Wine Marketing Flashcards
What is marketing?
The management process which is responsible for identifying, anticipating and satisfying consumer requirements profitably.
List the five stages to a marketing strategy/
- Identifying the product/brand to be marketed.
- Identifying the target market.
- Setting the objectives of the marketing strategy.
- Devising the marketing strategy (the ‘marketing mix’).
- Implementing and monitoring the marketing strategy.
How does a SWOT analysis help an organization?
How do the various factors favor the organization’s success in achieving that objective?
Where are the mismatches between the factors and likelihood of success?
Where are the threats, how can the resulting risks best be managed?
List the five P’s of a marketing strategy.
Product
Price
People
Place
Promotion
What should be considered when researching an external factor?
Political
Economic
Social
Technological
Environmental
Legal and Regulatory
What are the four life cycle phases of a product or brand?
Introduction
Growth
Maturity or Stabilisation
Decline
What is a brand?
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 logo of the product or service should evoke in the mind of the audience.
What are the attributes of a successful brand?
Substance
Consumer trust
Consumer engagement
Brand story
Price Premium
Longevity
Strong name
What are the four levels of brand position?
Value
Standard
Premium
Super-premium
What are the rungs in a ladder brand?
Accessible
Stretch
Aspiration
What are the variables that define a market segment?
Geographic – where people live
Demographic – who people are, their groups
Psychographic – what people believe
Behavioral – how people act
What are three wine consumer groups?
Wine lovers – high interest, high income, high knowledge
Wine interested – high interest, moderate knowledge, moderate income
Wine curious – moderate interest, moderate income, limited knowledge
Marketing objectives should cover what key areas?
What type of marketing strategy to pursue?
What are the aims of the strategy?
How will success be measured?
What is the time frame for the strategy?
What are the three broad options for a marketing strategy?
Undifferentiated or mass – appealing to the whole market.
Niche – aimed at a specific segment of the market.
Multiple – appealing to numerous segments with one brand or several brands.
What are typical point of sale promotions?
Price Promotions
Competitions
Limited edition packaging
Consumer tastings
Staff incentives
Staff training
