Behavioural economics and wine
he was pointedly demonstrating the power of just one element in the wine tasting experience: temperature. This further demonstrates how easily even wine connoisseurs can be misled by the environment surrounding tasting, and therefore the impact that behavioural economics can have in this area.
Therefore, there are strategies that can be adopted by retailers, restaurants and winemakers to maximize profits on wine sales and return reservations. All three should always allow credit card payments, but there are specific recommendations as well.
Retailers should place their most expensive products at eye level, stock more corked bottles of wine if they are available and play music in their wine aisles that comes from the country where with their most expensive wines come from.
Restaurants should also take particular care with the layout of their menus, placing expensive wines at the top of wine lists. They should play unintrusive music of a mellow nature such as light jazz. Lighting should be low, and rooms should be nicely decorated, and include décor such as candles, pot plants, artworks, and tablecloths. They should serve all wines in their appropriate glassware, opting for taller glassware when possible. They should offer insight into the provenance of wines and describe them on the menu with words that enhance them (but avoid meaningless words such as delicious). Winemakers should, if possible, employ a system that allows deferred payments. They should keep a consistent, congruent design style to their bottles, preferably a traditional style (although bold designs do have some upsides as long as they are not tacky). Winemakers should opt for heavier bottles with a punt. They should always opt for a cork as the method of closure. Bibliography Ariely, D. (2009). Predictably irrational: The hidden forces that shape our decisions . Harper Perennial. Cumming, E. (2016, September 10). The great wine fraud . The Guardian. https://www.theguardian.com/global/2016/sep/11/the-great-wine-fraud-a-vintage-swindle Fischer, U., & Loewe-Stanienda, B. (1999). Impact of wine glasses for sensory evaluation. In Research Gate . https://www.researchgate.net/profile/Ulrich-Fischer- 3/publication/282494812_Impact_of_wine_glasses_for_sensory_evaluation/links/5d03be02458515b0 55d06a44/Impact-of-wine-glasses-for-sensory-evaluation.pdf Hiskey, D. (2019, July 14). Can Professional Wine Connoisseurs Really Not Tell the Difference Between Expensive and Cheap Wines? Today I Found Out. https://www.todayifoundout.com/index.php/2019/07/can- professional-wine-connoisseurs-really-not-tell-the-difference-between-expensive-wines-and-cheap- wines/ Hollingsworth, E. (2014, February 18). 7 free ways to keep your customers happy and reassured . Practical Ecommerce. https://www.practicalecommerce.com/7-ways-to-keep-your-customers-happier-and-or- reassured-for-free Jenkins, M. (2018, October 2). What’s the ‘face index’ of your wine label? Wine Intelligence. https://www.wineintelligence.com/whats-the-face-index-of-your-wine-label/ Jurafsky, D. (2015). The language of food: A linguist reads the menu . W.W. Norton & Company. Luchs, M. G., Naylor, R. W., Irwin, J. R., & Raghunathan, R. (2010). The Sustainability Liability: Potential Negative Effects of Ethicality on Product Preference. Journal of Marketing , 74 (5), 18 – 31. http://www.jstor.org/stable/41228571
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