Free DipWSET D2: Wine Business Flashcards
DECK Number 8
Instructions before starting:
I RECOMMEND YOU LEAVE THE CARDS IN THE INITIAL ORDER AND USE THE “SHUFFLE” OPTION ONLY WHEN YOU MASTER THE WHOLE DECK (= 0 MISTAKE)
Read the Term on the Card and give your answer Click on “Check the Answer” button to check your knowledge Click on “Got It!” if your answer was correct
Click on “Need more practice” to review the card at the end of the deck and try answering another time
Click on “Shuffle” button to change cards order
GOOD LUCK!!
[qdeck]
[h] DipWSET D2 SET 8
[i] DipWSET D2 – Wine Business Flashcards
SET 8
I RECOMMEND YOU LEAVE THE CARDS IN THE INITIAL ORDER AND USE THE “SHUFFLE” OPTION ONLY WHEN YOU MASTER THE WHOLE DECK (= 0 MISTAKE)
– Read the Term on the Card and give your answer
– Click on “Check the Answer” button to check your knowledge
– Click on “Got It!” if your answer was correct
– Click on “Need more practice” to review the card at the end of the deck and try answering another time
– Click on “Shuffle” button to change cards order
[start]
[q unit=”2″ topic=”8″] POLITICAL
OPPORTUNITIES & THREATS
(swot analysis)
[a] 1- PROHIBITION & TAXES
2- SUBSIDIES
3- PROMOTIONAL SUPPORTS
[q unit=”2″ topic=”8″] ECONOMIC
OPPORTUNITIES & THREATS
(swot analysis)
[a] 1- CURRENCY FLUCTUATIONS
– improve competitiveness of exports
– more expensive importations
– hard to plan
– if more reactive than competition = OPPORTUNITY
2- RECESSION
(reduces consumer purchasing power)
[q unit=”2″ topic=”8″] SOCIAL
OPPORTUNITIES & THREATS
(swot analysis)
[a] 1- ONE GENERATION AVOID DRINKS OF THE PARENTS
2- CULTURAL ATTITUDES
3- AVAILABILITY OF SKILLED / AFFORDABLE LABOUR
(in rural areas for instance)
[q unit=”2″ topic=”8″] TECHNOLOGICAL
OPPORTUNITIES & THREATS
(swot analysis)
[a] 1- NEW PRODUCTION TECHNIQUES
2- NEW EQUIPMENTS
[q unit=”2″ topic=”8″] ENVIRONMENTAL
OPPORTUNITIES & THREATS
(swot analysis)
[a] 1- CLIMATE CHANGE
2- PRESSURE FOR ALTERNATIVE LAND USE
(real estate…)
3- LOGISTICS IMPACT
4- WASTE MANAGEMENT / ENERGY USE
[q unit=”2″ topic=”8″] LEGAL & REGULATORY
OPPORTUNITIES & THREATS
(swot analysis)
[a] 1- REGULATION ON TRADE
2- REGULATION ON PRODUCTION
3- WINE PDOs / PGIs
[q unit=”2″ topic=”8″] SWOT ANALYSIS PROVIDE INSIGHTS INTO
[a] 1- HOW ACHIEVABLE IS THE OBJECTIVE
2- WHAT FURTHER INVESTMENTS (resources / capabilities)
WILL MAXIMIZE CHANCES OF SUCCESS
3- CHARTS EXTERNAL BUSINESS ENVIRONMENT
[q unit=”2″ topic=”8″] PRODUCT LIFE CYCLE
(4 phases)
[a] 1- INTRODUCTION
(start slowly
+ establishes itself)
2- GROWTH
(start to grow)
3- MATURITY + STABILIZATION
4- DECLINE
[q unit=”2″ topic=”8″] INTRODUCTION PHASE
(product life cycle)
[a] 1- FOCUS ON GETTING THE PRODUCT TO THE MARKET
2- GAINING REPUTATION & RECOGNITION
[q unit=”2″ topic=”8″] GROWTH PHASE
(product life cycle)
[a] THE PRODUCT GETS INCREASINGLY WIDELY DISTRIBUTED
[q unit=”2″ topic=”8″] MATURITY & STABILIZATION PHASE
(product life cycle)
[a] HIGHLIGHT DIFFERENCES BETWEEN THE PRODUCT
& THE COMPETITION
[q unit=”2″ topic=”8″] DECLINE PHASE
(product life cycle)
[a] TAKE STEPS TO EXTEND PRODUCT LIFE CYCLE
[q unit=”2″ topic=”8″] HOW TO EXTEND PRODUCT LIFE CYCLE
[a] 1- IMPROVING PRODUCTS
2- UPDATING PACKAGING
3- REDUCING PRICES
4- SEEKING NEW MARKETS
[q unit=”2″ topic=”8″] BRANDING
(4 main characteristics)
[a] 1- WITHOUT BRANDING, PRODUCTS WOULD BECOME COMODITIES
2- SEEKS TO MOVE A PRODUCT AWAY FROM BEING A COMMODITY
3- CUSTOMERS ARE WILLING TO BUY A BRANDED PRODUCT
EVEN IF IT COSTS MORE THAN THE MINIMUM PRICE
4- CUSTOMERS WANT TO BUY WHAT A PRODUCT REPRESENTS
AND NOT JUST A RANDOM PRODUCT
[q unit=”2″ topic=”8″] BRAND
(definition)
[a] 1- THE SET OF PHYSICAL ATTRIBUTES OF A PRODUCT OR A SERVICE,
TOGETHER WITH THE BELIEFS
& EXPECTATIONS SURROUNDING IT
2- IT IS A UNIQUE COMBINATION THAT A NAME
OR A LOGO SHOULD EVOKE
IN THE MIND OF THE AUDIENCE
[q unit=”2″ topic=”8″] TO BE SUCCESSFUL A BRAND SHOULD
[a] CREATE A POSITIVE IMAGE
[q unit=”2″ topic=”8″] 12 WAYS TO CREATE A BRAND POSITIVE IMAGE
[a] 1- SUBSTANCE
2- CONSUMER TRUST
3- CONSUMER ENGAGEMENT
4- BRAND STORY
5- PRICE PREMIUM
6- LONGEVITY
7- STRONG BRAND NAME
8- BRAND POSITION
9- PRIVATE LABEL
10- LADDER BRAND
11- SOFT BRAND
12- LUXURY BRAND
[q unit=”2″ topic=”8″] SUBSTANCE
(positive brand image)
[a] CONSISTENT STYLE & QUALITY
(e.g. champagne non vintage
consistent year on year)
[q unit=”2″ topic=”8″] CONSUMER TRUST
(positive brand image)
[a] ALWAYS DELIVER EXPECTED VALUE
[q unit=”2″ topic=”8″] CONSUMER ENGAGEMENT
(positive brand image)
[a] 1- PERSONAL RELATIONSHIP WITH THE BRAND
2- BESPOKE MESSAGE TO THE TARGETED AUDIENCE
(feel the brand marketing strategy is taylored at them personally)
[q unit=”2″ topic=”8″] BRAND STORY
(positive brand image)
[a] 1- STORIES THAT CONSUMERS CAN RELATE TO
2- EMOTIONAL ATTACHMENT BRAND to STORY
3- PROMOTE AUTHENTICITY
4- CREATE ENGAGEMENT & VALUE
5- INCLUDE WHAT OTHER PEOPLE SAY
ABOUT THE PRODUCT
[q unit=”2″ topic=”8″] PRICE PREMIUM
(positive brand image)
[a] MANY CONSUMERS VIEW HIGHER PRICES
AS A GUARANTEE OF QUALITY
[q unit=”2″ topic=”8″] LONGEVITY
(positive brand image)
[a] THE BRAND HAS BEEN IN EXISTENCE FOR A LONG TIME
(e.g. champagne brands)
[q unit=”2″ topic=”8″] STRONG BRAND NAME
(positive brand image)
[a] 1- NAME EASY TO REMEMBER
2- NAME EASY TO PRONOUNCE
(in different languages)
3- NOT OFFENSIVE
(in other languages / cultures)
4- CAN INCLUDE
– geographical features (sense of place)
– company founder’s name (heritage, longevity)
5- CAN BE TRADEMARK REGISTERED
6- CARRY FINANCIAL VALUE
(brand equity)
[q unit=”2″ topic=”8″] BRAND POSITION
(positive brand image)
[a] 1- LINKED TO RETAIL PRICE
2- WHERE IT SITS IN THE MARKET & COMPARED TO ITS COMPETITORS
3- USUALLY SET AT LAUNCH
4- CAN EVOLVE OVER TIME
(but harder to shift brand position)
[q unit=”2″ topic=”8″] PRIVATE LABELS
(positive brand image)
[a] AVAILABLE ONLY AT RESTAURANTS, SUPERMARKETS…
WHO CREATED THE BRAND
[q unit=”2″ topic=”8″] LADDER BRAND
(positive brand image)
[a] 1- GIVE CONSUMERS EASY-TO-UNDERSTAND “RUNGS”
TO HELP THEM TRADE UP TO A HIGHER-PRICED
& BETTER QUALITY EXPRESSION OF THE BRAND
2- THE WHOLE RANGE OF BRANDS BENEFIT FROM
THE IDENTITY OF THE MOST PRESTIGIOUS EXPRESSION
OF THE BRAND
3- USUALLY 3 RUNGS
– accessible (least expensive)
– stretch (affordable)
– aspiration (most prestigious)
[q unit=”2″ topic=”8″] SOFT BRAND
[a] 1- A SORT OF UMBRELLA BRAND THAT HIGHLIGHTS A SET OF COMMON & SHARED FEATURES BY THE PRODUCTS CARRYING THE SOFT BRAND
2- AT THE SAME TIME ALLOW A DEGREE OF FREEDOM
& THE EXPRESSION OF A SENSE OF UNIQUENESS
WITHIN THAT BRAND
3- EXAMPLES: PDOs, PGIs…
[q unit=”2″ topic=”8″] LUXURY BRANDS
(positive brand image)
[a] 1- SUPER-PREMIUM PRICED WINES THAT
ONLY FEW CUSTOMERS CAN AFFORD
2- PROMOTE THE IDEA THAT THEY ARE
SCARCE EVEN IF THEY ARE NOT
(perceived scarcity)
[q unit=”2″ topic=”8″] BRAND EQUITY
(definition)
[a] VALUE OF A BRAND FOR ITS OWNERS
USUALLY COMPUTED USING METRICS SUCH AS
– brand awarness
– brand image
[q unit=”2″ topic=”8″] BRAND POSITION
(the 4 usual segments)
[a] 1- VALUE
2- STANDARD
3- PREMIUM
4- SUPER-PREMIUM
[q unit=”2″ topic=”8″] ASPIRATION BRAND
[a] 1- THE MOST PRESTIGIOUS EXPRESSION OF A BRAND
2- USUALLY CASTS ITS SUPER-PREMIUM IDENTITY
OVER THE ENTIRE LADDER
[q unit=”2″ topic=”8″] EXAMPLE OF LADDER BRANDING
(Pol Roger champagne house)
[a] 1- ACCESSIBLE = POL ROGER NON VINTAGE
2- STRETCH = POL ROGER VINTAGE
3- ASPIRATION = POL ROGER WINSTON CHURCHILL
[q unit=”2″ topic=”8″] EXAMPLE OF LADDER BRANDING
(Roederer champagne house)
[a] 1- ACCESSIBLE = ROEDERER NON VINTAGE
2- STRETCH = ROEDERER VINTAGE
3- ASPIRATION = ROEDERER CUVEE CRISTAL
[q unit=”2″ topic=”8″] EXAMPLE OF LADDER BRANDING
(on Bourgogne as a soft brand)
[a] 1- ACCESSIBLE = BOURGOGNE ROUGE
2- STRETCH = GEVREY CHAMBERTIN
3- ASPIRATION = LE CHAMBERTIN GRAND CRU
[q unit=”2″ topic=”8″] TYPES OF PRODUCTS FOR WHICH LADDER BRANDING WORKS VERY WELL
[a] ON LUXURY PRODUCTS
(like champagne)
[q unit=”2″ topic=”8″] TYPES OF CUSTOMERS FOR WHICH LADDER BRANDING
USUALLY DO NOT WORK WELL
[a] LOW INVOLVEMENT CUSTOMERS
BECAUSE
– few will be aware of the aspiration brand
– so no identity will be given by the aspiration brand
– then the entire value of the ladder will be based
on the accessible expression of the brand
AS A RESULT
– the aspiration brand will be considered as overpriced
[q unit=”2″ topic=”8″] FACTORS THAT MAY CONTRIBUTE TO THE LUXURY OF A BRAND IMAGE
FOR A GIVEN WINE
(non exhaustive, give 5)
[a] 1- QUALITY OF THE FRUITS
2- QUALITY OF THE VINEYARD
3- NO EXPENSES SPARED DURING WINEMAKING
4- RICH HERITAGE
5- FAMOUS & RECOGNIZED WINEMAKER
[q unit=”2″ topic=”8″] 3 MARKETING STRATEGIES TO PROMOTE THE IDEA OF LUXURY
[a] 1- SPONSORSHIP OF EXCLUSIVE & LUXURY EVENTS
2- POSITIONNING IN THE MOST UPMARKET RETAILERS
3- POSITIONNING ON THE WINE LISTS OF FINE DINING RESTAURANTS
[q unit=”2″ topic=”8″] GLOBALLY MOST POWERFUL WINE BRANDS
(main characteristic)
[a] BENEFIT FROM WIDESPREAD AWARENESS IN MULTIPLE MARKETS
[q unit=”2″ topic=”8″] A NEW PRODUCT WITH LIMITED CHANCES OF SUCCESS IS
[a] A PRODUCT THAT FAILS TO PROVIDE SOMETHING DIFFERENT, CHEAPER or BETTER THAN A PRODUCT ALREADY ON THE MARKET
[q unit=”2″ topic=”8″] SEGMENTATION
(definition)
[a] DIVISION OF A MARKETPLACE INTO DISTINCT & HOMOGENEOUS
SUBGROUPS (= SEGMENTS)
EACH SEGMENT IS CHARACTERIZED BY PARTICULAR PARAMETERS & TASTES
REQUIRING SPECIFIC MARKETING STRATEGIES
[q unit=”2″ topic=”8″] TARGETED SEGMENT
(main characteristic)
[a] 1- LARGE ENOUGH GROUP(S) TO BE PROFITABLE
2- SHARE SOME SIMILAR PREFERENCES & NEEDS
[q unit=”2″ topic=”8″] SEGMENTATION VARIABLES USUALLY USED FOR ANALYSIS OF A MARKET
(4 main variables)
[a] 1- GEOGRAPHIC
2- DEMOGRAPHIC
3- PSYCHOGRAPHIC
4- BEHAVIOURAL
A SEGMENT IS USUALLY MADE THROUGH THE USE OF A COMBINATION OF VARIABLES
[q unit=”2″ topic=”8″] GEOGRAPHIC VARIABLES
(use for market segmentation)
[a] GENERALLY TOO BROAD AS A STANDALONE
[q unit=”2″ topic=”8″] EXAMPLES OF DEMOGRAPHIC VARIABLES
(for segmentation purpose)
[a] AGE, GENDER…
[q unit=”2″ topic=”8″] EXAMPLES OF PSYCHOGRAPHIC VARIABLES
(for segmentation purpose)
[a] LIFESTYLE
PERSONALITY
KNOWLEDGE OF WINE
…
[q unit=”2″ topic=”8″] EXAMPLES OF BEHAVIOURAL VARIABLES
(for segmentation purpose)
[a] 1- BENEFIT WANTED FROM WINE (quality, prestige…)
2- WHERE THE WINE IS BOUGHT
3- BRAND LOYALTY
…
[q unit=”2″ topic=”8″] VARIABLES COMBINATIONS MEANINGFULNESS
WITHIN A MARKET SEGMENTATION
[a] 1- PEOPLE SHARING PSYCHOGRAPHICAL & BEHAVIOURAL TRAITS
ARE MORE LIKELY TO BEHAVE IN A SIMILAR WAY
2- PEOPLE ONLY SHARING AGE & LOCATION ARE USUALLY
A LESS MEANINGFUL COMBINATION
[x] GOOD JOB!! [restart]
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