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                                                                                                                                                                                        Wine	
  MBA	
  2010/2011	
  Wine	
  Economics	
  Essay	
                                 	
  


                                                                                                                                                                                	
  What	
  is	
  the	
  effect	
  of	
  critics	
  on	
  the	
  wine	
  market?	
  
	
  




	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
                               	
  
	
  
                                                                                                                                                                                                                                                     Richard	
  Sagala	
  
	
  
	
  
	
  
	
  
Wine	
   critics	
   play	
   an	
   important	
   economic	
   role	
   in	
   the	
   wine	
   world.	
   They	
   help	
   consumers	
  
determine	
  the	
  value	
  of	
  an	
  unknown	
  good.	
  Through	
  their	
  judgment	
  and	
  their	
  assessment	
  of	
  
the	
   product's	
   perceived	
   quality,	
   wine	
   critics	
   infer	
   "experience"	
   characteristics	
   to	
   the	
  
attention	
  of	
  a	
  prospective	
  buyer	
  and	
  help	
  him	
  solve	
  the	
  value	
  proposition.	
  
Some	
   critics	
   are	
   so	
   influential	
   that	
   their	
   scores	
   and	
   recommendations	
   can	
   trigger	
   buy	
  
signals	
   all	
   over	
   the	
   world.	
   Others	
   influence	
   locally,	
   work	
   for	
   a	
   media,	
   judging	
   at	
  
competitions	
   where	
   the	
   winners	
   are	
   awarded	
   medals,	
   distinctive	
   cues	
   that	
   help	
   to	
  
differentiate	
  the	
  products.	
  
In	
  order	
  to	
  study	
  the	
  effect	
  of	
  accolades	
  such	
  as	
  the	
  presence	
  of	
  a	
  medal	
  on	
  a	
  wine	
  bottle,	
  we	
  
have	
  conducted	
  a	
  survey	
  with	
  444	
  consumers	
  enrolled	
  in	
  wine	
  appreciation	
  courses.	
  	
  
Finally,	
   we	
   will	
   look	
   at	
   future	
   trends	
   to	
   see	
   if	
   the	
   reputation	
   market	
   will	
   continue	
   to	
   be	
  
shaped	
  by	
  expertise	
  based	
  wine	
  critics	
  or	
  if	
  new	
  players	
  (with	
  new	
  rules)	
  may	
  be	
  entering	
  
the	
  playing	
  field.	
  	
  
Via	
  the	
  power	
  of	
  social	
  media	
  may	
  lie	
  a	
  new	
  marketing	
  opportunity	
  for	
  brands	
  previously	
  
used	
   to	
   push	
   their	
   products	
   from	
   the	
   top	
   down	
   to	
   start	
   developing	
   a	
   direct	
   B2C1	
   bottom	
   up	
  
approach	
  directly	
  engaging	
  consumers	
  with	
  a	
  focus	
  on	
  the	
  new	
  brand	
  evangelists.	
  

	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  
1	
  	
  B2C=	
  Business	
  to	
  Consumers	
  	
  


                                                                                                                                                                                                                                                   Page 1 of 15
	
  
                                     Wine	
  MBA	
  2010/2011	
  Wine	
  Economics	
  Essay	
                                                            	
  


Some	
  fundamental	
  economic	
  rules	
  to	
  remember	
  
For	
   the	
   aficionado,	
   wine	
   is	
   a	
   pleasurable	
   product	
   obtained	
   by	
   the	
   fermentation	
   of	
   grape	
  
juice,	
  but	
  for	
  an	
  economist	
  it	
  is	
  simply	
  a	
  good	
  that	
  can	
  be	
  exchanged	
  on	
  a	
  market,	
  i.e.	
  a	
  place	
  
where	
   offer	
   meets	
   demand.	
   Simply	
   said,	
   a	
   good	
   is	
   a	
   bundle	
   of	
   characteristics.	
   Goods	
   are	
  
valued	
  for	
  their	
  attributes,	
  the	
  characteristics	
  they	
  possess.	
  Those	
  different	
  characteristics	
  
make	
  for	
  the	
  differentiation	
  between	
  them.	
  
In	
   Quebec	
   (Canada)	
   from	
   where	
   this	
   research	
   was	
   conducted,	
   the	
   sale	
   and	
   distribution	
   of	
  
alcohol	
   are	
   under	
   the	
   control	
   of	
   SAQ	
   (La	
   Société	
   des	
   Alcools	
   du	
   Québec),	
   a	
   state	
   monopoly	
  
acting	
   as	
   the	
   channel	
   captain	
   for	
   retailing	
   alcoholic	
   beverages	
   in	
   this	
   predominantly	
   French	
  
speaking	
   province.	
   SAQ	
   possesses	
   four	
   hundred	
   and	
   sixteen	
   stores,	
   more	
   than	
   10,500	
  
references	
  in	
  its	
  catalogues	
  and	
  generates	
  CDN	
  $2.5	
  billion	
  in	
  sales	
  annually.	
  
Each	
   product	
   in	
   the	
   SAQ	
   catalogue	
   is	
   a	
   bundle	
   of	
   characteristics	
   and	
   constitutes	
   a	
   unique	
  
value	
   proposition.	
   The	
   consumer	
   is	
   challenged	
   by	
   the	
   amount	
   of	
   information	
   available	
   and	
  
there	
   is	
   a	
   daunting	
   asymmetry	
   between	
   what	
   the	
   producer	
   and	
   the	
   retailer	
   know	
   and	
   what	
  
the	
  consumer	
  knows	
  and	
  understands	
  about	
  the	
  goods.	
  
As	
   one	
   person	
   from	
   the	
   SAQ	
   marketing	
   department	
   metaphorically	
   describes:	
   "We	
   are	
  a	
   bit	
  
like	
   shoe	
   dealers	
   with	
   stores	
   where	
   all	
   the	
   shoes	
   are	
   in	
   boxes	
   and	
   where	
   clients	
   look	
   at	
  
clues	
  on	
  the	
  boxes	
  to	
  decide	
  what	
  they	
  want	
  to	
  purchase".	
  
The	
   act	
   of	
   selling	
   wine	
   is	
   based	
   on	
   extrinsics,	
   external	
   cues	
   that	
   will	
   be	
   processed	
   and	
  
decoded	
  heuristically	
  by	
  the	
  consumer.	
  	
  
SAQ	
  has	
  produced	
  on	
  its	
  B2B	
  website	
  a	
  ponderation	
  (weighting)	
  chart	
  that	
  shows,	
  for	
  the	
  
benefit	
   of	
   stakeholders,	
   the	
   criteria	
   against	
   which	
   a	
   product	
   is	
   evaluated	
   prior	
   to	
   being	
  
selected	
  (see	
  figure	
  1	
  	
  	
  	
  
	
  Figure	
  1:	
  SAQ	
  Ponderation	
  /	
  Selection	
  criteria	
  




                                                                                                                                                     	
  



                                                             Page 2 of 15
	
  
                                                                                                                                                                                        Wine	
  MBA	
  2010/2011	
  Wine	
  Economics	
  Essay	
     	
  


As	
   part	
   of	
   Notoriety	
   criteria,	
   2.1	
   Awards,	
   medals	
   and	
   media	
   contributes	
   25%	
   of	
   the	
   total	
  
score	
   for	
   a	
   Specialty	
   product,	
   making	
   it	
   a	
   more	
   important	
   criteria	
   than	
   the	
   (organoleptic)	
  
Quality	
  (20%)	
  and	
  the	
  second	
  most	
  important	
  criteria	
  after	
  the	
  quality/price	
  ratio	
  (30%).	
  	
  
Why	
  awards,	
  medals	
  and	
  media	
  are	
  deemed	
  so	
  important	
  to	
  the	
  trade?	
  
In	
  an	
  essay	
  written	
  by	
  wine	
  producer	
  Robert	
  Hodgson,	
  the	
  author	
  tells	
  how	
  much	
  wineries	
  
are	
  committed	
  to	
  the	
  pursuit	
  of	
  winning	
  medals:	
  
                                                      "To	
   lift	
   their	
   brand	
   above	
   the	
   competition,	
   wineries	
   spent	
   more	
   than	
   $1	
   million	
   in	
  
                                                      entry	
   fees	
   in	
   2003	
   at	
   just	
   13	
   of	
   these	
   venues.	
   The	
   benefit	
   of	
   this	
   expense	
   is	
   the	
   belief	
  
                                                      by	
  wineries	
  that	
  entry	
  fees	
  offer	
  a	
  valid	
  return	
  on	
  investment:	
  Gold	
  medals	
  sell	
  wine"	
  	
  
Hodgson	
   believes	
   people,	
   not	
   medals,	
   sell	
   wine.	
   But	
   a	
   medal	
   can	
   help	
   when	
   meeting	
   with	
  
buyers	
  for	
  retailers.	
  
                                                      "Retailers	
   and	
   distributors	
   want	
   to	
   see	
   third	
   party	
   validation	
   of	
   a	
   wine's	
   quality	
  
                                                      whether	
   it	
   be	
   Parker,	
   Wine	
   Spectator,	
   Wine	
   Enthusiast,	
   BTI	
   or	
   even	
   the	
   Grundy	
  
                                                      County	
   Fair.	
   And	
   a	
   related	
   point,	
   to	
   promote	
   a	
   wine	
   on	
   shelf,	
   the	
   most	
   useful	
   tool	
  
                                                      next	
   to	
   a	
   salesman	
   recommending	
   it	
   personally,	
   is	
   a	
   shelf	
   talker.	
   Short,	
   simple,	
  
                                                      graphic	
   communication	
   to	
   the	
   consumer	
   in	
   the	
   form	
   of	
   a	
   big	
   number	
   or	
   a	
   big	
   medal,	
  
                                                      gives	
   them	
   the	
   confidence	
   to	
   choose	
   a	
   wine.	
   Consumers	
   aren't	
   in	
   a	
   position	
   to	
  
                                                      evaluate	
   whether	
   this	
   rating	
   is	
   more	
   valid	
   than	
   that,	
   or	
   this	
   competition	
   more	
  
                                                      prestigious	
  than	
  that	
  one	
  but	
  they	
  do	
  need	
  some	
  validation	
  that	
  this	
  is	
  a	
  good	
  wine.	
  
                                                      And	
  medals	
  do	
  that".	
  	
  (Vinography	
  )	
  
SAQ,	
   for	
   its	
   part,	
   publishes	
   a	
   List	
   of	
   magazines,	
   contests,	
   Notoriety	
   criteria	
   with	
   a	
   three	
   level	
  
hierarchy	
  (A-­‐B	
  and	
  C)	
  to	
  weight	
  the	
  difference	
  between	
  ratings2.	
  
To	
  the	
  Montreal	
  Gazette	
  wine	
  critic	
  Bill	
  Zacharkiw,	
  "The	
  SAQ	
  is	
  flooded	
  with	
  proposals	
  for	
  
new	
  wines...the	
  SAQ	
  relies	
  on	
  how	
  U.S.	
  and	
  European	
  magazines	
  score	
  the	
  wines	
  and	
  how	
  
well	
  it	
  sells	
  in	
  other	
  provinces."(The	
  Gazette)	
  
	
  
On	
  the	
  consumer	
  side,	
  what	
  is	
  there	
  to	
  be	
  appraised?	
  
