Friday, February 7, 2020

Wine marketing Essay Example | Topics and Well Written Essays - 3250 words

Wine marketing - Essay Example This report mainly focuses on the online trend of wine retail marketing which are growing with the emergent of new technologies and sophisticated techniques over the internet network. With more technological development day by day online e-commerce system can generate a great prospect for online wine retail business ventures. Online Wine Retail Business Online wine retail business is growing fast with technological inventions. There are various advantages for starting a retail business online. Due to the cost cut as there is no physical space for the shop or floor staffs or other rents in the business process the online retailer will be able to offer products at a very low cost than the competitors who are retailing from shops physically in different shops and supermarkets. In online retailing the customer have the choice sit back comfortably at home and place their order for wines without any hassle of travelling. With this growing demand from the customers the online wine retailing business venture can be very effective way for any company to grab the market share. Through online retailing the company can have a wider reach to the customers worldwide and can increase their sale but on the other hand there are certain drawbacks also for online wine retailing like customers are not able to get a tangible product in their hand which is not preferred by many customers and since there are no direct contact with the customer face to face it’s not possible for the company to convince them to generate the lead (Aerator for Wine, 2011). Products and Services Offered Online wine store can quickly transform the visitors of the website into customers if they find the products and services interesting enough and relevant to their needs. Online wine retailer will have to offer wines of different brands for every need of the customers. Different wines ranging from red wines, sparkling, valentine, white wine, champagne and various others should be available online wit h their detailed information. The company should update information of the website regularly so as to understand the stock available for the products and will also give the customer an image about the popularity of the website. The company can offer discount count coupons on different occasions for their loyal customers and can also start the service of membership card to avail various benefits from the company. The company should also send e-mail notification to the customers to make them aware about their offers and products. Market Analysis Market Segmentation Market segmentation is the strategy by which the company divides the market and target a specific group of customers for a particular product. Porter’s Generic model is a very useful tool for analyzing the market and selects the possible route for entering into the market. Figure 1: Porter's Generic Model (Source: Kreitner, 2008, p. 184) Cost Leadership Cost leadership strategy is used to penetrate the market in a co mpetitive environment by keeping the price low from others. Price sensitive customers are often attracted by this type of strategy. Differentiation Strategy Differentiating the product from the competitors’ product is another strategy used by companies. Distinctive features of the specific product are highlighted to the customers. Focus Strategy This is the niche marketing technique

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