P5 Flashcards
<p>Social Responsibility</p>
<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>
Wine Journalism
Written communication of wine related issues to a broad audience either via traditional print media or digitally.
Wine Commentator
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.
Wine experts
People with comprehensive knowledge or skill in a particular subject
Social Evil
Anything detrimental to a society and its citizens (ie alcoholism, pollution, etc)
Social good
something that benefits the general public such as clean air, fresh water, or education
Art
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
Science
activity related to the systematic study of the physical and natural world through observation and experimentation
Biodiverse
Variety of life form from all sources.
Biodiversity
bringing together different species and forms of life
Sustainable
Practice that balances the needs of present with the needs of the future
Health benefits
improvements in the quality or duration of life
Healthy lifestyle
living in a manner that improves one’s health and well being
International wine trade
Production, buying and selling of wines globally.
Wine industry
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
Climate change
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.
Terroir
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.
Tipping point
a threshold, crossroads, or watershed moment beyond which a significant, often irreversable, change occurs
Authentic
genuine, true, and accurate representation
Global wine market
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)
Fragmentation
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.
Fine wine investment
The purchase of scarce and rare wines with the goal or earning financial or psychic reward.
Signature wines
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).
Industrial
Produced in large volumes with a focus on efficiency, consistency, and standardization to serve a broad consumer audience
Innovation
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.
Tradition
“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.””
Fake wine
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.
Fine wine market
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.
Natural wine
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.
Natural wine / Natural Wine movement
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”.
Wine competitions
Organized multi-day blind tasting contests during which judges award scores and medals based on quality assessment. Impact is often regional in nature.
Commodity
A basic good, lacking differentiation such that it is interchangeable or largely fungible with other goods
Blind tasting
sensory assessment method designed to overcome preconceptions and bias
New Consumers
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
Elitism
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.
