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Generic Consumer RiskReduction Strategies RRS in WineRelated Lifestyle Segments of the Australian Wine Market

Generic Consumer RiskReduction Strategies RRS in WineRelated Lifestyle Segments of the Australian... Wine is widely regarded as a complicated product and for the majority of consumers the purchasing of wine in the retail situation evokes considerable risk. Marketers are therefore constantly and increasingly trying to demystify wine in order to reduce the perceived risk levels of consumers in the purchase situation. Most previous research in the area of perceived risk literature tended to focus on the concept of risk and its measurement rather than on riskreduction. This study examined the preferred riskreduction strategies RRS employed by identified winerelated lifestyle segments in the Australian wine market and linked these strategies to the wine retail environment. Relying on favourite brands or socalled safe brand buying was found to rank highest as a risk reduction strategy in the commercial under 15 per bottle and premiumto superpremium 1525 price ranges while the opportunity to try before buying ranked highest in the ultrapremium 25 price range. The results obtained have major implications for retailers and form the foundation for a competitive advantage. It also indicates the direction for future research in this strategically important area of wine consumer behaviour. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png International Journal of Wine Marketing Emerald Publishing

Generic Consumer RiskReduction Strategies RRS in WineRelated Lifestyle Segments of the Australian Wine Market

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Publisher
Emerald Publishing
Copyright
Copyright © Emerald Group Publishing Limited
ISSN
0954-7541
DOI
10.1108/eb008764
Publisher site
See Article on Publisher Site

Abstract

Wine is widely regarded as a complicated product and for the majority of consumers the purchasing of wine in the retail situation evokes considerable risk. Marketers are therefore constantly and increasingly trying to demystify wine in order to reduce the perceived risk levels of consumers in the purchase situation. Most previous research in the area of perceived risk literature tended to focus on the concept of risk and its measurement rather than on riskreduction. This study examined the preferred riskreduction strategies RRS employed by identified winerelated lifestyle segments in the Australian wine market and linked these strategies to the wine retail environment. Relying on favourite brands or socalled safe brand buying was found to rank highest as a risk reduction strategy in the commercial under 15 per bottle and premiumto superpremium 1525 price ranges while the opportunity to try before buying ranked highest in the ultrapremium 25 price range. The results obtained have major implications for retailers and form the foundation for a competitive advantage. It also indicates the direction for future research in this strategically important area of wine consumer behaviour.

Journal

International Journal of Wine MarketingEmerald Publishing

Published: Jan 1, 2004

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