In	
  Mueller	
  et	
  al.,"The	
  consumer	
  has	
  to	
  appraise	
  the	
  value	
  of	
  three	
  types	
  of	
  characteristics:	
  
the	
  'Search'	
  characteristics,	
  the	
  'Experience'	
  characteristics	
  and	
  the	
  'credence'	
  attributes".	
  
                                                                                                            "‘Search’	
  characteristics	
  are	
  those	
  that	
  can	
  be	
  assessed	
  before	
  the	
  purchase	
  in	
  
                                                                                                            front	
   of	
   the	
   shelf.	
   The	
   producer,	
   brand,	
   region,	
   grape	
   variety	
   and	
   packaging	
  
                                                                                                            are	
   examples	
   of	
   search	
   characteristics.	
   ‘Experience’	
   characteristics,	
   such	
   as	
  
                                                                                                            the	
   taste	
   of	
   a	
   wine	
   and	
   whether	
   it	
   is	
   enjoyable,	
   can	
   only	
   be	
   evaluated	
   upon	
  
                                                                                                            consumption.	
   These	
   are	
   often	
   of	
   course	
   the	
   main	
   benefits	
   a	
   consumer	
   seeks	
  

	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  
2	
  The	
  A	
  category	
  is	
  garnishing	
  more	
  points	
  than	
  B	
  or	
  C.	
  For	
  example,	
  in	
  the	
  "A"	
  category	
  we	
  find	
  American,	
  UK,	
  

French	
   and	
   Italian	
   publications:	
   Wine	
   Spectator,	
   the	
   Wine	
   Advocate,	
   Decanter,	
   le	
   Guide	
   Hachette,	
   Gambero	
  
Rosso,	
   Bettane	
   et	
   Dessauve,	
   La	
   Revue	
   du	
   Vin	
   de	
   France.	
   James	
   Halliday	
   and	
   Alan	
   Meadows	
   are	
   cited	
   in	
   the	
   B	
  
category.	
  It	
  is	
  worthwhile	
  to	
  note	
  that	
  almost	
  all	
  critics	
  comes	
  from	
  abroad	
  and	
  are	
  not	
  sourced	
  locally.	
  
	
  
                                                                                                                                                                                                                                   Page 3 of 15
	
  
                                                                                                                                                                                        Wine	
  MBA	
  2010/2011	
  Wine	
  Economics	
  Essay	
     	
  


                                                                                                            from	
   purchasing	
   a	
   wine.	
   Other	
   characteristics	
   such	
   as	
   health	
   effects,	
  
                                                                                                            environmental	
   benefits,	
   ingredients	
   or	
   production	
   methods	
   used	
   for	
   a	
   wine	
  
                                                                                                            that	
  cannot	
  be	
  assessed	
  during	
  consumption	
  are	
  called	
  ‘credence	
  attributes’.	
  
                                                                                                            When	
  purchasing	
  wine	
  a	
  consumer	
  uses	
  any	
  available	
  ‘search’	
  information	
  to	
  
                                                                                                            infer	
  the	
  hidden	
  ‘experience’	
  and	
  ‘credence’	
  aspects.	
  
                                                                                                            ...George	
   A.	
   Akerlof	
   won	
   the	
   Nobel	
   Prize	
   for	
   Economics	
   in	
   2001	
   for	
   his	
  
                                                                                                            breakthrough	
   findings	
   on	
   information	
   asymmetry	
   and	
   its	
   impact	
   on	
   market	
  
                                                                                                            performance.	
  He	
  found	
  that	
  consumers	
  would	
  pay	
  only	
  a	
  relatively	
  low	
  price	
  
                                                                                                            when	
   they	
   perceive	
   a	
   purchase	
   to	
   be	
   risky,	
   and	
   that	
   whole	
   markets	
   can	
   fail	
  
                                                                                                            when	
  the	
  perceived	
  risk	
  is	
  too	
  high,	
  resulting	
  in	
  no	
  transactions.	
  
                                                                                                            ...According	
  to	
  Akerlof	
  this	
  price	
  discount	
  or	
  ‘risk	
  premium’	
  can	
  be	
  reduced	
  if	
  
                                                                                                            market	
   participants	
   provide	
   their	
   trade	
   partners	
   with	
   credible	
   information,	
  
                                                                                                            which	
  reduces	
  the	
  perceived	
  risk.	
  "	
  
Therefore,	
   the	
   trade	
   actively	
   looks	
   at	
   effective	
   and	
   efficient	
   ways	
   to	
   reduce	
   this	
   'risk	
  
premium'	
  and	
  allow	
  the	
  consumer	
  to	
  infer	
  the	
  hidden	
  ‘experience’	
  and	
  ‘credence’	
  aspects	
  of	
  
a	
  wine	
  to	
  increase	
  its	
  desirability.	
  
Signalling	
  with	
  cues3	
  on	
  the	
  bottle	
  like	
  medals,	
  seals	
  of	
  approval	
  and	
  hybrids	
  (a	
  circle	
  with	
  a	
  
high	
  score	
  in	
  it4)	
  engages	
  the	
  consumer	
  directly.	
  Whereas	
  shelf	
  talkers	
  may	
  or	
  may	
  not	
  be	
  
present	
   (SAQ	
   does	
   not	
   use	
   them),	
   scores	
   and	
   descriptions	
   may	
   be	
   printed	
   in	
   a	
   catalogue	
  
that	
  not	
  all	
  prospective	
  buyers	
  may	
  get,	
  circular	
  icons	
  in	
  the	
  shape	
  of	
  a	
  medal	
  glued	
  to	
  the	
  
bottle	
  follow	
  the	
  product	
  everywhere.	
  	
  
These	
   icons	
   may	
   catch	
   the	
   eye	
   and	
   override	
   the	
   rest	
   of	
   the	
   cues	
   on	
   the	
   label,	
   or	
   might	
   be	
  
what	
  comes	
  to	
  validate	
  them,	
  solve	
  the	
  value	
  proposition	
  and	
  trigger	
  a	
  buy	
  decision.	
  	
  
	
  
When	
   a	
   sophisticated	
   audience	
   looks	
   for	
   (easier)	
   ways	
   to	
   simplify	
   the	
   value	
  
proposition.	
  
People	
   can	
   process	
   only	
   a	
   limited	
   amount	
   of	
   information	
   and,	
   wine	
   being	
   a	
   complex	
  
product,	
   even	
   dedicated	
   aficionados	
   may	
   find	
   acquiring	
   relevant	
   information	
   costly	
   and	
  
time	
  consuming	
  process.	
  
Mrs	
   Jessica	
   Harnois5	
   who	
   was	
   responsible	
   for	
   the	
   marketing	
   of	
   the	
   "en	
   primeur"	
   SAQ	
  
campaign	
   and	
   release	
   of	
   the	
   2009	
   Courrier	
   Vinicole	
   catalogue	
   offering	
   of	
   Bordeaux	
   wines,	
  
	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  
3	
   Marketing	
  as	
  seen	
  to	
  produce	
  more	
  medal	
  types	
  than	
  the	
  standard	
  ones.	
  In	
  the	
  Addendum	
  1,	
  picture	
  1,	
  we	
  
can	
   see	
   that,	
   for	
   a	
   same	
   product,	
   three	
   different	
   angles	
   are	
   used	
   to	
   signify	
   a	
   medal	
   in	
   the	
   mind	
   of	
   the	
  
consumer.	
   There	
   is	
   the	
   classic	
   (Gold-­‐Silver	
   and	
   Bronze)	
   medal,	
   the	
   medal-­‐like	
   displaying	
   of	
   a	
   magazine	
   high	
   a	
  
score	
  and	
  the	
  third	
  way	
  is	
  to	
  boast	
  about	
  having	
  been	
  selected	
  as	
  the	
  "official"	
  wine	
  for	
  an	
  event	
  (here	
  a	
  beach	
  
volley	
  ball	
  tournament).	
  All	
  three	
  icons	
  are	
  made	
  to	
  look	
  like	
  a	
  medal.	
  
4	
   In	
   Addendum	
   1	
   picture	
   2,	
   we	
   have	
   a	
   series	
   of	
   scores	
   (attributed	
   from	
   the	
   same	
   publication)	
   that	
   looks	
   to	
  
resemble	
  like	
  a	
  string	
  of	
  medals.	
  
5	
  
  Richard	
   Sagala	
   has	
   conducted	
   on	
   the	
   18th	
   of	
   November	
   2010	
   an	
   interview	
   with	
   Mrs	
   Jessica	
   Harnois	
  
responsible	
  for	
  the	
  Courrier	
  Vinicole,	
  SAQ's	
  high-­‐end	
  mail	
  order	
  catalogue.	
  

                                                                                                                                                                                                                                   Page 4 of 15
	
  
                                                                                   Wine	
  MBA	
  2010/2011	
  Wine	
  Economics	
  Essay	
                                                                                     	
  


noticed	
  how	
  consumers	
  are	
  looking	
  for	
  simplification.	
  
Courrier	
   Vinicole	
   consumers	
   are	
   typically	
   connoisseurs	
   who	
   buy	
   from	
   a	
   printed	
   catalogue	
  
exclusive	
   super	
   premium	
   wines	
   for	
   their	
   cellar.	
   The	
   last	
   printed	
   catalogue6	
   provided	
   the	
  
description	
   of	
   the	
   products	
   and	
   the	
   scores	
   from	
   the	
   major	
   wine	
   critics:	
   Wine	
   Spectator	
  
(WS),	
  Robert	
  Parker	
  (WA),	
  Revue	
  du	
  Vin	
  de	
  France	
  (RVF),	
  Decanter	
  (D)	
  and	
  Jessica	
  Harnois	
  
(JH)	
   (see	
   Figure3).	
   Some	
   products	
   were	
   graced	
   with	
   an	
   additional	
   "A	
   Courrier	
   Favorite"	
   7	
  
red	
   icon	
   seal	
   of	
   approval	
   lookalike	
   and	
   those,	
   Mrs	
   Harnois	
   witnessed,	
   sold	
   almost	
  
immediately.	
  	
  
Those	
   twelve	
   (out	
   of	
   seventy	
   plus	
   wines)	
   red	
   seals	
   in	
   the	
   catalogue	
   have	
   effectively	
  
differentiated	
   the	
   goods.	
   A	
   simple	
   icon	
   with	
   no	
   description	
   of	
   the	
   methodology	
   for	
  
attribution	
   or	
   what	
   it	
   means	
   to	
   be	
   "A	
   Courrier	
   Favorite"	
   has	
   elicited	
   quick	
   buying	
   action	
  
from	
  a	
  sophisticated	
  crowd.	
  
