LIFE CYCLE OF A WINE BRAND

Abstract

The aim of the work is to determine the life cycle of the wine brand, the development of ways to improve its effectiveness at different stages of the life cycle. Being scientifically informed of the existence of the life cycle of the brand allows modern enterprises to enhance their competitive position in the market and take advantage of the acquired differences in order to attract more attention from consumers. Methods. The study is based on scientific methods of research of economic phenomena: the dialectic, abstract logical (in the exercise of theoretical generalizations to the definition of the concept of «life cycle of the perpetrator of the brand), a scientific abstraction, comparison and ordering (the study of factors influencing the life cycle of the perpetrator of the brand and the factors influencing a choice of products for consumers), statistical and problem-chronological (the study of the requirements of the brand in a changing consumer preferences), logical generalization (in determining the social and ethical functions guilty brand). Results. The stages of the life cycle of the wine brand, which take into account its characteristics and form its social and ethical functions. Describing the requirements for the wine brand in the changing tastes and preferences of consumers. Specification of wine promotion of the brand in an increasingly competitive environment. Preconditions have been set for a new wine brand. The practical significance. The brand always increases the value of the product and its entry into new markets, as well as reduces the time to attract consumers. Possibility to ensure the growth of the brand in a declining market; building market share in a highly competitive environment; marketing innovative products in order to create a new sales strategy. After all, to gain and maintain the popularity of a certain product, one must personalize it with giving associations and a way to provide it with distinctive features. Only then the product will cause its strong commitment and provide the expected profit. A brand contributes to an adequate instant reaction of manufacturers and distributors of products to internal and external challenges in a dynamic shift in the consumer market and increases competition. The value/ originality. Modern scientific studies increasingly gain urgency of development, existence and determination of characteristics of the brand life cycle. However, given specificity of the wine industry, the coverage of this issue in the literature requires constantly new and innovative approaches to problem-solving efficiency of the brand. The article explores and describes factors that affect the life cycle of the wine brand management that provides gain competitive advantages in certain stages and allows to extend the brand in the face of increasing competition.