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D2 > Marketing > Flashcards

Marketing Flashcards

(52 cards)

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1
Q

Define marketing:

A

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

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2
Q

Five steps of the marketing process?

A

Identify the product/brand to be marketed
Identify the target market
Setting the objectives of the marketing strategy
Devising the marketing strategy/mix
Implementing and monitoring the marketing strategy

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3
Q

What is the strategic fit?

A

Various factors and how they relate to an organizations ability to achieve an objective

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4
Q

What is the purpose of a SWOT analysis?

A

Determine if an objective is reasonably achievable

If not, can it be changed, or do we pursue a different objective?

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5
Q

What determines a marketing objective?

A

An educated/uneducated guess that an opportunity exists
A personal dream/aspiration
An idea generated from market research

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6
Q

What type of research can help establish a marketing objective?

A

Value-curve analysis

Takes multiple factors into account

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7
Q

What are the primary items that make up strengths/weaknesses?

A

Capabilities and resources

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8
Q

Examples of resources?

A 
Established reputation
Reliable supply-chain relationships
Vineyard location
Quality facilities
Access to support and staff
Strong financials
Expertise
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9
Q

Examples of capabilities?

A 
Building strong new brands
Growing new brands
Scale production up/down based on supply/demand
Experiment/innovate
Lobby political organizations
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10
Q

Factors to consider for opportunities/threats?

A 
PESTEL
Political
Economic
Sociological
Technological
Environmental
Legal
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11
Q

Example of economic factors?

A

Changes in currency value, local or global

Recession

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12
Q

Examples of social factors?

A

Generational change in habits
Cultural views on alcoholic consumption
Availability of labor
Cultural views on trade, chemicals, etc.

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13
Q

Examples of environmental factors?

A

Climate change and resulting styles
Pressure for alternative land use
Environmental change such as waste management, energy use, and synthetic chemicals

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14
Q

Examples of legal factors?

A

Production regulation

Trade regulation

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15
Q

Product life cycle?

A

Introduction
Growth
Mature
Decline

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16
Q

Aspects of branding:

A 
Substance
Consumer trust
Consumer engagement
Brand story
Price premium
Longevity
Brand name
Brand position
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17
Q

Advantages of Ladder branding?

A

Steers high involvement consumers to trade up to a higher priced/higher quality expression
The highest tier benefits the lower tiers with its reputation

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18
Q

Disadvantages of Ladder branding?

A

Low involvement consumers are not aware of higher tiers

Can confuse consumers with pricing

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19
Q

Define the rungs of ladder brands:

A

Accessible - least expensive, widely distributed, most often purchased
Stretch - affordable, but special occasion only
Aspiration - most prestigious, rarely purchased by those that know it; casts identity on the rest of the ladder

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20
Q

Define soft brand:

A

A cue used by a consumer when choosing one product over another
Can be region, varietal, or style

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21
Q

How to market a luxury brand:

Study These Flashcards
A

Scarcity
Sponsorship of exclusive/luxury events
Position on top wine lists only and upmarket retailers
Focus on quality of fruit/heritage/vineyard/winemaking technique

22
Q

10 most powerful global wine brands?

Study These Flashcards
A 
Yellowtail
Casillero del Diablo
Gallo
Jacob's Creek
Barefoot
Gato Negro
Carlo Rossi
Frontera
JP Chenet
Mouton Cadet
23
Q

Primary categories of segmentation?

Study These Flashcards
A

Geographic
Demographic
Psychographic
Behavioral

24
Q

Examples of psychographic variables?

Study These Flashcards
A

Lifestyle - health-conscious or eat/drink out?
Personality - show off wealth/knowledge?
Values/beliefs - prefer organic/fairtrade/vegan/environmentally friendly
Interests - regional/varietal preference

25
Examples of behavioral values?
``` Benefits wanted from wine Occasions for wine Where/when/how often is wine purchased Brand loyalty Interest in wine Early/late adopters ```
26
Three market segments as defined by Hall? What are the two factors considered?
Wine lovers Wine interested Wine curious Income, education
27
Types of market research?
``` Survey Focus group Interviews Observing consumer behavior Secondary research ```
28
Name the 6 US Portraits of wine intelligence?
``` Engaged explorers Premium brand suburbans Contented treaters Social newbies Senior bargain hunters Kitchen casuals ```
29
Methods of observing consumer behavior?
Watching consumers in a shop Interacting with consumers Store loyalty cards Web analytics
30
Four components of a clear marketing strategy objective?
What type of market are you pursuing? What is the aim of the marketing strategy? How will success be measured? What time period for achievement?
31
Types of markets to target?
Undifferentiated/mass Niche Multiple
32
Reasons to begin a new marketing strategy?
``` Launch new product Communicate improvements to a product Increase sales Increase market share Improve brand awareness Improve brand identity Attract new consumers ```
33
What are the 7 P's?
``` Product Price People Place Promotion Physical Evidence Process ```
34
What is a marketing mix?
The factors involved in the marketing strategy that work together to create success
35
Define the first P:
Product The item being marketed, including packaging, brand story, experience, and juice Needs to stand out in saturated market
36
Define the second P:
Price Price on shelf, delivery, discounts, effort to find product, Whether to price low/high based on strategy Psychological factors ($9.99 vs $10, wine that is too cheap)
37
Define the third P:
People Consumer, producers, retailers, distributors All involved partners maintaining the same strategy
38
Define the fourth P:
Place | Where the product is sold - importance of choosing the right market and retailers
39
Five types of markets:
``` Mature Established Growth Emerging New Emerging ```
40
Define a mature market and name examples:
Wine has reached potential with stable/declining volumes | Germany, France, Switzerland, UK
41
Define an established market and name examples:
Strong historical growth that is tailing off | Ireland, South Africa, Italy, Hong Kong
42
Define a growth market and name examples:
Wine is a mainstream product and/or experiencing growth | USA, Canada, Brazil, Poland
43
Define an emerging market and name examples:
Wine is experiencing growth and shows potential from a relatively low base China, Russia, Turkey, Taiwan
44
Define a new emerging market and name examples:
Wine is still relatively new and unknown, but showing potential India, Malaysia, Philippines, Thailand
45
Define the fifth P:
Promotion | All methods of the marketing campaign
46
Two broad categories of promotions?
At point of sale | Away from point of sale
47
Types of POS promotions?
``` Price promotions Free goods Limited edition packaging Competitions Consumer tastings Staff trainings/incentives ```
48
Types of advertising?
``` Television/Cinema Radio Press Online Billboards Sponsorship Websites Social Media Smartphone apps Wine tourism Events/Festivals Reviews/Awards ```
49
Differences between PR and advertising?
Advertising promotes a product | PR promotes a business to shed a positive light
50
Types of PR?
Representatives attending events/TV/news Press releases Newsletters Social media
51
Difference between market research and marketing research?
Market research - analysis of the market to establish objective/marketing strategy Marketing research - supplementary research to determine if your marketing strategy has been successful
52
Who conducts the marketing for a winery?
In-house marketing team PR company/advertising agency Limited in-house side-work Industry association team

D2 (3 decks)

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