Figure	
  3	
  is	
  an	
  example	
  of	
  a	
  product	
  with	
  the	
  red	
  seal	
  "A	
  Courrier	
  Favorite".	
  	
  	
  
	
  




                                                                                                                                                                                               	
  
	
  



	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  
6	
  SAQ	
  Courrier	
  Vinicole	
  catalogue	
  The	
  Great	
  2009	
  Bordeaux	
  wines	
  unveiled.	
  
7	
  Translated	
  in	
  the	
  French	
  version	
  of	
  the	
  catalogue	
  as	
  a	
  "coup	
  de	
  coeur".	
  


                                                                                                                                   Page 5 of 15
	
  
                                                                                                                                                                                        Wine	
  MBA	
  2010/2011	
  Wine	
  Economics	
  Essay	
     	
  


What	
   do	
   Quebec	
   high	
   involvement	
   consumers	
   think	
   of	
   medals	
   when	
   they	
   select	
   a	
  
wine?	
  
During	
   the	
   fall	
   of	
   2010,	
   a	
   questionnaire8	
   was	
   submitted	
   to	
   the	
   students	
   of	
   the	
   SAQ	
   wine	
  
appreciation	
  courses,	
  a	
  high	
  involvement9	
  cohort	
  buying	
  more	
  than	
  one	
  bottle	
  a	
  month.	
  	
  
Various	
   topics	
   were	
   covered	
   (see	
   addendum	
   2);	
   the	
   E	
   section	
   covered	
   criteria	
   and	
  
attributes'	
   importance	
   when	
   selecting	
   a	
   product.	
   On	
   the	
   tenth	
   question,	
   students	
   were	
  
asked	
  to	
  validate	
  and	
  grade	
  a	
  sentence	
  according	
  to	
  what	
  they	
  thought	
  about	
  the	
  presence	
  
of	
  a	
  medal	
  on	
  the	
  bottle:	
  
"The	
  last	
  time	
  I	
  bought	
  a	
  wine,	
  I	
  chose	
  it	
  because	
  it	
  had	
  a	
  medal10"	
  
They	
  answered	
  on	
  a	
  scale	
  of	
  one	
  to	
  five:	
  
1-­‐Not	
  at	
  all	
  important	
  ("Pas	
  du	
  tout	
  important"	
  in	
  French)	
  
2-­‐Not	
  important	
  	
  
3-­‐Neutral,	
  neither	
  good	
  or	
  bad	
  ("Neutre"	
  in	
  French)	
  
4-­‐Important	
  
5-­‐Very	
  important	
  ("Très	
  important"	
  in	
  French)	
  
	
  
The	
  occurrence	
  of	
  selecting	
  a	
  bottle	
  with	
  a	
  medal	
  would	
  be	
  most	
  unlikely	
  if	
  they	
  answered	
  
"1"	
  and	
  very	
  likely	
  if	
  they	
  answered	
  "5".	
  
	
  
Results	
  
Out	
   of	
   the	
   444	
   students,	
   118	
   (27%)	
   selected	
   "1",	
   97	
   (22%)	
   selected	
   "2",	
   129	
   	
   (29%)	
  
selected	
  "3",	
  87	
  (20%)	
  selected	
  "4",	
  13	
  (3%)selected	
  "5."	
  
	
  




	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  
8	
  The	
  questionnaire	
  was	
  built	
  on	
  a	
  model,	
  a	
  previous	
  survey	
  put	
  together	
  by	
  professor	
  Eli	
  Cohen	
  designed	
  on	
  

the	
  Likert	
  scale,	
  based	
  on	
  the	
  best-­worst	
  scenario.	
  An	
  initial	
  pilot	
  was	
  produced	
  in	
  the	
  spring	
  of	
  2010	
  and	
  was	
  
tested	
  and	
  validated	
  by	
  an	
  initial	
  group	
  of	
  20	
  students.	
  
Results	
  were	
  weighted	
  and	
  the	
  standard	
  deviation	
  calculated	
  (submitted	
  to	
  the	
  T	
  test).	
  Limitations:	
  E10	
  was	
  
the	
  only	
  question	
  related	
  to	
  medals	
  and	
  it	
  would	
  be	
  interesting	
  to	
  dwell	
  more	
  on	
  the	
  issue.	
  
	
  9	
  As	
  per	
  the	
  definition	
  of	
  Professor	
  Larry	
  Lockshin	
  of	
  Ehrenberg-­‐Bass	
  Institute	
  for	
  Marketing	
  Science:	
  a	
  high	
  
involvment	
  consumer	
  buys	
  more	
  than	
  one	
  bottle	
  of	
  wine	
  per	
  month.	
  
10	
  Translated	
  from	
  French:	
  "La	
  dernière	
  fois	
  que	
  j'ai	
  acheté	
  du	
  vin,	
  je	
  l'ai	
  acheté	
  parce	
  qu'il	
  avait	
  une	
  médaille"	
  


	
  
                                                                                                                                                                                                                                   Page 6 of 15
	
  
                                    Wine	
  MBA	
  2010/2011	
  Wine	
  Economics	
  Essay	
                                                   	
  




                    Choosing	
  a	
  wine	
  because	
  of	
  the	
  presence	
  of	
  a	
  medal	
  



                                                                                                   1-­‐Not	
  at	
  all	
  important	
  
                                                                                                   2-­‐not	
  important	
  
                                                                                                   3-­‐neutral	
  
                                                                                                   4-­‐important	
  
                                                                                                   5-­‐very	
  important	
  




                                                                                                                                           	
  

                    140	
  
                    120	
  
                    100	
  
                     80	
  
                      60	
  
                      40	
  
                      20	
  
                       0	
  




                                                                                                                      	
  
	
  
Results	
  where	
  that	
  less	
  than	
  one	
  out	
  of	
  four	
  students	
  had	
  a	
  positive	
  view	
  of	
  the	
  presence	
  
of	
   a	
   medal	
   on	
   the	
   bottle	
   (20%+3%)	
   with	
   three	
   per	
   cent	
   of	
   them	
   considering	
   such	
   presence	
  
as	
  being	
  very	
  positive.	
  
29%	
  percent	
  held	
  it	
  as	
  neutral,	
  neither	
  good	
  or	
  bad	
  information	
  and,	
  	
  
almost	
   half	
   (26%+22%)	
   held	
   the	
   presence	
   of	
   a	
   medal	
   on	
   the	
   bottle	
   as	
   somewhat	
  
unimportant	
  or	
  not	
  at	
  all	
  important.	
  
	
  
	
  
	
  
                                                           Page 7 of 15
	
  
                                                                                                                                                                                        Wine	
  MBA	
  2010/2011	
  Wine	
  Economics	
  Essay	
     	
  


An	
  example	
  of	
  what	
  consumers	
  from	
  abroad	
  think	
  about	
  scores	
  and	
  medals.	
  
In	
   Australia,	
   Simone	
   Mueller	
   et	
   al.	
   conducted	
   an	
   experiment	
   on	
   how	
   shelf	
   information	
  
influence	
  wine	
  choices	
  and:	
  
                                                                                     "...The	
  presence	
  of	
  sensory	
  descriptions	
  had	
  an	
  average	
  effect	
  of	
  7.4%,	
  which	
  had	
  
                                                                                     a	
   similar	
   impact	
   as	
   found	
   for	
   wine	
   show	
   medals	
   (no	
   medal	
   to	
   Gold	
   &	
   Trophy)	
  
                                                                                     with	
  7.6%	
  ...and	
  wine	
  critics’	
  scores	
  (7-­‐	
  10%).	
  (Lockshin	
  et	
  al.	
  2009)".	
  
The	
   presence	
   of	
   medals	
   increased	
   the	
   wine	
   choice	
   by	
   7.6%,	
   slightly	
   the	
   same	
   as	
   sensory	
  
descriptions	
  (7.4%),	
  medals	
  being	
  a	
  little	
  more	
  effective	
  than	
  scores	
  when	
  there	
  is	
  a	
  wide	
  
disparity	
   between	
   the	
   critics	
   scores	
   (7%)	
   and	
   less	
   effective	
   (10%)	
   when	
   the	
   scores	
   are	
  
more	
  in	
  agreement.	
  
Looking	
   prospectively,	
   where	
   will	
   wine	
   critics	
   fit	
   in	
   the	
   new	
   economic,	
   i.e.	
   social	
   media	
  
augmented,	
  wine	
  marketing	
  reality?	
  
	
  
Classic	
  wine	
  critics,	
  Twinsumers	
  and	
  Social-­Lites	
  ,	
  'the	
  times	
  they	
  are	
  a	
  changin'.	
  
With	
   the	
   advent	
   of	
   social	
   media,	
   will	
   wine	
   consumers	
   continue	
   to	
   infer	
   their	
   'credence'	
   and	
  
'experience'	
   characteristics	
   from	
   (expertise	
   based)	
   wine	
   critics	
   scores	
   or	
   will	
   they	
   be	
  
influenced	
  by	
  other	
  signals?	
  
                                          "In	
  2011,	
  word	
  of	
  mouth	
  and	
  recommendations	
  will	
  be	
  even	
  more	
  dependent	
  on	
  P2P	
  
                                          dynamics.	
   If	
   Twinsumers,	
   consumers	
   with	
   similar	
   consumption	
   patterns,	
   likes	
   and	
  
                                          dislikes,	
   and	
   who	
   are	
   hence	
   valuable	
   sources	
   for	
   recommendations	
   on	
   what	
   to	
   buy	
  
                                          and	
   experience	
   are	
   all	
   about	
   improving	
   'search	
   curation',	
   Social-­Lites	
   are	
   all	
   about	
  
                                          discovery,	
  as	
  consumers	
  become	
  curators;	
  actively	
  broadcasting,	
  remixing,	
  compiling,	
  
                                          commenting,	
   sharing	
   and	
   recommending	
   content,	
   products,	
   purchases,	
   experiences	
   to	
  
                                          both	
  their	
  friends	
  and	
  wider	
  audiences.	
  
                                          	
  Why	
  would	
  consumers	
  want	
  to	
  become	
  curators?	
  Because	
  many	
  of	
  them	
  are	
  investing	
  
                                          time	
   and	
   effort	
   in	
   building	
   BRAND	
   ME,	
   via	
   online	
   profiles	
   that	
   record	
   their	
   opinions	
  
                                          and	
   recommendations.	
   And	
   as	
   audiences	
   in	
   knowledge	
   economies	
   value	
   interesting,	
  
                                          relevant	
   and	
   useful	
   tidbits,	
   they	
   bestow	
   status	
   on	
   those	
   curators	
   or	
   Social-­Lites	
   who	
  
                                          share.	
   Furthermore,	
   it's	
   never	
   been	
   easier	
   to	
   be	
   a	
   Social-­Lites...	
   social	
   networks'	
  
                                          streams	
   allow	
   users	
   to	
   easily	
   broadcast	
   information	
   to	
   a	
   wide	
   range	
   of	
   people.	
  
