An Empirical Analysis: Wine And The Consumer Price-Perceived Quality Heuristic

Abstract

Does price have anything to do with Wine? The consumer price-perceived quality has always been used by consumers when they gauge the quality of a product or service. Three propositions are developed which show how the consumer uses the price-perceived quality in the wine industry. For all types of wines, there will be attributes like ratings, brand name and word of mouth that will affect the purchase. The goal in this paper is to empirically validate propositions pertaining to the factors that influence how consumers use the price-perceived quality heuristic to determine which wine is worth the money that they are paying for. The findings will point to several ways that wine sellers can realign programs and reallocate resources to raise profitability levels and reduce costs. Primary among them are the development and articulation of whether to upgrade to meet the rating criteria, whether to invest in the brand name or to address public perception through viral marketing.

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