Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

D2 Definitions > D2 Defininitions > Flashcards

D2 Defininitions Flashcards

(94 cards)

Start Studying
1
Q

What is the role of a broker?

A

Brokers are facilitators that help make deals happen between producers and buyers, without representing either party.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Define supply chain.

A

The supply chain is the network of organisations and activities involved from the creation of a product through to its distribution and sale to the final consumer.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is a co-operative in winemaking?

A

A co-operative is a group of member-growers who collectively own a winemaking facility and produce and sell wines from their grapes.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

En primeur refers to what in the wine industry?

A

En primeur, or ‘wine futures’, is a method of selling a wine before it has been bottled, while it is still in barrel.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What does SWOT stand for?

A

Strengths, Weaknesses, Opportunities, and Threats.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is the purpose of marketing?

A

The management process responsible for identifying, anticipating, and satisfying consumer requirements profitably.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Define segmentation in marketing.

A

Segmentation is the division of the marketplace into distinct subgroups or segments, each characterised by particular tastes and requiring a specific marketing strategy.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is premiumisation?

A

Consumers are buying less wine by volume, so they are more willing to spend more on individual bottles.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What are duties in the context of taxes?

A

Duties are an indirect tax on cross-border goods collected by customs as government revenue and to protect local industries.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What is the difference between taxes and duties?

A

Taxes are a direct or indirect source of government revenue placed on almost all purchases, while duties are specifically on cross-border goods.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What are tariffs?

A

Tariffs are direct taxes imposed by the government paid on a particular class of imports or exports.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

True or False: An embargo is a form of trade restriction that bans imports or exports to a particular country.

A

True

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What is the function of a distributor?

A

A distributor buys wine from a range of producers and sells it to a range of retailers, both on- and off-trade.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Define free market.

A

A market where producers are somewhat free to choose whether to sell directly to consumer (DTC), retailer, or through an intermediary.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What is a merger?

A

The unification of two businessesto create a business with greater resources, capabilities and reach than the individual businesses had on their own.

In theory, the two companies form an equal partnership.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What is an acquisition?

A

An acquisition is the purchasing of controlling shares of one business by another to gain the purchased business’s resources.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What is private label wine?

A

Wines bottled under a label/brand exclusive to the retailer.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

What does the term ‘Product’ refer to in marketing?

A

The item being marketed, including all packaging and branding and any value-added features, such as gift wrapping in a wine shop and a winery’s wine club.

The product encompasses both tangible and intangible aspects that enhance customer experience.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Define ‘Price’ in the context of marketing.

A

The amount which a consumer pays for a product, including any additional costs such as delivery as well as discounts.

It also includes the cost (in time or effort) which the consumer is willing to expend to buy the product.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

What does ‘People’ mean in marketing?

A

It refers to the attitudes and behaviours of the target consumer, and the relationship between the company, its staff, its partners, and its customers, including employee attitudes and skills, and customer service.

Understanding people is crucial for tailoring marketing strategies.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

What is meant by ‘Place’ in marketing?

A

It relates to where the product is sold, requiring a company to identify where its target market shops, such as supermarkets, deep discounters, specialist wine shops, or online.

Selecting the right distribution channels is key to reaching the target audience.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

What does ‘Promotion’ encompass in marketing?

A

All the methods used to advertise a particular product.

Promotion strategies can include advertising, sales promotions, public relations, and direct marketing.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

What is a brand?

A

The set of physical attributes of a product or service, together with the beliefs and expectations surrounding it.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

What is a ladder brand?