                                          (Trendwatching)	
  
                                          	
  
Professional	
   critics	
   like	
   Matt	
   Kramer	
   are	
   ambivalent11	
   about	
   this,	
   though;	
   critics'	
   scores	
   are	
  
favourably	
  viewed	
  and	
  respected12	
  by	
  the	
  market	
  still	
  (figure	
  4).	
  	
  	
  

	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  
11	
  "	
  (social	
  media)...	
  this	
  is	
  not	
  good	
  news	
  for	
  professional	
  critics	
  of	
  any	
  kind,	
  never	
  mind	
  wine	
  scribes	
  such	
  as	
  
myself.	
  Am	
  I	
  ambivalent	
  about	
  this?	
  sure	
  I	
  am.	
  Professional	
  critics	
  labour-­‐or	
  should	
  anyway-­‐	
  under	
  standards	
  
that	
  exceed	
  "Do	
  I	
  like	
  it?"	
  (Matt	
  Kramer,	
  On	
  Wine).	
  
12	
   "Mouton’s	
  position	
  as	
  the	
  poorest-­‐performing	
  2009	
  comes	
  as	
  something	
  of	
  a	
  surprise.	
  Importantly,	
  Parker	
  
did	
   not	
   rate	
   the	
   wine	
   as	
   highly	
   as	
   its	
   fellow	
   First	
   Growths,	
   and,	
   as	
   such,	
   drifting	
   Mouton	
   09	
   prices	
   seem	
   to	
  

                                                                                                                                                                                                                                   Page 8 of 15
	
  
                                                                                                                                                                                        Wine	
  MBA	
  2010/2011	
  Wine	
  Economics	
  Essay	
                                                                                          	
  


Figure	
  4,	
  Live-­‐Ex	
  December	
  2010.	
  




                                                                                                                                                  	
  
The	
   tech	
   savvy	
   millennials	
   cohort	
   is	
   an	
   important	
   target	
   of	
   wine	
   marketing,	
   and	
   are	
   the	
  
hope	
  for	
  replacing	
  the	
  aging,	
  thus	
  lesser	
  drinking	
  boomers.	
  Millenials	
  are	
  favourably	
  turning	
  
to	
  their	
  age	
  group	
  peers,	
  the	
  trendsetters	
  they	
  trust,	
  to	
  get	
  advice.	
  
	
  
Conclusion	
  
Wine	
   critics	
   grease	
   the	
   wheels	
   of	
   the	
   wine	
   economy	
   and	
   stakeholders,	
   notably	
   the	
   trade,	
  
positively	
  value	
  this	
  business	
  model	
  while	
  consumers	
  lend	
  an	
  ear	
  but	
  also	
  use	
  alternative	
  
heuristic	
  cues	
  to	
  infer	
  quality.	
  	
  
The	
   appeal	
   of	
   wine	
   critics	
   accolades	
   is	
   not	
   universal.	
   Both	
   the	
   Quebec	
   and	
   Australian	
  
surveys	
  indicate	
  that	
  less	
  than	
  ten	
  percent	
  of	
  consumers13	
  seem	
  to	
  buy	
  wine	
  according	
  to	
  
medal	
  and	
  score	
  signalling.	
  
Perhaps	
   the	
   trade	
   is	
   asymmetrically	
   enthusiastic	
   about	
   them.	
   In	
   some	
   niche	
   markets	
  
(Bordeaux	
   Firsts	
   Growths	
   for	
   example),	
   critics	
   are	
   economically	
   significant	
   but	
   in	
   other	
  
markets	
  they	
  are	
  less	
  effective.	
  
Therefore,	
  the	
  trade	
  may	
  want	
  to	
  tap	
  into	
  other	
  dynamic	
  sources	
  such	
  as	
  Twinsumers	
  and	
  
Social-­Lites	
  to	
  generate	
  buzz	
  and	
  stimulate	
  demand.	
  
A	
  profitable	
  scenario	
  for	
  brands	
  now	
  could	
  be	
  to	
  divert	
  some	
  of	
  their	
  marketing	
  efforts	
  from	
  
conventional	
   (top	
   down)	
   points	
   and	
   medals	
   seeking	
   to	
   pursue	
   a	
   new	
   (bottom	
   up)	
   B2C14	
  
approach,	
   directly	
   engaging	
   consumers	
   and	
   taking	
   special	
   care	
   of	
   all	
   possible	
   opinion	
  
leaders	
   and	
   trendsetters	
   to	
   get	
   those	
   "referrals	
   by	
   a	
   trusted	
   source"15,	
   arguably	
   the	
   best	
  
recommendations	
  one	
  could	
  win	
  for	
  his	
  products.	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   .	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  




	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  
reflect	
  that	
  Parker	
  scores	
  are	
  still	
  influential	
  in	
  setting	
  pricing"	
  (Liv-­‐Ex,	
  Dec	
  2010).	
  
13	
  This	
  is	
  said	
  bearing	
  in	
  mind	
  that	
  less	
  than	
  ten	
  per	
  cent	
  consumers	
  (with	
  great	
  purchasing	
  power)	
  can	
  be	
  
economically	
  significant.	
  
14	
  	
  B2C=	
  Business	
  to	
  Consumers	
  	
  
15	
  p.1,	
  Scott	
  Stratten,	
  Unmarketing.	
  Stop	
  marketing.	
  Start	
  engaging	
  


                                                                                                                                                                                                                                   Page 9 of 15
	
  
                                     Wine	
  MBA	
  2010/2011	
  Wine	
  Economics	
  Essay	
                                           	
  


Bibliography	
  
-­‐Robert	
  T.	
  Hodgson,	
  An	
  Analysis	
  of	
  the	
  Concordance	
  Among	
  13	
  U.S.	
  Wine	
  
Competitions[Online],	
  
Availableat:http://www.wineeconomics.org/journal/content/Volume4/number1/Full%20
Texts/1_wine%20economics_vol%204_1_Robert%20Hodgson.pdf	
  [Accessed	
  21	
  December	
  
2010].	
  
-­‐Kramer,	
  M.,	
  2010.	
  ,	
  On	
  Wine,	
  New	
  York,	
  Sterling,	
  p.	
  73.	
  
-­‐Live-­‐Ex	
  Market	
  Report,	
  December	
  2010,	
  	
  [Online],	
  Available	
  at:	
  
http://www.fairmonthk.com/userfiles/1291959468.pdf	
  [Accessed	
  21	
  December	
  2010].	
  
-­‐S.	
  Mueller, Larry Lockshin, Jordan Louviere, Leigh Francis, Patricia Osidacz,	
  How	
  does	
  shelf	
  
information	
  influence	
  consumers’	
  wine	
  choice?	
  ,[Online],	
  Available	
  at:	
  
http://www.winepreferences.com/resources/page59/files/page59_1.pdf	
  [Accessed	
  21	
  
December	
  2010].	
  
-­‐SAQ	
  B2B,	
  2010,	
  Annual	
  Report	
  [Online],	
  Available	
  at:	
  
http://marketing.globalwinespirits.com/SAQ_B2B/2010_Annual_Report.pdf	
  [Accessed	
  21	
  
December	
  2010].	
  
-­‐SAQ	
  B2B,	
  2010,	
  List	
  of	
  magazines,	
  contests,	
  Notoriety	
  criteria	
  [Online],	
  Available	
  at:	
  
http://marketing.globalwinespirits.com/SAQ_B2B/Politique%20et%20Normes/Listofmag
azines_contests_Notoriety_criteria_PMP_2008.pdfhttp://marketing.globalwinespirits.com/[
Accessed	
  28	
  December	
  2010].	
  
-­‐SAQ	
  B2B,	
  2010,	
  Policy	
  and	
  Standards,	
  Call	
  for	
  tenders	
  [Online],	
  Available	
  at:	
  
http://www.saq-­‐b2b.com/wx/en/MAIN.SAQ_INDEX_PAGE_PREP	
  [Accessed	
  21	
  December	
  
2010].	
  
-­‐Stratten,	
  S.,	
  2010.	
  ,	
  Unmarketing.	
  Stop	
  marketing.	
  Start	
  engaging,	
  New	
  Jersey,	
  Wiley,	
  p.	
  1-­‐3.	
  
-­‐Trendwatching,	
   Eleven	
   crucial	
   consumers	
   trends	
   for	
   2011	
   [Online],	
   Available	
   at:	
  
http://www.trendwatching.com/briefing/	
  [Accessed	
  21	
  December	
  2010].	
  
-­‐Vinography.com,[Online],Available	
  
at:http://www.vinography.com/archives/2009/09/gold_medals_do_not_mean_good_w.ht
ml	
  [Accessed	
  21	
  December	
  2010].	
  
-­‐B.	
  Zacharkiw,	
  A	
  Christmas	
  wish:	
  Treat	
  us	
  like	
  adults,	
  [Online],	
  Available	
  at:	
  
http://www.montrealgazette.com/columnists/Bill_Zacharkiw.html	
  [Accessed	
  24	
  December	
  
2010].	
  
	
  




                                                           Page 10 of 15
	
  
                                    Wine	
  MBA	
  2010/2011	
  Wine	
  Economics	
  Essay	
                                                    	
  


Addendum	
  1,	
  Types	
  of	
  medals,	
  medal	
  shape	
  awards,	
  points	
  and	
  seal	
  of	
  approval.	
  
	
  
	
  Picture	
  1,	
  from	
  left	
  to	
  right,	
  1-­‐Official	
  (selected)	
  wine	
  for	
  the	
  AVP	
  event,	
  2-­‐Gold	
  medal,	
  
3-­‐Medal	
  shape	
  points	
  	
  




                                                                                                        	
  




                                                           Page 11 of 15
	
  
                               Wine	
  MBA	
  2010/2011	
  Wine	
  Economics	
  Essay	
                                      	
  


	
  
Addendum	
  1,	
  Picture	
  2,	
  string	
  of	
  medal	
  shaped	
  high	
  scores	
  (Scores	
  from	
  Wine	
  Spectator).	
  
	
  




                                                                       	
  
	
  




                                                   Page 12 of 15
	
  
                                                 Wine	
  MBA	
  2010/2011	
  Wine	
  Economics	
  Essay	
                                                                                        	
  


Addendum	
  2:	
  Facsimile	
  of	
  the	
  questionnaire	
  submitted	
  to	
  SAQ	
  students	
  of	
  Cycle	
  I	
  wine	
  
appreciation	
  course	
  

	
  
Nous conduisons une recherche académique, sans aucun but commercial, sur vos connaissances en
	
  
début de session et votre choix de vins actuel.
	
  
Nous vous remercions pour le temps que vous consacrerez à compléter ce questionnaire	
  
	
  
	
  
	
  
	
  
A.	
  Par	
  rapport	
  au	
  vin,	
  quel	
  est	
  le	
  niveau	
  de	
  vos	
  connaissances	
  actuelles?	
  SVP	
  indiquez	
  
votre	
  degré	
  d’accord	
  ou	
  de	
  désaccord	
  avec	
  les	
  propositions	
  suivantes	
  :	
  
	
  
	
                                                                                                	
                                      Pas	
  du	
              	
   Neutre	
      	
    Tout	
  à	
  
                                                                                                                                           tout	
                                             fait	
  
                                                                                                                                         d’accord	
                                        d’accord	
  
1.	
   Je	
  connais	
  peu	
  le	
  vin,	
  mais	
  j'aimerais	
                                                                             1	
             2	
              3	
   4	
       5	
  
           mieux	
  le	
  connaitre,	
  c'est	
  pourquoi	
  je	
  
           suis	
  ce	
  cours.	
  
