Midterm Prep Flashcards
What is a push tactic?
any tactic that results in a third party stocking of your product (i.e. trade shows, retail sales visits or competitions, demonstration videos)
What is a Pull Tactic?
A pull tactic is any tactic that results in customers demanding your product from retailers (i.e. advertising, viral marketing, social media, word of mouth, email marketing)
What is the difference between Push vs. Pull tactics?
Push: targeted promotional materials or events (like retail comps) (*think approp ways to PUSH sales in retail as opposed to marketing stragies to increase demand from customer)
Pull: Focusing on building a brand (social media, blogging, advertising) and creating a customer demand (letting customers come to us)
What is Brand Awareness?
Brand Recognition + Brand Recall = Brand Awareness
What are the components of a Business Model? (There are 9; think Lean Canvas)
The value proposition
The segment(s)
The communication and distribution channels
The relationships (established with clients.)
The key resources
key activities
The key partners
The revenue streams
The cost structure
What is a business model?
How a company organizes itself to do business (i.e. blueprints; word commonly used wrong)
Why are business models important?*
how a company organizes itself to make money
What does B2C stand for?
Business to consumer
What does B2B stand for
Business to business
A farmers market is an example of which type of business model?
A farmers market is an example of a B2C business model
A wine club is an example of a B2C or B2B business model?
Wine Clubs and e-commerce are examples of a B2C business model
A wine tour or event is an example of what type of business model?
B2C (business to consumer) business model (on estate property; stores tours and events)
What is a B2C Business Model?
Business to Consumer:
-On Estate Property (Store, Events, Tours, Restaurants)
-Direct to Consumer (Wine Club and E-Commerce)
-Farmer’s Markets / Other Retail Owned by the company
What is a B2B Business model?
Business to business
Selling to other businesses:
LCBO and other liquor boards
Selling grapes to other wineries
Selling co-packing/bottling services
Restaurant listings
Selling grapes to another winery is an example of what type of business model?
selling grapes to other wineries is an example of business to business (B2B) business model
Selling your wine at the LCBO (or another liquor board) is an example of what type of business model?
selling to the LCBO is an example of B2B
What [the heck] is a B2B2C Business Model?
Business to Business to Consumer
B2B2C is when another business sells your products so they have a relationship with and information about your customers (another company deals with your customers directly)
Uber Eats is an example of what type of business model?
Uber eats is a B2B2C business model (business to business to consumer)
Email marketing is an example of what type of tactic?
a pull tactic (focusing on brand/marketing)
a wine trade show is an example of what type of business marketing tactic
a trade show demo is a push tactic
a qr code that leads to a demonstration tasting video for the product is what type of marketing tactic
a push tactic
An ad in the LCBO Food + Drink Magazine is an example of a push or pull strategy?
a magazine ad is an example of a pull strategy
a tv commercial is an example of a push or pull strategy?
pull strategy
What does PESTEL stand for?
Political, Economic, Societal, Tech, Environmental and Legal
Is this an example of Political, Economic, Societal, Tech, Environmental or Legal?**
What are the 5 Forces? (Analysis/Porter)
-threat of new entry (how hard is it for NEW people to enter the market)
-Competitive rivalry (other wineries)
-supplier power (can suppliers keep prices high? *growers)
-buyer power (consumer options)
-threat of substitution (doesn’t have a strong brand)
A market must have ________, ___________ and ______________.
The ingredients of a market are
-unsatisfied needs
-purcxhasing power
-buying units or customers
How would you profile your target market as a business?
-conduct research to break down your market into key segments and find out what motivates them to create a more focused promotion (easier marketing)
How do you rate the key segments you broke your customers into (during target market profile reseach)?
-measurable (purchasing power; size, measurable characteristics
-substantial (large enough?, profitable)
-accessible (can be served or reached? can they get to your winery?)
-differentiable (distinguishable, how to they respond differently to marketing messages)
-actionable (can you do something about it? i.e covid shutdown)
What is brand positioning?
