Marketing Flashcards
Define marketing:
The management process which is responsible for identifying, anticipating, and satisfying consumer requirements profitably.
Five steps of the marketing process?
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
What is the strategic fit?
Various factors and how they relate to an organizations ability to achieve an objective
What is the purpose of a SWOT analysis?
Determine if an objective is reasonably achievable
If not, can it be changed, or do we pursue a different objective?
What determines a marketing objective?
An educated/uneducated guess that an opportunity exists
A personal dream/aspiration
An idea generated from market research
What type of research can help establish a marketing objective?
Value-curve analysis
Takes multiple factors into account
What are the primary items that make up strengths/weaknesses?
Capabilities and resources
Examples of resources?
Established reputation Reliable supply-chain relationships Vineyard location Quality facilities Access to support and staff Strong financials Expertise
Examples of capabilities?
Building strong new brands Growing new brands Scale production up/down based on supply/demand Experiment/innovate Lobby political organizations
Factors to consider for opportunities/threats?
PESTEL Political Economic Sociological Technological Environmental Legal
Example of economic factors?
Changes in currency value, local or global
Recession
Examples of social factors?
Generational change in habits
Cultural views on alcoholic consumption
Availability of labor
Cultural views on trade, chemicals, etc.
Examples of environmental factors?
Climate change and resulting styles
Pressure for alternative land use
Environmental change such as waste management, energy use, and synthetic chemicals
Examples of legal factors?
Production regulation
Trade regulation
Product life cycle?
Introduction
Growth
Mature
Decline
Aspects of branding:
Substance Consumer trust Consumer engagement Brand story Price premium Longevity Brand name Brand position
Advantages of Ladder branding?
Steers high involvement consumers to trade up to a higher priced/higher quality expression
The highest tier benefits the lower tiers with its reputation
Disadvantages of Ladder branding?
Low involvement consumers are not aware of higher tiers
Can confuse consumers with pricing
Define the rungs of ladder brands:
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
Define soft brand:
A cue used by a consumer when choosing one product over another
Can be region, varietal, or style
How to market a luxury brand:
Scarcity
Sponsorship of exclusive/luxury events
Position on top wine lists only and upmarket retailers
Focus on quality of fruit/heritage/vineyard/winemaking technique
10 most powerful global wine brands?
Yellowtail Casillero del Diablo Gallo Jacob's Creek Barefoot Gato Negro Carlo Rossi Frontera JP Chenet Mouton Cadet
Primary categories of segmentation?
Geographic
Demographic
Psychographic
Behavioral
Examples of psychographic variables?
Lifestyle - health-conscious or eat/drink out?
Personality - show off wealth/knowledge?
Values/beliefs - prefer organic/fairtrade/vegan/environmentally friendly
Interests - regional/varietal preference
Examples of behavioral values?
Benefits wanted from wine Occasions for wine Where/when/how often is wine purchased Brand loyalty Interest in wine Early/late adopters
Three market segments as defined by Hall? What are the two factors considered?
Wine lovers
Wine interested
Wine curious
Income, education
Types of market research?
Survey Focus group Interviews Observing consumer behavior Secondary research
Name the 6 US Portraits of wine intelligence?
Engaged explorers Premium brand suburbans Contented treaters Social newbies Senior bargain hunters Kitchen casuals
Methods of observing consumer behavior?
Watching consumers in a shop
Interacting with consumers
Store loyalty cards
Web analytics
Four components of a clear marketing strategy objective?
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?
Types of markets to target?
Undifferentiated/mass
Niche
Multiple
Reasons to begin a new marketing strategy?
Launch new product Communicate improvements to a product Increase sales Increase market share Improve brand awareness Improve brand identity Attract new consumers
What are the 7 P’s?
Product Price People Place Promotion Physical Evidence Process
What is a marketing mix?
The factors involved in the marketing strategy that work together to create success
Define the first P:
Product
The item being marketed, including packaging, brand story, experience, and juice
Needs to stand out in saturated market
Define the second P:
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)
Define the third P:
People
Consumer, producers, retailers, distributors
All involved partners maintaining the same strategy
Define the fourth P:
Place
Where the product is sold - importance of choosing the right market and retailers
Five types of markets:
Mature Established Growth Emerging New Emerging
Define a mature market and name examples:
Wine has reached potential with stable/declining volumes
Germany, France, Switzerland, UK
Define an established market and name examples:
Strong historical growth that is tailing off
Ireland, South Africa, Italy, Hong Kong
Define a growth market and name examples:
Wine is a mainstream product and/or experiencing growth
USA, Canada, Brazil, Poland
Define an emerging market and name examples:
Wine is experiencing growth and shows potential from a relatively low base
China, Russia, Turkey, Taiwan
Define a new emerging market and name examples:
Wine is still relatively new and unknown, but showing potential
India, Malaysia, Philippines, Thailand
Define the fifth P:
Promotion
All methods of the marketing campaign
Two broad categories of promotions?
At point of sale
Away from point of sale
Types of POS promotions?
Price promotions Free goods Limited edition packaging Competitions Consumer tastings Staff trainings/incentives
Types of advertising?
Television/Cinema Radio Press Online Billboards Sponsorship Websites Social Media Smartphone apps Wine tourism Events/Festivals Reviews/Awards
Differences between PR and advertising?
Advertising promotes a product
PR promotes a business to shed a positive light
Types of PR?
Representatives attending events/TV/news
Press releases
Newsletters
Social media
Difference between market research and marketing research?
Market research - analysis of the market to establish objective/marketing strategy
Marketing research - supplementary research to determine if your marketing strategy has been successful
Who conducts the marketing for a winery?
In-house marketing team
PR company/advertising agency
Limited in-house side-work
Industry association team