A

A brand that provides consumers with easy-to-understand ‘rungs’ to trade up to higher-priced and better-quality expressions of the brand.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
What is a soft brand?
Any cue used by a consumer when choosing to buy one product in preference to another.
26
What defines a luxury brand?
Luxury brands tend to be super-premium products available to only a select few, such as Grand Cru Burgundy.
27
What is brand equity?
The value of the brand to its owner, combining brand awareness and brand image.
28
What is a broker?
Facilitators that help make deals happen between producers and buyers without representing either party.
29
What is a supply chain?
The network of organisations and activities involved from the creation of a product to its distribution and sale.
30
What is a co-operative?
A group of member-growers who collectively own a winemaking facility and produce and sell wines from their grapes.
31
What is en primeur?
A method of selling wine before it has been bottled, while still in barrel, often associated with merchants.
32
What does SWOT stand for?
Strengths, Weaknesses, Opportunities, and Threats identified through objective analysis.
33
What is marketing?
The management process responsible for identifying, anticipating, and satisfying consumer requirements profitably.
34
What is premiumisation?
Consumers are buying less wine by volume but are more willing to spend more on individual bottles.
35
What are duties?
An indirect tax on cross-border goods collected by customs as government revenue.
36
What are tariffs?
Direct taxes imposed by the government on a particular class of imports or exports.
37
What is an embargo?
An extreme form of protection where a country bans imports from or exports to a particular country.
38
What is a distributor?
A buyer of wine from various producers who sells it to a range of retailers.
39
What is a free market?
A market where producers can choose to sell directly to consumers, retailers, or through intermediaries.
40
What is a merger?
When two companies join to share resources for business diversification and opportunities.
41
What is an acquisition?
The purchasing of controlling shares of one business by another in order to gain the purchased business’s resources, whether that be vineyard area, market share, marketing resources, etc, the purchasing company believes it lacks.
42
What is private label wine?
Wines bottled under a label exclusive to the retailer.
43
What is socioeconomic status?
An individual’s or family’s position in society based on income, education, and occupation.
44
What are high-involvement consumers?
Consumers with a deep interest in wine, keen to try new products and tend to spend more.
45
What are low-involvement consumers?
Consumers with little interest in details, sticking to a few known products and spending less.
46
What is a survey?
A series of questions designed to investigate the opinions or behaviors of a large group.
47
What is a focus group?
A small group of people from the relevant consumer segment discussing a research topic.
48
What are interviews?
One-to-one discussions of the topic being researched.
49
What is observing consumer behavior?
Monitoring and analyzing the behavior of target consumers.
50
What is secondary research?
Market research using data already available in the public domain.
51
What is a product?
The item being marketed, including packaging, branding, and value-added features.
52
What is price?
The amount a consumer pays for a product, including additional costs and discounts.
53
What does 'people' refer to in marketing?
The attitudes and behaviors of the target consumer and the relationship between the company and its stakeholders.
54
What does 'place' refer to in marketing?
Where the product is sold, focusing on the outlets where the target market shops.
55
What is promotion?
All methods used to advertise a particular product.
56
What is a bonded warehouse?
A warehouse that stores alcohol for importers and distributors, releasing it only upon purchase.
57
What are capital costs?
Money invested in a business to generate income, spent on long-term assets.
58
What are operating costs?
The day-to-day costs related to producing and packaging wine.
59
What is the aim of public relations?
To create the most favourable image possible of the brand or business in the eyes of the consumer.
60
Who are Key Opinion Leaders?
A person, community or organisation that creates high quality content on social media and has a large group of loyal followers.
61
What does SWOT stand for?
Strengths, Weaknesses, Opportunities, Threats.
62
What is the purpose of the SWOT tool?
To provide insights into the achievement of any objective by identifying and analysing relevant factors.
63
Fill in the blank: The aim of public relations is to create the most _______ image possible of the brand or business.
[favourable]
64
True or False: Key Opinion Leaders have a small group of followers.
False
65
List the four components of SWOT.
* Strengths * Weaknesses * Opportunities * Threats
66
What is the purpose of Options in currency hedging?
Options is a strategy used in currency hedging where a retailer takes an ‘option’ on a wine amount at an agreed price.
67
What does a retailer do when they take an option on wine?
The producer must keep the wine aside for the retailer for an agreed amount of time, allowing the retailer to decide whether to buy it.
68
Define a Monopoly Market.
A market in which the supply chain is limited, and a monopoly, usually government owned, controls the sale of wine to the end consumer.
69
What are the functions of a monopoly in the alcohol market?
The monopoly sells alcohol in its own retail outlets and buys all alcohol that comes into or is made in the country, controlling every aspect of buying and selling.
70
What was the purpose of the USA Three-Tier System?
To prevent direct sales from the producer/supplier to the retailer to avoid producer monopolies and increased prices.
71
What is one benefit of implementing a distributor tier in the Three-Tier System?
It provides additional jobs and easier regulation and collection of taxes.
72
What is Systembolaget?
The government-owned chain in Sweden that is the only retail outlet allowed to sell alcohol.
73
How often does Systembolaget issue tender requests for wine?
Four times a year.
74
What process does Systembolaget use for selecting wine suppliers?
Samples are blinded tasted and a decision is made based on quality, followed by additional analysis.
75
How long can the selection process for wine at Systembolaget take?
Up to seven or eight months.
76
Is the final decision for wine selection at Systembolaget based on quality alone?
True.
77
Fill in the blank: Systembolaget makes wines available throughout Sweden, not just in _______.
specialist outlets.
78
Estates:
Makes wine exclusively from their own vineyards. The entire production process (grape growing to bottling) takes place on site.
79
Only concentrate on growing grapes to be sold on to winemakers or merchants.
Growers
80
Grower-producers:
Grow their own grapes and make the wine, but pass the wine on to merchants to mature and bottle. 
81
Grow their own grapes and make the wine
but pass the wine on to merchants to mature and bottle.
82
Merchants:
Traditionally buy immature wine, mature it and sell it under their own name. Sometimes blend the wines of different producers before bottling. Many merchants now produce their own wine from grapes or juice and provide technical support to their suppliers to ensure that the grapes, juice or wine they buy are of the required quality.
83
Traditionally buy immature wine
mature it and sell it under their own name. Sometimes blend the wines of different producers before bottling. Many merchants now produce their own wine from grapes or juice and provide technical support to their suppliers to ensure that the grapes
84
Micro-Négociants:
Merchants do not need to cover the expense of buying and managing vineyards. In regions (eg. Burgundy) where land is rarely sold (and when it is, its incredibly coveted and expensive), micro-négociants specialise in small-production wines, usually from individual vineyards, that can achieve super-premium prices. Many work closely with particular growers to be assured of the best quality fruit.
85
Merchants do not need to cover the expense of buying and managing vineyards. In regions (eg. Burgundy) where land is rarely sold (and when it is
its incredibly coveted and expensive)
86
Grower-merchants:
Own vineyards and produce wine from those vineyards alongside wines made from bought-in grapes, juice or wine.
87
Own vineyards and produce wine from those vineyards alongside wines made from bought-in grapes
juice or wine.
88
Co-ops:
A group of wine growers that produce and sell wines made solely from grapes grown by their members. Co-ops are owned by their members.
89
Owned by a group of growers and produce and sell wines made from grapes grown by their members.
Co-operatives
90
Sites where growers do not own the facility but pay each time they require a winemaking facility.
Custom crush facilities
91
Virtual Winemakers:
This is a term used, mainly in North America, for winemakers who do not own vineyard land or winemaking facilities. Often buy in grapes or juice and may rent facilities in another winery.
92
This is a term used
mainly in North America
93
Conglomerates:
Large companies, which have interests in different kinds of alcoholic beverages. Often own many smaller businesses through the supply chain.
94
Large companies
which have interests in different kinds of alcoholic beverages. Often own many smaller businesses through the supply chain.

D2 Definitions (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions