WVIT 433 Final Exam Study Guide
Questions and Correct Answers
Niche marketing - Answer-the subset of the market on which a specific product is focusing
Channel mix - Answer-the institutions and partners such as wholesalers and retailers that are used to
make your product available to the customers
Marketing - Answer-the performance of business that directs the flow of goods and services from
producer to consumer
Long-term
Hard to define
Sales - Answer-closing a transaction
Happens fast
Easy to measure success
5 P's - Answer-product
placement
price
,promotion
position
Objectives - Answer-your measurable/achievable goals
Strategy - Answer-how you will achieve your goals in the long term
Tactics - Answer-how you achieve your goals in the short term
SWOT - Answer-Strengths (internal)
Weaknesses (internal)
Opportunities (external)
Threats (external)
Market Segments - Answer-Breaking the market into manageable segments
Winery Pipeline - Answer-everything between you and the person who actually opens the bottle
includes distributors, retailers, restaurants
18th amendment - Answer-1919 prohibited alcoholic spirits
drinking and organize crime sky rocketed
21st amendment - Answer-1933 repealed 18th amendment
types of market segmentation - Answer-4 types
, geographic
behavioral
demographic
psychographic
when is market research most effective? - Answer-when scan data from large chains is used
why do we need market research? - Answer-the wine industry is constantly changing
Pricing segmentation - Answer-Super value - less than $3
Basic/sub premium - $3-6.99
Premium - $7-9.99
Super premium - $10-13.99
Ultra premium - $14-50
Icon - +$50
direct marketing research - Answer-1. data that the winery obtains directly from the consumer
2. tasting room customer feedback
3. wine club consumer feedback
4. retail observations surveys
5. focus groups
6. internet survey
Sources of market research - Answer-Primary
secondary
Questions and Correct Answers
Niche marketing - Answer-the subset of the market on which a specific product is focusing
Channel mix - Answer-the institutions and partners such as wholesalers and retailers that are used to
make your product available to the customers
Marketing - Answer-the performance of business that directs the flow of goods and services from
producer to consumer
Long-term
Hard to define
Sales - Answer-closing a transaction
Happens fast
Easy to measure success
5 P's - Answer-product
placement
price
,promotion
position
Objectives - Answer-your measurable/achievable goals
Strategy - Answer-how you will achieve your goals in the long term
Tactics - Answer-how you achieve your goals in the short term
SWOT - Answer-Strengths (internal)
Weaknesses (internal)
Opportunities (external)
Threats (external)
Market Segments - Answer-Breaking the market into manageable segments
Winery Pipeline - Answer-everything between you and the person who actually opens the bottle
includes distributors, retailers, restaurants
18th amendment - Answer-1919 prohibited alcoholic spirits
drinking and organize crime sky rocketed
21st amendment - Answer-1933 repealed 18th amendment
types of market segmentation - Answer-4 types
, geographic
behavioral
demographic
psychographic
when is market research most effective? - Answer-when scan data from large chains is used
why do we need market research? - Answer-the wine industry is constantly changing
Pricing segmentation - Answer-Super value - less than $3
Basic/sub premium - $3-6.99
Premium - $7-9.99
Super premium - $10-13.99
Ultra premium - $14-50
Icon - +$50
direct marketing research - Answer-1. data that the winery obtains directly from the consumer
2. tasting room customer feedback
3. wine club consumer feedback
4. retail observations surveys
5. focus groups
6. internet survey
Sources of market research - Answer-Primary
secondary
