P5

Question 1

<p>Social Responsibility</p>

Answer 1

<p>The obligation of a producer to think beyond the boundaries of the commercialisation of his/her wine and to consider the wider impact of their actions on the environment, the local community and the broader community at large.</p>

Question 2

Wine Journalism

Answer 2

Written communication of wine related issues to a broad audience either via traditional print media or digitally.

Question 3

Wine Commentator

Answer 3

Anyone with opinions on wine that they share publicly. This includes subscrition based journalism and reviews as well as bloggers, influencers and crowd sourced opinions such as Vivino or CellarTracker.

Question 4

Wine experts

Answer 4

People with comprehensive knowledge or skill in a particular subject

Question 5

Social Evil

Answer 5

Anything detrimental to a society and its citizens (ie alcoholism, pollution, etc)

Question 6

Social good

Answer 6

something that benefits the general public such as clean air, fresh water, or education

Question 7

Art

Answer 7

various branches of creative activity associated with beauty and emotional power. Art expresses knowledge in the form of subjective representation with art, the creative process can vary thus artistic approaches are needed when no consistent, rules based, definition of quality exists

Question 8

Science

Answer 8

activity related to the systematic study of the physical and natural world through observation and experimentation

Question 9

Biodiverse

Answer 9

Variety of life form from all sources.

Question 10

Biodiversity

Answer 10

bringing together different species and forms of life

Question 11

Sustainable

Answer 11

Practice that balances the needs of present with the needs of the future

Question 12

Health benefits

Answer 12

improvements in the quality or duration of life

Question 13

Healthy lifestyle

Answer 13

living in a manner that improves one’s health and well being

Question 14

International wine trade

Answer 14

Production, buying and selling of wines globally.

Question 15

Wine industry

Answer 15

Refers to all businesses involved in the production, distribution,marketing and sales of wine, either directly or indirectly as a supplier as well as industry commentators

Question 16

Climate change

Answer 16

Long term alteration in typical global or regional climate patterns, most often linked to warming temperatures, more erratic and severe weather events and . It is particularly attributed to the increased atmospheric carbon dioxide accumulation since the start of the industrial era.

Question 17

Terroir

Answer 17

an elusive concept that encompasses the range of environmental conditions such as soil, topography, climate, and indigenous microbes that give a wine its unique sense of place.

Question 18

Tipping point

Answer 18

a threshold, crossroads, or watershed moment beyond which a significant, often irreversable, change occurs

Question 19

Authentic

Answer 19

genuine, true, and accurate representation

Question 20

Global wine market

Answer 20

Consists of all sales and purchases of wine made around the world, whether these trades are made within the wine trade or to an end consumer. Estimated as 260 MHL in 2020 (US$417B in 2020)

Question 21

Fragmentation

Answer 21

Breaking into smaller parts. In economics fragmentated industries are those where no ‘one’ player is big enough to influence the direction or growth of the industry.

Question 22

Fine wine investment

Answer 22

The purchase of scarce and rare wines with the goal or earning financial or psychic reward.

Question 23

Signature wines

Answer 23

A wine which serves as a standard bearer, encompasing both iconic and stylistically dominant expressions that cast a halo effect over a winery or region. .1) ‘icon’ – the wine(s) whose reputation is so high that it drives international perceptions of the region/country where it is made. The price of these icon wines is high. Examples might include Sassicaia (SuperTuscans), Petrus (Pomerol) or the Sadie Family’s Palladius (Swartland). 2) A style or grape variety that is strongly associated with the region, dominating consumer perception of the region/country where it is made. Examples might include Malbec (Mendoza), Rioja (Rioja), sherry (Jerez).

Question 24

Industrial

Answer 24

Produced in large volumes with a focus on efficiency, consistency, and standardization to serve a broad consumer audience

Question 25

Innovation

Answer 25

Innovation is often referred to as new or exceptional ideas that have been transformed into practical reality often ushering in watershed change to an industry. Within the wine industry, innovation should be termed as those ideas that move the industry forward, that improve and enhance the quality of wine, be it pasteurization, mechanised viticulture or alternative packaging to glass. Innovation is also increasingly about minimising the environmental impact of the wine industry.

Question 26

Tradition

Answer 26

“culturally inherited, beliefs and behaviors based on historically established best practices
“Practices that are rooted in a pre-scientific and pre-industrial world where the reasons why things worked were not necessarily understood.””

Question 27

Fake wine

Answer 27

deceittfully represented in some form– Category of fradulent wine perpetuated through either a producer bottling wine purposely mislabeled (ie bulk wine merchant Rapheal Michel sold 5.53M cases of fake labeled Rhone wine from 2013-2016) or frauds such as Kurniawan’s creationg of fake fine wine bottles.

Question 28

Fine wine market

Answer 28

Fine wines are an elite segment of the overall market. They are extremely high in quality, limited in availability, often age-worthy and traded in the secondary market because of their ability to appreciate over time. Market that is difficult to measure (estimated at $5B per AAWE) and includes the purchase or rare or collectible wines with the goal of selling at an appreciated price in the future. Includes a portion of retail sales, DTC allocation sales, as well as private sales and auction. The 2019 Auction Market: $438M. Dipped in 2020 ~9%. Viewed as appealing due to low long term volatility (due to limited supply) and arguably positive returns vs. stock index funds. Collectible, “passion assets” are illiquid and require appropriate storage, etc. Regional focus on: Burgundy (+10% auction sales in 2020 per Wine Market Journal Burgundy index), Bordeaux (though has declined), Cult Napa, Italian Blue Chips, Rhone, Champagne.

Question 29

Natural wine

Answer 29

A term lacking a consistent or broadly applied legal definition, but in practice wine made from organic grapes using low intervention methods that shuns additives including sulfur dioxide. Aileeen: Wine produced using minimal intervention techniques in the winery. These usually encompass zero/minimal sulphur, use of indigenous yeasts, low or no oak influence (and can feature alternative maturation vessels), and often minimal/no fining or filtration. Usually produced with organic or biodynamic grapes.

Question 30

Natural wine / Natural Wine movement

Answer 30

a generalized behavioral trend supporting low intervention, artisanal wine production, marketing and sale in rebellion to the dominance of industrially produced wine. Those involved in producing, selling or buying natural wines (inc wine bars/restaurants) as well as journalists and “influencers”.

Question 31

Wine competitions

Answer 31

Organized multi-day blind tasting contests during which judges award scores and medals based on quality assessment. Impact is often regional in nature.

Question 32

Commodity

Answer 32

A basic good, lacking differentiation such that it is interchangeable or largely fungible with other goods

Question 33

Blind tasting

Answer 33

sensory assessment method designed to overcome preconceptions and bias

Question 34

New Consumers

Answer 34

novel entrants to the wine category; this includes younger consumers (“Gen Z” - less than 25 years’ old), but also consumers of all ages in emerging or unestablished markets, as well as consumers in mature markets who had not been consuming wine, but are drawn in for a variety of reasons

Question 35

Elitism

Answer 35

Seeking out and celebrating the highest form, led by a group considered superior by others or by themselves, as in intellect, talent, power, wealth, or position in society.