Chapter 8 , 9 Marketing Wine Flashcards
Marketing wine
The management process responsible for identifying, anticipating and satisfying consumers requirements profitably
An experience
Confirmation of social status, ownership, perceived value or ROI . Ultimate aim is to generate profits either through volume of sales , value of sales ( margins)
Marketing Process Overview
- Identify the product / brand to be marketed
- Identify the target market
- Set the objectives of the marketing strategy
- Devise the Marketing Mix . Product, Place, Price, People, promotion
- Implement and Monitor the Marketing Strategy
SWOT - aka Strategic Fit using PESTEL
Strengths / Weaknesses- Internal
Helpful or unhelpful
Opportunities/ Threats - external
USE PESTEL
Setting the Objective
- Someone educated or uneducated intuition that a particular business opp exists
- Someone’s dream or aspiration
- Something generated by business tools, analyse the market , value curve research
Eg of REsources an organisation has access to
- an est winery growing healthy grapes
-reliable affordable supply chain
-vineyards in favourable location
-access to reliable and affordable support industries
-a strong financial position
Internal expertise and experience
Capabilities of an organisation
- build strong new brands or grow existing ones
-scale of production can change in response to market demand
-can experiment to develop new products
POLITICAL
Eg alcohol affected by taxes, campaigns to encourage cutting back, subsidies from financial institutions, support from cultural organisations
ECONOMIC
-weak currency
- can make importing more expensive
- threat to luxury brands/ good for price sensitive markets
-foreign exchange
-national / global recession
-COVID
SOCIAL
- one generation may favour the drink of their parents while younger generation may move away from
-Cultural / religious attitudes to wine
-skilled labour moving to the cities
-changing attitudes to global trade ( embargo’s) , artificial vs natural, vegan, sustainable
TECHNOLOGICAL
New production techniques can increase quality and decrease costs
Move to old ways- using basket press
ENVIRONMENTAL
- climate change - opps for places like UK Canada and Germany
2017 EU saw the lowest production dues to heavy rains, hail and drought, lowered production by 50 %
-2015-2019 Drought in S Africa - urban sprawl , changing land back to nature
- change of waste management
- sustainable agriculture
LEGAL ( and REGULATORY)
- GI’ s tighlty regulated
- increase in regulation of trade
- increase in production ( DOC expanded for Prosecco , but dilutes quality)
Identify Brand / Product to be marketed
- brand new?
- launched to fill a gap
-updates to an existing product
Life cycle of Product
Intro - enter market , penetration method
Growth- start a wider distribution chain
Maturity - seek our new markets and highlight difference between the competition
Decline - extend life cycle, upgrade packaging , reduce price
