Chapter 10, 11

Question 1

Identify the Target Market

Answer 1

Demographic - age, gender, ethnicity, family status, income education, occupation, Socioeconomic status
Psychographic- lifestyle, personality, values and beliefs, interests
Behavioural - what benefit do they want from wine, where do they shop, level of interest in wine ( low/ high involvement, Halls Model : wine lovers, wine interested, wine curious
Wine intelligence reports

Question 2

What is needed to set the objectives of a marketing strategy

Answer 2

1. What strategy does the company want to pursue - undifferentiated or mass, niche
2. Aims of Marketing stategy - brand awareness, new product, upgrade to brand, attract new customers, increase sales
3. How will the company measure its success - profits, market share, awareness
4. What is the time period necessary to create profits and achieve objectives ? Budget must be less than profit , long term , short term