q

Examples of psychographic variables?

A

Lifestyle - health-conscious or eat/drink out?
Personality - show off wealth/knowledge?
Values/beliefs - prefer organic/fairtrade/vegan/environmentally friendly
Interests - regional/varietal preference

25
Q

Examples of behavioral values?

A 
Benefits wanted from wine
Occasions for wine
Where/when/how often is wine purchased
Brand loyalty
Interest in wine
Early/late adopters
26
Q

Three market segments as defined by Hall? What are the two factors considered?

A

Wine lovers
Wine interested
Wine curious

Income, education

27
Q

Types of market research?

A 
Survey
Focus group
Interviews
Observing consumer behavior
Secondary research
28
Q

Name the 6 US Portraits of wine intelligence?

A 
Engaged explorers
Premium brand suburbans
Contented treaters
Social newbies
Senior bargain hunters
Kitchen casuals
29
Q

Methods of observing consumer behavior?

A

Watching consumers in a shop
Interacting with consumers
Store loyalty cards
Web analytics

30
Q

Four components of a clear marketing strategy objective?

A

What type of market are you pursuing?
What is the aim of the marketing strategy?
How will success be measured?
What time period for achievement?

31
Q

Types of markets to target?

A

Undifferentiated/mass
Niche
Multiple

32
Q

Reasons to begin a new marketing strategy?

A 
Launch new product
Communicate improvements to a product
Increase sales
Increase market share
Improve brand awareness
Improve brand identity
Attract new consumers
33
Q

What are the 7 P’s?

A 
Product
Price
People
Place
Promotion
Physical Evidence
Process
34
Q

What is a marketing mix?

A

The factors involved in the marketing strategy that work together to create success

35
Q

Define the first P:

A

Product
The item being marketed, including packaging, brand story, experience, and juice
Needs to stand out in saturated market

36
Q

Define the second P:

A

Price
Price on shelf, delivery, discounts, effort to find product,
Whether to price low/high based on strategy
Psychological factors ($9.99 vs $10, wine that is too cheap)

37
Q

Define the third P:

A

People
Consumer, producers, retailers, distributors
All involved partners maintaining the same strategy

38
Q

Define the fourth P:

A

Place

Where the product is sold - importance of choosing the right market and retailers

39
Q

Five types of markets:

A 
Mature
Established
Growth
Emerging
New Emerging
40
Q

Define a mature market and name examples:

A

Wine has reached potential with stable/declining volumes

Germany, France, Switzerland, UK

41
Q

Define an established market and name examples:

A

Strong historical growth that is tailing off

Ireland, South Africa, Italy, Hong Kong

42
Q

Define a growth market and name examples:

A

Wine is a mainstream product and/or experiencing growth

USA, Canada, Brazil, Poland

43
Q

Define an emerging market and name examples:

A

Wine is experiencing growth and shows potential from a relatively low base
China, Russia, Turkey, Taiwan

44
Q

Define a new emerging market and name examples:

A

Wine is still relatively new and unknown, but showing potential
India, Malaysia, Philippines, Thailand

45
Q

Define the fifth P:

A

Promotion

All methods of the marketing campaign

46
Q

Two broad categories of promotions?

A

At point of sale

Away from point of sale

47
Q

Types of POS promotions?

A 
Price promotions
Free goods
Limited edition packaging
Competitions
Consumer tastings
Staff trainings/incentives
48
Q

Types of advertising?

A 
Television/Cinema
Radio
Press
Online
Billboards
Sponsorship
Websites
Social Media
Smartphone apps
Wine tourism
Events/Festivals
Reviews/Awards
49
Q

Differences between PR and advertising?

A

Advertising promotes a product

PR promotes a business to shed a positive light

50
Q

Types of PR?

A

Representatives attending events/TV/news
Press releases
Newsletters
Social media

51
Q

Difference between market research and marketing research?

A

Market research - analysis of the market to establish objective/marketing strategy
Marketing research - supplementary research to determine if your marketing strategy has been successful

52
Q

Who conducts the marketing for a winery?

A

In-house marketing team
PR company/advertising agency
Limited in-house side-work
Industry association team

D2 (3 decks)

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