In this assignment we need to outline the market for our wine business. A useful analogy is a funnel. A funnel diagram has been provided below for illustrativepurposes. Your research efforts should start with understanding the size, growth, trends and structure of your industry. It is important to define your market as broadly aspossible. This helps avoid overlooking a potential marketing opportunity or ignoring a competitive threat. With that in mind, we first ask, what is the simplestclassification of wine? ?it is a beverage. Imagine now the widest end of the funnel, the area labeled 1 below, is the beverage market. This includes all beverages(e.g. water, soft drinks, alcoholic beverages, etc.). We will limit this larger end of the funnel classification to the total beverage market of the United States. Now we gradually taper this analysis to the target market for our opportunity of a winery in the Central Coast of California. Please research the following categoriesfor this week?s exercise. Next week we will discuss the results of this exercise and work toward a consensus of our market.Categories to research: 1 ? What is the total size of the beverage market for the United States? This includes all beverages, both alcoholic and non-alcoholic. Please include the share of themajor beverage classifications (e.g. alcoholic as a percentage and/or dollar amount). 2 ? What is the total size of the alcoholic beverage market for the United States? This includes all alcoholic beverages. Please include the share of the majorcategories of alcoholic beverages (e.g. wine as a percentage and/or dollar amount). 3 ? What is the total size of the wine market for the United States, California, and the Central Coast of California? This includes all wine beverages. And thebreakdown of varietals and categories of wine as a percentage and/or dollar amount (e.g. varietals: Cabernet Sauvignon, Merlot, Zinfandel, Pinot Noir, Chardonnay,Sauvignon Blanc, etc. and categories: Ultra-Premium, Super-Premium, Premium, Jug, etc.). 4 ? What is the make-up of wine sales in California and the Central Coast of California, and what part of that is wine tourism? (e.g. percentage and/or dollar amountsold off-premise retail, on-premise retail, online, etc.) 5 ? What are the demographics of wine drinkers in the United States, California, and the visitor to the Central Coast of California? (e.g. income, education, location,etc.) 6 ? How many tourists visit the Central Coast of California? Explain the typical tourists. How many of them visit wineries? How much do they spend? Number 6 is the area of the funnel you want to have the most information. For this, we suggest using either the Checklist of Developing a Target Market and/or theCategories of Persona Characteristics to draft potential primary personas. Additionally, we want to know as many types of numbers that you can provide (e.g. percentages, dollar amounts, number of people, comsumption, etc.) When posting yourfindings, please note the source and the year, if available, and the link as always. Most market research begins with the Internet and published sources. These are typically inexpensive and easily accessible. Government and trade publications arewidely available for statistical information. Additionally, pieces of professional research can be found in newspapers, magazine articles, and books. Next, you willwant to interview experts and conduct your own observations. With your own businesses, if you have the resources, you may want to purchase professional research. You will find the information can vary widely. It is important to understand the sources and what the factors were in deriving the information. Again, much of the information you need to understand the market of a business is available from public sources: government statistics, trade group surveys, etc.Additionally, you will find very comprehensive databases available for industry information (e.g. Los Angeles Public Library). Last, you will be able to fill in somehighlights with information from newspapers, magazines, and professional journals. These will typical reveal studies, detailed data, market distribution, competition,experts, etc. NOTE: If you see a statistic sourced, chase down the source and see if you can find more information. Enjoy! We will look forward to exploring the class findings.:
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