Pricing at Russian Wine Market: Marketing Approach

Abstract

AbstractThe Russian wine market and wine industry are in a state of unstable development. Wine consumption, showing a long-term upward trend, in certain periods before it rises, then falls again. However, in spite of this, the vineyard areas in Russia are increasing, the number of wine producers, as well as brands of wines, is growing. At the same time, due to the lack of sufficient experience in running the wine business, Russian producers are faced with numerous difficulties, including in matters of correct marketing pricing. The purpose of this study was to identify the peculiarities of Russian consumers’ perception of wine price as a reliable indicator of its quality. To achieve this goal, the work used the method of correlation-regression analysis in aim to show correspondence between wine quality assessments and price levels. The results of the statistical analysis showed the absence of a statistically significant relationship between these parameters, which indicates a systematic overestimation of their products by winemakers and underestimation by consumers. To correct the above-described situation, the paper presents and considers a conceptual factor model of marketing pricing, which proposes to take into account a number of special coefficients when determining the price.KeywordsWine marketingPricing at wine marketModel of wine priceMarketing approachRussian wine market