2.	
   Je	
  m'y	
  connais	
  bien	
  et	
  je	
  m'y	
  intéresse	
                                                                         1	
             2	
              3	
   4	
       5	
  
           depuis	
  
           quelques	
  années	
  déjà.	
  
3.	
   J'aime	
  le	
  vin	
  et	
  j'en	
  parle	
  dans	
  mon	
                                                                            1	
             2	
              3	
   4	
       5	
  
           milieu,	
  j'aime	
  communiquer	
  mon	
  
           enthousiasme	
  à	
  ma	
  famille,	
  à	
  mes	
  
           amis,	
  à	
  mes	
  collègues	
  de	
  travail	
  aussi.	
  
	
  
	
  
B.	
  Indiquez	
  votre	
  degré	
  d’accord	
  ou	
  de	
  désaccord	
  avec	
  les	
  propositions	
  suivantes	
  :	
  
	
  
	
                                                                                                	
                                     Pas	
  du	
          	
             Neutr   	
     Tout	
  à	
  
                                                                                                                                          tout	
                               e	
            fait	
  
                                                                                                                                        d’accord	
                                         d’accord	
  
1.	
   Le	
  vin	
  a	
  une	
  place	
  importante	
  dans	
                                                                               1	
              2	
               3	
   4	
       5	
  
           ma	
  façon	
  de	
  vivre	
  
2.	
   J’ai	
  plaisir	
  à	
  consommer	
  du	
  vin	
  	
                                                                                 1	
              2	
               3	
   4	
       5	
  
3.	
   Goûter	
  le	
  vin	
  sur	
  le	
  lieu	
  d’achat,	
  c’est	
                                                                      1	
              2	
               3	
   4	
       5	
  
           important	
  pour	
  me	
  décider	
  à	
  l'acheter	
  
	
  
C	
   	
  	
  	
  	
  	
  	
  J’achète	
  du	
  vin	
  :	
  	
  
	
   	
                                             	
   1	
   	
  	
  Rarement	
  
	
   	
                                             	
   2	
   	
  	
  Une	
  fois	
  par	
  semaine,	
  au	
  moins	
  
	
   	
                                             	
   3	
   	
  	
  Une	
  à	
  deux	
  fois	
  par	
  mois	
  
	
   	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  4	
   	
  	
  Moins	
  d’une	
  fois	
  par	
  mois	
   	
             	
              	
  
	
   	
                                             	
   	
  
                                                                              Page 13 of 15
	
  
                                                                                          Wine	
  MBA	
  2010/2011	
  Wine	
  Economics	
  Essay	
                                                                                                                                                                                                          	
  


                                      D	
   	
  	
  	
  	
  	
  	
  Je	
  consomme	
  du	
  vin	
  :	
  	
  	
  
                                      	
   	
                                                                   1	
   	
  	
  Plus	
  souvent	
  qu’une	
  fois	
  par	
  semaine	
  
                                      	
   	
                                                                   2	
   	
  	
  Une	
  fois	
  par	
  semaine	
  ou	
  moins	
  souvent	
  
                                      	
   	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  3	
   	
  	
  Seulement	
  lors	
  d’occasions	
  exceptionnelles	
  	
  
                                      	
                                               	
  	
  	
  	
  	
  	
  
                                      E.	
  Comment	
  choisissez-­vous	
  vos	
  vins	
  ?	
  	
  
                                      	
  
                                         	
   La	
  dernière	
  fois	
  que	
  j’ai	
  acheté	
  du	
  vin,	
   Pas	
  du	
                                                                                                                                                                                                                      	
        Neutre	
       	
     Très	
  
                                                                       je	
  l’ai	
  acheté	
  parce	
  que:	
                                                                                                                                                                                         tout	
                                                                  important	
  
                                                                                                                                                                                                                                                                                    important	
  
                                         1	
   Il	
  y	
  avait	
  une	
  promotion	
  en	
  magasin	
                                                                                                                                                                                                   1	
                                    2	
              3	
     4	
      5	
  
                                         2	
   A	
  cause	
  du	
  cépage	
                                                                                                                                                                                                                              1	
                                    2	
              3	
     4	
      5	
  
                                         3	
   Il	
  y	
  avait	
  des	
  informations	
  sur	
  le	
  rayon	
                                                                                                                                                                                           1	
                                    2	
              3	
     4	
      5	
  
                                                                       (pastilles	
  de	
  goût).	
  
                                         4	
   A	
  cause	
  de	
  la	
  région	
  d’origine	
                                                                                                                                                                                                           1	
                                    2	
              3	
     4	
      5	
  
                                         5	
   Un	
  degré	
  d’alcool	
  en	
  dessous	
  de	
  13%	
                                                                                                                                                                                                   1	
                                    2	
              3	
     4	
      5	
  
                                         6	
   Il	
  m’a	
  été	
  recommandé	
                                                                                                                                                                                                                          1	
                                    2	
              3	
     4	
      5	
  
                                         7	
   Il	
  permettait	
  un	
  bon	
  accord	
  avec	
  mes	
                                                                                                                                                                                                  1	
                                    2	
              3	
     4	
      5	
  
                                                                       mets	
  
                                         8	
   A	
  cause	
  des	
  indications	
  sur	
  la	
  contre	
                                                                                                                                                                                                 1	
                                    2	
              3	
     4	
      5	
  
                                                                       étiquette	
  (endos)	
  
                                         9	
   C’est	
  un	
  vin	
  que	
  je	
  connaissais	
  déjà	
                                                                                                                                                                                                  1	
                                    2	
              3	
     4	
      5	
  
                                         10	
   Il	
  avait	
  une	
  médaille	
                                                                                                                                                                                                                         1	
                                    2	
              3	
     4	
      5	
  
                                         11	
   L’étiquette	
  était	
  attirante	
                                                                                                                                                                                                                      1	
                                    2	
              3	
     4	
      5	
  
                                         12	
   A	
  cause	
  de	
  la	
  marque	
                                                                                                                                                                                                                       1	
                                    2	
              3	
     4	
      5	
  
                                         13	
   Il	
  avait	
  la	
  mention:	
  produit	
  écologique	
                                                                                                                                                                                                 1	
                                    2	
              3	
     4	
      5	
  
                                      	
  
                                      	
  
                                      Budget	
  d'achat	
  
                                      F.	
  Combien	
  seriez-­‐vous	
  prêt(e)	
  à	
  payer	
  au	
  maximum	
  pour	
  une	
  bouteille	
  de	
  vin	
  pour	
  un	
  
                                      repas	
  normal	
  à	
  la	
  maison:	
  
                                      	
  
                                                                                             	
   	
   	
   	
   	
   	
   	
   	
   	
   	
   	
   	
   	
   	
   	
  
                                      	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  0	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  $10	
  	
  	
  	
  	
  	
  	
  	
  	
  15	
  	
  	
  	
  	
  	
  	
  	
  20	
  	
  	
  	
  	
  25	
  	
  	
  	
  30	
  	
  	
  	
  	
  	
  	
  35	
  	
  	
  	
  	
  	
  40	
  	
  	
  	
  	
  45	
  	
  	
  	
  $60	
  ou	
  plus	
  
                                      	
  
                                      Ou	
  bien	
  :	
  F1	
  	
   	
  	
  Je	
  n’achète	
  pas	
  de	
  vin	
  pour	
  des	
  repas	
  normaux	
  à	
  la	
  maison	
  
                                      	
  
                                      G.	
  Combien	
  seriez-­‐vous	
  prêt(e)	
  à	
  payer	
  au	
  maximum	
  pour	
  	
  une	
  occasion	
  spéciale	
  ou	
  un	
  
                                      cadeau	
  
                                      	
  
                                                                                             	
   	
   	
   	
   	
   	
   	
   	
   	
   	
   	
   	
   	
   	
   	
  
                                      	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  0	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  10	
  	
  	
  	
  	
  	
  	
  	
  15	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  20	
  	
  	
  	
  	
  25	
  	
  	
  	
  30	
  	
  	
  	
  	
  35	
  	
  	
  	
  	
  	
  40	
  	
  	
  	
  	
  45	
  	
  	
  	
  $60	
  	
  ou	
  plus	
  
                                      	
  
	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  Ou	
  bien	
  	
  	
  	
  G1	
   	
  	
  Je	
  n’achète	
  pas	
  de	
  vin	
  pour	
  ce	
  type	
  d’occasion	
  
	
  
                                                                                                                                                               Page 14 of 15
                   	
  
                                                         Wine	
  MBA	
  2010/2011	
  Wine	
  Economics	
  Essay	
                                                                                                              	
  


	
                        	
  
	
  
H	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  Je	
  suis:	
  1.	
   	
  un	
  homme	
  	
  	
  	
  	
  2.	
   	
  	
  une	
  femme	
  
	
  
K	
  	
  	
  	
  Mon	
  
                               groupe	
                                         18-­‐24	
                      25-­‐40	
  	
  	
  	
  	
  	
   41-­‐54	
  	
  	
  	
  	
  	
         55-­‐64	
  	
  	
  	
   Plus	
  de	
  64	
   d'âge:	
  	
  	
  
                          	
                                                    1.	
  	
   	
                  2.	
  	
   	
                   3.	
  	
   	
                         4.	
   	
                  5.	
   	
  
                          	
  
                          L	
  	
  	
  	
  Comment	
  voyez	
  vous	
  votre	
  avenir	
  (après	
  ce	
  cours)	
  comme	
  consommateur	
  de	
  vin	
  ?	
  
                          	
  
                          	
  	
  	
  	
  	
  	
  	
  SVP,	
  choisissez	
  la	
  proposition	
  qui	
  vous	
  concerne	
  et	
  indiquez	
  votre	
  degré	
  d’accord:	
  
                          	
                                                                   	
                                               Pas	
  du	
                     	
          Neutr                	
         Tout	
  à	
  
                                                                                                                                                   tout	
                                        e	
                          fait	
  
                                                                                                                                                d’accor                                                                     d’accor
                                                                                                                                                         d	
                                                                     d	
  
                          1.	
   Mon	
  but	
  est	
  de	
  boire	
  mieux	
  mais	
  pas	
                                                              1	
                   2	
               3	
            4	
              5	
  
                                                       plus.	
  
                                                       Je	
  vais	
  acheter	
  des	
  bouteilles	
  de	
  vin	
  
                                                       plus	
  chères,	
  quitte	
  à	
  en	
  acheter	
  moins	
  
                                                       pour	
  respecter	
  mon	
  budget.	
  Je	
  ne	
  
                                                       tiens	
  pas	
  à	
  dépenser	
  davantage.	
  
