D2C09 Identifying The Product/Brand To Be Marketed Flashcards Preview

D2: Wine Business > D2C09 Identifying The Product/Brand To Be Marketed > Flashcards

Flashcards in D2C09 Identifying The Product/Brand To Be Marketed Deck (30)
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1

Stages of product life cycle

Introduction
Growth
Maturity of stabilisation
Decline

2

Marketing strategy for the introduction phase

Focus on getting product into market, gaining recognition and reputation
Distribution limited to a few carefully selected channels to begin with

3

Marketing strategy for the growth stage

Aim at broader target market, encourage strong growth
Increasingly widely distributed

4

Marketing strategy for the stabilization stage

Highlight the difference between the product and other competing products

5

Marketing strategy for the decline phase

Extend life cycle
Improving product
Update packaging, reducing price to make it more competitive
Seek new markets

6

The purpose of branding

Seeks to move a product away from being a commodity to the extent that consumers will want to buy that product even if it costs more than the minimum possible price
E.g. Marlborough Sauvignon Blanc - Cloudy Bay compared with others

7

Give one definition of brand

CIM: the set of physical attributes of a product or service, together with the beliefs and expectations surrounding it - a unique combination which the name or the logo of the product or service should evoke in the mind of the audience

8

List methods to create a positive brand image in the consumer’s mind

Substance
Consumer trust
Consumer engagement
Brand story
Price premium
Longevity
Strong brand name

9

Explain substance in the context of brand. Give example

Consistently deliver same level of quality and style
E.g., Champagne NV

10

Explain consumer trust in the context of brand. Give example

Due to consistency, consumers come to trust a brand to always give them what they want
E.g., supermarket own-brand wine: low-involvement consumers regularly buy favorite brand of wine in preference to cheaper, unbranded alternative which they do not know

11

Explain consumer engagement in the context of brand

Consumer have a relationship with brand
They feel the brand’s marketing strategy is aimed directly at them
Changes need to be made very carefully

12

What stories of wine could be used for marketing?

Producer story
Where are grapes grown
How is the wine made
Is there a story behind name, label, bottle design
Price, where the wine is sold and how it is sold
What other people say about the wine

13

How does a wine’s story help the brand?

Create a sense of authenticity
Link wine to a particular place and particular producer in a way that bulk production wines do not

14

Explain price premium in the context of brand

Command higher price than similar generic products
Consumers view high price as a guarantee of quality

15

Explain longevity in the context of brand. Example

Brand in existence for a long time
E.g., leading champagne brands

16

Explain strong brand name in the context of brand

Easy to to remember and pronounce
Avoid offensive or obscene meaning in other languages
E.g. Mist (made in Saint-Tropez) means excrement in Germany

17

Discuss several effective strategies for naming a brand

Different name in different markets which is not merely a translation but resonate with the target market. (Penfolds, Lafite)
Reference to geographical features, e.g. Cloudy Bay, Blossom Hill - give a sense of place
Name of founder gives sense of heritage and longevity. E.g., Champagne Krug, Taylor’s Port
Protect such assets through trademark registration

18

How can you measure the value of brand?

Brand equity: brand awareness (the extent to which consumers are familiar with the brand) and brand image (how consumers perceive)

19

List major terms used to describe different aspects of branding or types of brands

Brand position
Private label
Ladder brand
Soft brand
Luxury brand

20

What is brand position? Give one method of categorization

Where a brand sits within a market and the cues used to indicate that position
Value, standard, premium, super-premium

21

How can brand position change within the market?

Usually set at launch
With competition, can lower position to remain competitive
Can raise position with a lot of work over time

22

What is a ladder brand?

Intended to give consumers easy-to-understand “rungs” to help them trade up to a higher-priced and better quality expression of the brand
Whole range benefit from the identity of the most prestigious expression of the brand

23

List the three rungs in ladder brand

Accessible: least expensive, greatest distribution, consumers buy most often
Stretch: affordable but only for special occasions
Aspiration: most prestigious expression. Most consumer will never buy. Cast super-premium identity over the entire ladder

24

Give two examples of ladder brand

Champagne: Pol Roger non-vintage; vintage; cuvée Winston Churchill
Burgundy: Bourgogne Rouge, Gevrey-Chambertin, Le Chambertin Grand Cru

25

On what kind of consumers are ladder brands less effective? Why?

Low-involvement consumers
Few if any who buy accessible wine will be aware that the aspirational wine exists
Worst situation: entire ladder is viewed based on the accessible and consumer would be reluctant to trade up even to stretch as they believe it to be overpriced

26

What is a soft brand? Give examples

Any cue used by a consumer when choosing to buy one product in preference to another
Country of origin: Australia
Region: Rioja
GI: Pouilly-Fume
Variety: Cabernet
Style: oaky Chardonnay

27

What is a luxury brand? Give examples

No agreed definition
Tend to be super-premium priced wines which only a very few can afford
E.g., Bordeaux Premier Cru Classe; Screaming Eagle

28

Key features of luxury brands

The idea of scarcity: perceived though not always the case
Promote other assets such as fruit quality, vineyard, winemaking, rich heritage etc
Promote the idea of luxury: sponsorship of exclusive and luxury events, positioning in the most upmarket retailers and on wine lists of fine dining restaurants

29

List top 10 global wine brands in 2017

Barefoot (USA)
Concha y Toro (Chile)
Gallo (USA)
Changyu (China)
Yellow tail (Australia)
Shutter Home (USA)
Robert Mondavi (USA)
Hardys (Australia)
Beringer (USA)
Great Wall (China)

30

List biggest champagne brands in 2016

Moët & Chandon
Veuve Clicquot
Nicolas Feuillatte
G.H. Mumm
Laurent Perrier
Taittinger
Pommery
Piper-Heidsieck
Landon
Canard-Duchene