WSET LEVEL 4 D2 EXAM WITH CORRECT 180+ QUESTIONS WITH CORRECTRY ANALYZED ANSWERS (ACTUAL EXAM) ALREADY GRADED A+ LATEST 2024 What is the goal of marketing? - ANSWERS -To create profits either through volume of sales or value of sales What is considered a successful campaign? - ANSWERS -Marketing campaign costs money and resources. A successful one achieves adequate level of profit within a specified timetable Cite key stages of successful marketing - ANSWERS -- Identifying the product/brand to be marketed - Analyzing the current market - Identifying the target market - Setting the objectives of the marketing strategy - Devising the marketing strategy (the marketing mix) - Implementing and monitoring the marketing strategy List major social factors affecting demand for wine - ANSWERS -- Change in consumption habits - Change in consumer preferences - Change in reputation - Change in spending patterns Describe how global wine consumption habits have changed since 2001 - ANSWERS -- Rapid growth in the first part of 2000 - Fall after 2008 financial crisis as many consumers reduce spending on non -
essential products - Slight decline in recent years and due to remain stable to 2021 - Strong growth in sparkl ing wine sales Top five countries for total wine consumption in 2017 - ANSWERS -- USA - France - Italy - Germany - China Describe what happens when relative supply and demand change - ANSWERS -- When supply exceeds demand: price falls, consumer have greater choice of cheaper alternatives. Producers lower price to remain competitive. Fall in prices lead to increased demand in the long run - When demand exceeds supply: price increase, consumers willing to pay higher for some wines; others simply switch to another wine or a different alcoholic drink The general factors affecting demand for wine - ANSWERS -- Social - Economic - Legislative - Political Explain the increasing wine consumption in USA in the last 20 -30 yr - ANSWERS -- Increasing globalization of the food and drinks indust ry - Consumers more able and willing to embrace new tastes - Increases and improvement in wine production in the domestic market Explain the increasing wine consumption in China - ANSWERS -- Growing middle class showing wealth and status - move away from l ocal drinks - Aspire to drink imported wine - Bilateral trade agreement with Australia, Chile etc Give possible reasons for falling wine consumption in traditional wine -drinking countries - ANSWERS -- Younger people drinking less wine: old fashioned; less time in bars, more on social media - Health concerns: mostly due to government campaigns, e.g., Loi Evin in France - Changes in lifestyle: less time for longer meals, less lunchtime drinking - Reduced availability of cheap wine: reduce over -production, some consumers switch to cheaper alcoholic drinks List a few major changes in consumer preferences in recent years - ANSWERS -- Rose and Prosecco become popular - Increased demand for lower -alcohol wines - Medium -sweet German wines and fortified wines going out of fashion What factors could influence a wine's reputation? - ANSWERS -- Good reviews from lead ing publications and critics - Online influencers and KOLs - Presence in popular culture, e.g., films television series, music lyrics or celebrity lifestyle news - Peer opinions What are price -sensitive markets? Give examples - ANSWERS -Markets where consu mers are unwilling to pay more than the lowest price possible for the style of wine they want to buy. E.g., Germany, UK
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller NurseLNJ. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