                          	
                           	
                                                                                                 	
                    	
                  	
           	
               	
  
                          2.	
   Mon	
  but	
  est	
  de	
  boire	
  mieux	
  et	
  plus	
                                                               1	
                   2	
               3	
            4	
              5	
  
                                                       varié.	
  Maintenant	
  que	
  je	
  connais	
  
                                                       ma/mes	
  Pastille(s)	
  de	
  goût,	
  
                                                       je	
  vais	
  explorer	
  davantage	
  mais	
  pas	
  
                                                       dépenser	
  plus	
  par	
  bouteille.	
  
                                                       	
  
                          3.	
   Mon	
  but	
  est	
  de	
  boire	
  mieux,	
  plus	
                                                                    1	
                   2	
               3	
            4	
              5	
  
                                                       souvent,	
  et	
  à	
  l'aide	
  de	
  mes	
  nouvelles	
  
                                                       connaissances	
  faire	
  de	
  nouvelles	
  
                                                       découvertes,	
  soigner	
  les	
  accords	
  mets	
  
                                                       et	
  vins,	
  acheter	
  des	
  bouteilles	
  plus	
  
                                                       dispendieuses.	
  Mon	
  budget	
  consacré	
  
                                                       au	
  vin	
  va	
  certainement	
  augmenter,	
  
                                                       c'est	
  inévitable.	
  
                          	
  
                          M	
  :	
  	
  SVP	
  encercler	
  a,	
  b	
  ou	
  c	
  
                          a)	
  je	
  	
  préfère	
  le	
  vin	
  blanc,	
  	
  b)	
  je	
  préfère	
  le	
  vin	
  rouge,	
  	
  c)	
  j'aime	
  également	
  les	
  deux.	
  




                                                                                                      Page 15 of 15
            	
  

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Richard Sagala Economic Essay