-Isn’t about being the first one (i.e. genre makers), but creating a brand/stand-out product or experience that you become the first in the mind of the consumer (psychological; branding)
-be more fun, accessible, think ‘first follower’
What is the definition of publicity?
“all publicity is good publicity” publicity is a mention in the media (reviews, blogs; little to no control over message in media)
What is the definition of public relations?
business shaping its brand by actions, [proactive] trying to create a positive relationship with the customer base to avoid bad publicity dominating the target audience
Difference between publicity and PR?
publicity: what happens to you
public relations: message shaped by business; more purposeful
What is demography?
demographics; study of measuring and grouping populations (numerical; easily to label/characterize; size, responses, distribution)
Students are an example of ______?
Chorts (class 2025) (a group of subjects who share a defining characteristics)
What is a marketing channel?
“place” in marketing
E-commerce, gas stations and the LCBO are examples of _________?
Marketing channels
What is direct to consumer?
direct to consumer = Direct marketing channel
i.e. winery delivers without stores
(wine club, phone orders, e-commerce)
What is the difference between direct vs. indirect marketing channels?
-a direct marketing channel - no interMEDiary levels
-indirect marketing channel - one or more interMEDiary levels
What are interMEdiaries?
an intermediaries level = retailer, or wholesaler + retailer (indirect marketing channels have one or more intermediary levels between producer and consumer; where indirect has NONE)
What is a tied house license?
a special license that allows a winery restaurant to only sell/favour your own brand (i.e. trius resto can sell only trius brand, two sisters ect.) (might change w the new sale regulations)
What is white space in brand mapping?
where unmet needs are realized (innovation)
Name 3 Ways to Brand Map at winery:
to find white space:
-External Focus (market unmet needs, what is everyone else doing)
-Internal focus (what are we good at) (i.e. how many barrels, grape varieties you have etc.)
-Future Focus (what are the upcoming trends and opportunities, being the first one) (i.e. vines that are not planted yet, but are trending)
What is a customer persona?
a specific profile of a customer used as a segmenting tool that allows personalized messaging
What is the definition of marketing?
the management of identifying, anticipating, and realizing the needs of consumers profitably (solving customer problems profitably $$)
What is the Marketing Mix pyramid?
Product
Place
Price
Promotion
Sales of big screen tvs has which type of pricing model?
skimming pricing model: high at release due to demand, lowers over time
Name the 4 possible pricing models for a new business?
-skimming (high at 1st w/ no competition, lowers over time)
-penetration (lower price at first to steal market share)
-psychological (price = quality)
-cost plus (what does it cost you + add a %)
If a business starts its pricing at a lower price than the competition to encourage trial, what is this pricing model called?
penetration (penetrating the market to steal market share from those who came “first”)
Niagaras first brand using a newly approved vqa grape would most likely use which pricing model?
skimming (higher bottle prices/grape prices at 1st becuase there is less competition, lower over time as competition stiffens)
What is price anchoring?
when you are shown two items, the second item = slightly less $$ but you still are ANCHORed to the first one (at play in tasting room, not $60 bottle next to $19 bottle)
Events and Experiences are examples of which marketing strategy?
Experiential ( experience marketing)
an onsite tour or winery restaurant is an example of which marketing strategy?
experiential marketing
What is experiential marketing?
A marketing strategy where the brand invites the consumer to directly engage by involving them in the co-creation (tours, events + experiences)
What are the 3 layers of the total product concept?
Augmented: benefits to product (meeting winemaker during on-site visit, delivery to home service ect)
Actual: label, branding “handpicked, type of press ect.”
Core: very descriptive, no fluff, “tastes like grape/alcohol”
Which layer of the total product concept is a good pink label for a new rose?
Actual - the label = physical product and branding
How do you measure metrics? Name 3 Retailing metrics:
Total traffic: The number of customers passing by the store or on the property.
Capture rate: The number of customers who physically enter the store.
Transactions: The number of people who buy something.