  • 1.   Wine  MBA  2010/2011  Wine  Economics  Essay      What  is  the  effect  of  critics  on  the  wine  market?                                                                                                                                 Richard  Sagala           Wine   critics   play   an   important   economic   role   in   the   wine   world.   They   help   consumers   determine  the  value  of  an  unknown  good.  Through  their  judgment  and  their  assessment  of   the   product's   perceived   quality,   wine   critics   infer   "experience"   characteristics   to   the   attention  of  a  prospective  buyer  and  help  him  solve  the  value  proposition.   Some   critics   are   so   influential   that   their   scores   and   recommendations   can   trigger   buy   signals   all   over   the   world.   Others   influence   locally,   work   for   a   media,   judging   at   competitions   where   the   winners   are   awarded   medals,   distinctive   cues   that   help   to   differentiate  the  products.   In  order  to  study  the  effect  of  accolades  such  as  the  presence  of  a  medal  on  a  wine  bottle,  we   have  conducted  a  survey  with  444  consumers  enrolled  in  wine  appreciation  courses.     Finally,   we   will   look   at   future   trends   to   see   if   the   reputation   market   will   continue   to   be   shaped  by  expertise  based  wine  critics  or  if  new  players  (with  new  rules)  may  be  entering   the  playing  field.     Via  the  power  of  social  media  may  lie  a  new  marketing  opportunity  for  brands  previously   used   to   push   their   products   from   the   top   down   to   start   developing   a   direct   B2C1   bottom   up   approach  directly  engaging  consumers  with  a  focus  on  the  new  brand  evangelists.                                                                                                                   1    B2C=  Business  to  Consumers     Page 1 of 15  
  • 2.   Wine  MBA  2010/2011  Wine  Economics  Essay     Some  fundamental  economic  rules  to  remember   For   the   aficionado,   wine   is   a   pleasurable   product   obtained   by   the   fermentation   of   grape   juice,  but  for  an  economist  it  is  simply  a  good  that  can  be  exchanged  on  a  market,  i.e.  a  place   where   offer   meets   demand.   Simply   said,   a   good   is   a   bundle   of   characteristics.   Goods   are   valued  for  their  attributes,  the  characteristics  they  possess.  Those  different  characteristics   make  for  the  differentiation  between  them.   In   Quebec   (Canada)   from   where   this   research   was   conducted,   the   sale   and   distribution   of   alcohol   are   under   the   control   of   SAQ   (La   Société   des   Alcools   du   Québec),   a   state   monopoly   acting   as   the   channel   captain   for   retailing   alcoholic   beverages   in   this   predominantly   French   speaking   province.   SAQ   possesses   four   hundred   and   sixteen   stores,   more   than   10,500   references  in  its  catalogues  and  generates  CDN  $2.5  billion  in  sales  annually.   Each   product   in   the   SAQ   catalogue   is   a   bundle   of   characteristics   and   constitutes   a   unique   value   proposition.   The   consumer   is   challenged   by   the   amount   of   information   available   and   there   is   a   daunting   asymmetry   between   what   the   producer   and   the   retailer   know   and   what   the  consumer  knows  and  understands  about  the  goods.   As   one   person   from   the   SAQ   marketing   department   metaphorically   describes:   "We   are  a   bit   like   shoe   dealers   with   stores   where   all   the   shoes   are   in   boxes   and   where   clients   look   at   clues  on  the  boxes  to  decide  what  they  want  to  purchase".   The   act   of   selling   wine   is   based   on   extrinsics,   external   cues   that   will   be   processed   and   decoded  heuristically  by  the  consumer.     SAQ  has  produced  on  its  B2B  website  a  ponderation  (weighting)  chart  that  shows,  for  the   benefit   of   stakeholders,   the   criteria   against   which   a   product   is   evaluated   prior   to   being   selected  (see  figure  1          Figure  1:  SAQ  Ponderation  /  Selection  criteria     Page 2 of 15  
  • 3.   Wine  MBA  2010/2011  Wine  Economics  Essay     As   part   of   Notoriety   criteria,   2.1   Awards,   medals   and   media   contributes   25%   of   the   total   score   for   a   Specialty   product,   making   it   a   more   important   criteria   than   the   (organoleptic)   Quality  (20%)  and  the  second  most  important  criteria  after  the  quality/price  ratio  (30%).     Why  awards,  medals  and  media  are  deemed  so  important  to  the  trade?   In  an  essay  written  by  wine  producer  Robert  Hodgson,  the  author  tells  how  much  wineries   are  committed  to  the  pursuit  of  winning  medals:   "To   lift   their   brand   above   the   competition,   wineries   spent   more   than   $1   million   in   entry   fees   in   2003   at   just   13   of   these   venues.   The   benefit   of   this   expense   is   the   belief   by  wineries  that  entry  fees  offer  a  valid  return  on  investment:  Gold  medals  sell  wine"     Hodgson   believes   people,   not   medals,   sell   wine.   But   a   medal   can   help   when   meeting   with   buyers  for  retailers.   "Retailers   and   distributors   want   to   see   third   party   validation   of   a   wine's   quality   whether   it   be   Parker,   Wine   Spectator,   Wine   Enthusiast,   BTI   or   even   the   Grundy   County   Fair.   And   a   related   point,   to   promote   a   wine   on   shelf,   the   most   useful   tool   next   to   a   salesman   recommending   it   personally,   is   a   shelf   talker.   Short,   simple,   graphic   communication   to   the   consumer   in   the   form   of   a   big   number   or   a   big   medal,   gives   them   the   confidence   to   choose   a   wine.   Consumers   aren't   in   a   position   to   evaluate   whether   this   rating   is   more   valid   than   that,   or   this   competition   more   prestigious  than  that  one  but  they  do  need  some  validation  that  this  is  a  good  wine.   And  medals  do  that".    (Vinography  )   SAQ,   for   its   part,   publishes   a   List   of   magazines,   contests,   Notoriety   criteria   with   a   three   level   hierarchy  (A-­‐B  and  C)  to  weight  the  difference  between  ratings2.   To  the  Montreal  Gazette  wine  critic  Bill  Zacharkiw,  "The  SAQ  is  flooded  with  proposals  for   new  wines...the  SAQ  relies  on  how  U.S.  and  European  magazines  score  the  wines  and  how   well  it  sells  in  other  provinces."(The  Gazette)     On  the  consumer  side,  what  is  there  to  be  appraised?   In  Mueller  et  al.,"The  consumer  has  to  appraise  the  value  of  three  types  of  characteristics:   the  'Search'  characteristics,  the  'Experience'  characteristics  and  the  'credence'  attributes".   "‘Search’  characteristics  are  those  that  can  be  assessed  before  the  purchase  in   front   of   the   shelf.   The   producer,   brand,   region,   grape   variety   and   packaging   are   examples   of   search   characteristics.   ‘Experience’   characteristics,   such   as   the   taste   of   a   wine   and   whether   it   is   enjoyable,   can   only   be   evaluated   upon   consumption.   These   are   often   of   course   the   main   benefits   a   consumer   seeks                                                                                                                   2  The  A  category  is  garnishing  more  points  than  B  or  C.  For  example,  in  the  "A"  category  we  find  American,  UK,   French   and   Italian   publications:   Wine   Spectator,   the   Wine   Advocate,   Decanter,   le   Guide   Hachette,   Gambero   Rosso,   Bettane   et   Dessauve,   La   Revue   du   Vin   de   France.   James   Halliday   and   Alan   Meadows   are   cited   in   the   B   category.  It  is  worthwhile  to  note  that  almost  all  critics  comes  from  abroad  and  are  not  sourced  locally.     Page 3 of 15  
  • 4.   Wine  MBA  2010/2011  Wine  Economics  Essay     from   purchasing   a   wine.   Other   characteristics   such   as   health   effects,   environmental   benefits,   ingredients   or   production   methods   used   for   a   wine   that  cannot  be  assessed  during  consumption  are  called  ‘credence  attributes’.   When  purchasing  wine  a  consumer  uses  any  available  ‘search’  information  to   infer  the  hidden  ‘experience’  and  ‘credence’  aspects.   ...George   A.   Akerlof   won   the   Nobel   Prize   for   Economics   in   2001   for   his   breakthrough   findings   on   information   asymmetry   and   its   impact   on   market   performance.  He  found  that  consumers  would  pay  only  a  relatively  low  price   when   they   perceive   a   purchase   to   be   risky,   and   that   whole   markets   can   fail   when  the  perceived  risk  is  too  high,  resulting  in  no  transactions.   ...According  to  Akerlof  this  price  discount  or  ‘risk  premium’  can  be  reduced  if   market   participants   provide   their   trade   partners   with   credible   information,   which  reduces  the  perceived  risk.  "   Therefore,   the   trade   actively   looks   at   effective   and   efficient   ways   to   reduce   this   'risk   premium'  and  allow  the  consumer  to  infer  the  hidden  ‘experience’  and  ‘credence’  aspects  of   a  wine  to  increase  its  desirability.   Signalling  with  cues3  on  the  bottle  like  medals,  seals  of  approval  and  hybrids  (a  circle  with  a   high  score  in  it4)  engages  the  consumer  directly.  Whereas  shelf  talkers  may  or  may  not  be   present   (SAQ   does   not   use   them),   scores   and   descriptions   may   be   printed   in   a   catalogue   that  not  all  prospective  buyers  may  get,  circular  icons  in  the  shape  of  a  medal  glued  to  the   bottle  follow  the  product  everywhere.     These   icons   may   catch   the   eye   and   override   the   rest   of   the   cues   on   the   label,   or   might   be   what  comes  to  validate  them,  solve  the  value  proposition  and  trigger  a  buy  decision.       When   a   sophisticated   audience   looks   for   (easier)   ways   to   simplify   the   value   proposition.   People   can   process   only   a   limited   amount   of   information   and,   wine   being   a   complex   product,   even   dedicated   aficionados   may   find   acquiring   relevant   information   costly   and   time  consuming  process.   Mrs   Jessica   Harnois5   who   was   responsible   for   the   marketing   of   the   "en   primeur"   SAQ   campaign   and   release   of   the   2009   Courrier   Vinicole   catalogue   offering   of   Bordeaux   wines,                                                                                                                   3   Marketing  as  seen  to  produce  more  medal  types  than  the  standard  ones.  In  the  Addendum  1,  picture  1,  we   can   see   that,   for   a   same   product,   three   different   angles   are   used   to   signify   a   medal   in   the   mind   of   the   consumer.   There   is   the   classic   (Gold-­‐Silver   and   Bronze)   medal,   the   medal-­‐like   displaying   of   a   magazine   high   a   score  and  the  third  way  is  to  boast  about  having  been  selected  as  the  "official"  wine  for  an  event  (here  a  beach   volley  ball  tournament).  All  three  icons  are  made  to  look  like  a  medal.   4   In   Addendum   1   picture   2,   we   have   a   series   of   scores   (attributed   from   the   same   publication)   that   looks   to   resemble  like  a  string  of  medals.   5   Richard   Sagala   has   conducted   on   the   18th   of   November   2010   an   interview   with   Mrs   Jessica   Harnois   responsible  for  the  Courrier  Vinicole,  SAQ's  high-­‐end  mail  order  catalogue.   Page 4 of 15  
  • 5.   Wine  MBA  2010/2011  Wine  Economics  Essay     noticed  how  consumers  are  looking  for  simplification.   Courrier   Vinicole   consumers   are   typically   connoisseurs   who   buy   from   a   printed   catalogue   exclusive   super   premium   wines   for   their   cellar.   The   last   printed   catalogue6   provided   the   description   of   the   products   and   the   scores   from   the   major   wine   critics:   Wine   Spectator   (WS),  Robert  Parker  (WA),  Revue  du  Vin  de  France  (RVF),  Decanter  (D)  and  Jessica  Harnois   (JH)   (see   Figure3).   Some   products   were   graced   with   an   additional   "A   Courrier   Favorite"   7   red   icon   seal   of   approval   lookalike   and   those,   Mrs   Harnois   witnessed,   sold   almost   immediately.     Those   twelve   (out   of   seventy   plus   wines)   red   seals   in   the   catalogue   have   effectively   differentiated   the   goods.   A   simple   icon   with   no   description   of   the   methodology   for   attribution   or   what   it   means   to   be   "A   Courrier   Favorite"   has   elicited   quick   buying   action   from  a  sophisticated  crowd.   Figure  3  is  an  example  of  a  product  with  the  red  seal  "A  Courrier  Favorite".                                                                                                                             6  SAQ  Courrier  Vinicole  catalogue  The  Great  2009  Bordeaux  wines  unveiled.   7  Translated  in  the  French  version  of  the  catalogue  as  a  "coup  de  coeur".   Page 5 of 15  
  • 6.   Wine  MBA  2010/2011  Wine  Economics  Essay     What   do   Quebec   high   involvement   consumers   think   of   medals   when   they   select   a   wine?   During   the   fall   of   2010,   a   questionnaire8   was   submitted   to   the   students   of   the   SAQ   wine   appreciation  courses,  a  high  involvement9  cohort  buying  more  than  one  bottle  a  month.     Various   topics   were   covered   (see   addendum   2);   the   E   section   covered   criteria   and   attributes'   importance   when   selecting   a   product.   On   the   tenth   question,   students   were   asked  to  validate  and  grade  a  sentence  according  to  what  they  thought  about  the  presence   of  a  medal  on  the  bottle:   "The  last  time  I  bought  a  wine,  I  chose  it  because  it  had  a  medal10"   They  answered  on  a  scale  of  one  to  five:   1-­‐Not  at  all  important  ("Pas  du  tout  important"  in  French)   2-­‐Not  important     3-­‐Neutral,  neither  good  or  bad  ("Neutre"  in  French)   4-­‐Important   5-­‐Very  important  ("Très  important"  in  French)     The  occurrence  of  selecting  a  bottle  with  a  medal  would  be  most  unlikely  if  they  answered   "1"  and  very  likely  if  they  answered  "5".     Results   Out   of   the   444   students,   118   (27%)   selected   "1",   97   (22%)   selected   "2",   129     (29%)   selected  "3",  87  (20%)  selected  "4",  13  (3%)selected  "5."                                                                                                                     8  The  questionnaire  was  built  on  a  model,  a  previous  survey  put  together  by  professor  Eli  Cohen  designed  on   the  Likert  scale,  based  on  the  best-­worst  scenario.  An  initial  pilot  was  produced  in  the  spring  of  2010  and  was   tested  and  validated  by  an  initial  group  of  20  students.   Results  were  weighted  and  the  standard  deviation  calculated  (submitted  to  the  T  test).  Limitations:  E10  was   the  only  question  related  to  medals  and  it  would  be  interesting  to  dwell  more  on  the  issue.    9  As  per  the  definition  of  Professor  Larry  Lockshin  of  Ehrenberg-­‐Bass  Institute  for  Marketing  Science:  a  high   involvment  consumer  buys  more  than  one  bottle  of  wine  per  month.   10  Translated  from  French:  "La  dernière  fois  que  j'ai  acheté  du  vin,  je  l'ai  acheté  parce  qu'il  avait  une  médaille"     Page 6 of 15  
  • 7.   Wine  MBA  2010/2011  Wine  Economics  Essay     Choosing  a  wine  because  of  the  presence  of  a  medal   1-­‐Not  at  all  important   2-­‐not  important   3-­‐neutral   4-­‐important   5-­‐very  important     140   120   100   80   60   40   20   0       Results  where  that  less  than  one  out  of  four  students  had  a  positive  view  of  the  presence   of   a   medal   on   the   bottle   (20%+3%)   with   three   per   cent   of   them   considering   such   presence   as  being  very  positive.   29%  percent  held  it  as  neutral,  neither  good  or  bad  information  and,     almost   half   (26%+22%)   held   the   presence   of   a   medal   on   the   bottle   as   somewhat   unimportant  or  not  at  all  important.         Page 7 of 15  
  • 8.   Wine  MBA  2010/2011  Wine  Economics  Essay     An  example  of  what  consumers  from  abroad  think  about  scores  and  medals.   In   Australia,   Simone   Mueller   et   al.   conducted   an   experiment   on   how   shelf   information   influence  wine  choices  and:   "...The  presence  of  sensory  descriptions  had  an  average  effect  of  7.4%,  which  had   a   similar   impact   as   found   for   wine   show   medals   (no   medal   to   Gold   &   Trophy)   with  7.6%  ...and  wine  critics’  scores  (7-­‐  10%).  (Lockshin  et  al.  2009)".   The   presence   of   medals   increased   the   wine   choice   by   7.6%,   slightly   the   same   as   sensory   descriptions  (7.4%),  medals  being  a  little  more  effective  than  scores  when  there  is  a  wide   disparity   between   the   critics   scores   (7%)   and   less   effective   (10%)   when   the   scores   are   more  in  agreement.   Looking   prospectively,   where   will   wine   critics   fit   in   the   new   economic,   i.e.   social   media   augmented,  wine  marketing  reality?     Classic  wine  critics,  Twinsumers  and  Social-­Lites  ,  'the  times  they  are  a  changin'.   With   the   advent   of   social   media,   will   wine   consumers   continue   to   infer   their   'credence'   and   'experience'   characteristics   from   (expertise   based)   wine   critics   scores   or   will   they   be   influenced  by  other  signals?   "In  2011,  word  of  mouth  and  recommendations  will  be  even  more  dependent  on  P2P   dynamics.   If   Twinsumers,   consumers   with   similar   consumption   patterns,   likes   and   dislikes,   and   who   are   hence   valuable   sources   for   recommendations   on   what   to   buy   and   experience   are   all   about   improving   'search   curation',   Social-­Lites   are   all   about   discovery,  as  consumers  become  curators;  actively  broadcasting,  remixing,  compiling,   commenting,   sharing   and   recommending   content,   products,   purchases,   experiences   to   both  their  friends  and  wider  audiences.    Why  would  consumers  want  to  become  curators?  Because  many  of  them  are  investing   time   and   effort   in   building   BRAND   ME,   via   online   profiles   that   record   their   opinions   and   recommendations.   And   as   audiences   in   knowledge   economies   value   interesting,   relevant   and   useful   tidbits,   they   bestow   status   on   those   curators   or   Social-­Lites   who   share.   Furthermore,   it's   never   been   easier   to   be   a   Social-­Lites...   social   networks'   streams   allow   users   to   easily   broadcast   information   to   a   wide   range   of   people.   (Trendwatching)     Professional   critics   like   Matt   Kramer   are   ambivalent11   about   this,   though;   critics'   scores   are   favourably  viewed  and  respected12  by  the  market  still  (figure  4).                                                                                                                       11  "  (social  media)...  this  is  not  good  news  for  professional  critics  of  any  kind,  never  mind  wine  scribes  such  as   myself.  Am  I  ambivalent  about  this?  sure  I  am.  Professional  critics  labour-­‐or  should  anyway-­‐  under  standards   that  exceed  "Do  I  like  it?"  (Matt  Kramer,  On  Wine).   12   "Mouton’s  position  as  the  poorest-­‐performing  2009  comes  as  something  of  a  surprise.  Importantly,  Parker   did   not   rate   the   wine   as   highly   as   its   fellow   First   Growths,   and,   as   such,   drifting   Mouton   09   prices   seem   to   Page 8 of 15  
  • 9.   Wine  MBA  2010/2011  Wine  Economics  Essay     Figure  4,  Live-­‐Ex  December  2010.     The   tech   savvy   millennials   cohort   is   an   important   target   of   wine   marketing,   and   are   the   hope  for  replacing  the  aging,  thus  lesser  drinking  boomers.  Millenials  are  favourably  turning   to  their  age  group  peers,  the  trendsetters  they  trust,  to  get  advice.     Conclusion   Wine   critics   grease   the   wheels   of   the   wine   economy   and   stakeholders,   notably   the   trade,   positively  value  this  business  model  while  consumers  lend  an  ear  but  also  use  alternative   heuristic  cues  to  infer  quality.     The   appeal   of   wine   critics   accolades   is   not   universal.   Both   the   Quebec   and   Australian   surveys  indicate  that  less  than  ten  percent  of  consumers13  seem  to  buy  wine  according  to   medal  and  score  signalling.   Perhaps   the   trade   is   asymmetrically   enthusiastic   about   them.   In   some   niche   markets   (Bordeaux   Firsts   Growths   for   example),   critics   are   economically   significant   but   in   other   markets  they  are  less  effective.   Therefore,  the  trade  may  want  to  tap  into  other  dynamic  sources  such  as  Twinsumers  and   Social-­Lites  to  generate  buzz  and  stimulate  demand.   A  profitable  scenario  for  brands  now  could  be  to  divert  some  of  their  marketing  efforts  from   conventional   (top   down)   points   and   medals   seeking   to   pursue   a   new   (bottom   up)   B2C14   approach,   directly   engaging   consumers   and   taking   special   care   of   all   possible   opinion   leaders   and   trendsetters   to   get   those   "referrals   by   a   trusted   source"15,   arguably   the   best   recommendations  one  could  win  for  his  products.                                                                                                                               .                                                                                                                                       reflect  that  Parker  scores  are  still  influential  in  setting  pricing"  (Liv-­‐Ex,  Dec  2010).   13  This  is  said  bearing  in  mind  that  less  than  ten  per  cent  consumers  (with  great  purchasing  power)  can  be   economically  significant.   14    B2C=  Business  to  Consumers     15  p.1,  Scott  Stratten,  Unmarketing.  Stop  marketing.  Start  engaging   Page 9 of 15  
  • 10.   Wine  MBA  2010/2011  Wine  Economics  Essay     Bibliography   -­‐Robert  T.  Hodgson,  An  Analysis  of  the  Concordance  Among  13  U.S.  Wine   Competitions[Online],   Availableat:http://www.wineeconomics.org/journal/content/Volume4/number1/Full%20 Texts/1_wine%20economics_vol%204_1_Robert%20Hodgson.pdf  [Accessed  21  December   2010].   -­‐Kramer,  M.,  2010.  ,  On  Wine,  New  York,  Sterling,  p.  73.   -­‐Live-­‐Ex  Market  Report,  December  2010,    [Online],  Available  at:   http://www.fairmonthk.com/userfiles/1291959468.pdf  [Accessed  21  December  2010].   -­‐S.  Mueller, Larry Lockshin, Jordan Louviere, Leigh Francis, Patricia Osidacz,  How  does  shelf   information  influence  consumers’  wine  choice?  ,[Online],  Available  at:   http://www.winepreferences.com/resources/page59/files/page59_1.pdf  [Accessed  21   December  2010].   -­‐SAQ  B2B,  2010,  Annual  Report  [Online],  Available  at:   http://marketing.globalwinespirits.com/SAQ_B2B/2010_Annual_Report.pdf  [Accessed  21   December  2010].   -­‐SAQ  B2B,  2010,  List  of  magazines,  contests,  Notoriety  criteria  [Online],  Available  at:   http://marketing.globalwinespirits.com/SAQ_B2B/Politique%20et%20Normes/Listofmag azines_contests_Notoriety_criteria_PMP_2008.pdfhttp://marketing.globalwinespirits.com/[ Accessed  28  December  2010].   -­‐SAQ  B2B,  2010,  Policy  and  Standards,  Call  for  tenders  [Online],  Available  at:   http://www.saq-­‐b2b.com/wx/en/MAIN.SAQ_INDEX_PAGE_PREP  [Accessed  21  December   2010].   -­‐Stratten,  S.,  2010.  ,  Unmarketing.  Stop  marketing.  Start  engaging,  New  Jersey,  Wiley,  p.  1-­‐3.   -­‐Trendwatching,   Eleven   crucial   consumers   trends   for   2011   [Online],   Available   at:   http://www.trendwatching.com/briefing/  [Accessed  21  December  2010].   -­‐Vinography.com,[Online],Available   at:http://www.vinography.com/archives/2009/09/gold_medals_do_not_mean_good_w.ht ml  [Accessed  21  December  2010].   -­‐B.  Zacharkiw,  A  Christmas  wish:  Treat  us  like  adults,  [Online],  Available  at:   http://www.montrealgazette.com/columnists/Bill_Zacharkiw.html  [Accessed  24  December   2010].     Page 10 of 15  
  • 11.   Wine  MBA  2010/2011  Wine  Economics  Essay     Addendum  1,  Types  of  medals,  medal  shape  awards,  points  and  seal  of  approval.      Picture  1,  from  left  to  right,  1-­‐Official  (selected)  wine  for  the  AVP  event,  2-­‐Gold  medal,   3-­‐Medal  shape  points       Page 11 of 15  
  • 12.   Wine  MBA  2010/2011  Wine  Economics  Essay       Addendum  1,  Picture  2,  string  of  medal  shaped  high  scores  (Scores  from  Wine  Spectator).         Page 12 of 15  
  • 13.   Wine  MBA  2010/2011  Wine  Economics  Essay     Addendum  2:  Facsimile  of  the  questionnaire  submitted  to  SAQ  students  of  Cycle  I  wine   appreciation  course     Nous conduisons une recherche académique, sans aucun but commercial, sur vos connaissances en   début de session et votre choix de vins actuel.   Nous vous remercions pour le temps que vous consacrerez à compléter ce questionnaire           A.  Par  rapport  au  vin,  quel  est  le  niveau  de  vos  connaissances  actuelles?  SVP  indiquez   votre  degré  d’accord  ou  de  désaccord  avec  les  propositions  suivantes  :         Pas  du     Neutre     Tout  à   tout   fait   d’accord   d’accord   1.   Je  connais  peu  le  vin,  mais  j'aimerais   1   2   3   4   5   mieux  le  connaitre,  c'est  pourquoi  je   suis  ce  cours.   2.   Je  m'y  connais  bien  et  je  m'y  intéresse   1   2   3   4   5   depuis   quelques  années  déjà.   3.   J'aime  le  vin  et  j'en  parle  dans  mon   1   2   3   4   5   milieu,  j'aime  communiquer  mon   enthousiasme  à  ma  famille,  à  mes   amis,  à  mes  collègues  de  travail  aussi.       B.  Indiquez  votre  degré  d’accord  ou  de  désaccord  avec  les  propositions  suivantes  :         Pas  du     Neutr   Tout  à   tout   e   fait   d’accord   d’accord   1.   Le  vin  a  une  place  importante  dans   1   2   3   4   5   ma  façon  de  vivre   2.   J’ai  plaisir  à  consommer  du  vin     1   2   3   4   5   3.   Goûter  le  vin  sur  le  lieu  d’achat,  c’est   1   2   3   4   5   important  pour  me  décider  à  l'acheter     C              J’achète  du  vin  :           1      Rarement         2      Une  fois  par  semaine,  au  moins         3      Une  à  deux  fois  par  mois                                          4      Moins  d’une  fois  par  mois                 Page 13 of 15  
  • 14.   Wine  MBA  2010/2011  Wine  Economics  Essay     D              Je  consomme  du  vin  :           1      Plus  souvent  qu’une  fois  par  semaine       2      Une  fois  par  semaine  ou  moins  souvent                            3      Seulement  lors  d’occasions  exceptionnelles                   E.  Comment  choisissez-­vous  vos  vins  ?         La  dernière  fois  que  j’ai  acheté  du  vin,   Pas  du     Neutre     Très   je  l’ai  acheté  parce  que:   tout   important   important   1   Il  y  avait  une  promotion  en  magasin   1   2   3   4   5   2   A  cause  du  cépage   1   2   3   4   5   3   Il  y  avait  des  informations  sur  le  rayon   1   2   3   4   5   (pastilles  de  goût).   4   A  cause  de  la  région  d’origine   1   2   3   4   5   5   Un  degré  d’alcool  en  dessous  de  13%   1   2   3   4   5   6   Il  m’a  été  recommandé   1   2   3   4   5   7   Il  permettait  un  bon  accord  avec  mes   1   2   3   4   5   mets   8   A  cause  des  indications  sur  la  contre   1   2   3   4   5   étiquette  (endos)   9   C’est  un  vin  que  je  connaissais  déjà   1   2   3   4   5   10   Il  avait  une  médaille   1   2   3   4   5   11   L’étiquette  était  attirante   1   2   3   4   5   12   A  cause  de  la  marque   1   2   3   4   5   13   Il  avait  la  mention:  produit  écologique   1   2   3   4   5       Budget  d'achat   F.  Combien  seriez-­‐vous  prêt(e)  à  payer  au  maximum  pour  une  bouteille  de  vin  pour  un   repas  normal  à  la  maison:                                                          0                    $10                  15                20          25        30              35            40          45        $60  ou  plus     Ou  bien  :  F1        Je  n’achète  pas  de  vin  pour  des  repas  normaux  à  la  maison     G.  Combien  seriez-­‐vous  prêt(e)  à  payer  au  maximum  pour    une  occasion  spéciale  ou  un   cadeau                                                          0                    10                15                      20          25        30          35            40          45        $60    ou  plus                          Ou  bien        G1      Je  n’achète  pas  de  vin  pour  ce  type  d’occasion     Page 14 of 15  
  • 15.   Wine  MBA  2010/2011  Wine  Economics  Essay           H                          Je  suis:  1.    un  homme          2.      une  femme     K        Mon   groupe   18-­‐24   25-­‐40             41-­‐54             55-­‐64         Plus  de  64   d'âge:         1.       2.       3.       4.     5.       L        Comment  voyez  vous  votre  avenir  (après  ce  cours)  comme  consommateur  de  vin  ?                  SVP,  choisissez  la  proposition  qui  vous  concerne  et  indiquez  votre  degré  d’accord:       Pas  du     Neutr   Tout  à   tout   e   fait   d’accor d’accor d   d   1.   Mon  but  est  de  boire  mieux  mais  pas   1   2   3   4   5   plus.   Je  vais  acheter  des  bouteilles  de  vin   plus  chères,  quitte  à  en  acheter  moins   pour  respecter  mon  budget.  Je  ne   tiens  pas  à  dépenser  davantage.                 2.   Mon  but  est  de  boire  mieux  et  plus   1   2   3   4   5   varié.  Maintenant  que  je  connais   ma/mes  Pastille(s)  de  goût,   je  vais  explorer  davantage  mais  pas   dépenser  plus  par  bouteille.     3.   Mon  but  est  de  boire  mieux,  plus   1   2   3   4   5   souvent,  et  à  l'aide  de  mes  nouvelles   connaissances  faire  de  nouvelles   découvertes,  soigner  les  accords  mets   et  vins,  acheter  des  bouteilles  plus   dispendieuses.  Mon  budget  consacré   au  vin  va  certainement  augmenter,   c'est  inévitable.     M  :    SVP  encercler  a,  b  ou  c   a)  je    préfère  le  vin  blanc,    b)  je  préfère  le  vin  rouge,    c)  j'aime  également  les  deux.   Page 15 of 15