Contents

Executive Summary .......................................................................................................................................3 Introduction and Study Purpose ...................................................................................................................3 Background....................................................................................................................................................4 Research Method ..........................................................................................................................................6 Findings..........................................................................................................................................................7 Recommendations...................................................................................................................................... 14

Executive Summary
Due to a decreasing internal consumption of local wines, Romanian wine producers are forced to look outside the domestic market for new demand for their products. Partly induced by recession, and partly due to competition from foreign wines, the decrease in local demand has determined Romanian firms to look to markets such as the US market for new opportunities. To succeed in the US market, Romanian exporters have to understand what are the drivers for wine sales in the US retail market and distribution system, how is Romania, as a wine producing country, perceived by the US shopper, and how much is the US consumer willing to pay for a bottle of Romanian wine. Conducted in two countries (Romania and the United States), this study is looking at opportunities and barriers for Romanian wines on the US market and offers recommendations to Romanian producers, trade associations, and US distributors and marketers interested in importing and selling Romanian wines.

Introduction and Study Purpose

Exporting wine to a foreign country has without doubt its intricate logistic challenges. The biggest challenge however, stands in finding and creating demand for the product. This is why marketing is a crucial complement to successfully entering a foreign market. Romanian wine producers have expressed their interest to enter the US market because of the large potential regarding wine consumption (US is the second largest consuming country by volume worldwide) and because Romania has a neutral image in the United States (this allows Romania to build an idyllic image away from the barriers of a tarnished image in Europe). Also, the US market has been historically open to wines from all over the world with greater openness to wines regardless of country of origin. Such successful entrants include Australia, Chile, and South Africa. This studys purpose is to aid all players in the export chain (from producers to marketers) to successfully bring Romanian wines to the US consumer. Objectives To determine what are the drivers for wine sales in the US retail and distribution Describe Romanias image in the US (since wine is a product strongly tied to country of origin) To determine the US consumers perception about Romanian wines To determine purchase intent and price point for Romanian wines Define distribution barriers and opportunities for Romanian wines in the US Make recommendations to Romanian wine producers and parties involved in the distribution chain, as well as US marketers 3

Background
Industry The wine industry is an extremely competitive industry. Despite the harsh nature of this industry, a large number of players (large and small) try their luck vintage after vintage. Some enter the wine business for the creative nature of it, for glamor, or family tradition. The wine making industry has relatively low barriers of entry. Traditionally the industry has been dominated by small family vineyards. However, for the past three decades, a significant number of large companies such as Gallo or Constellation Wines are visible on the global wine scene. Mainly profit oriented, the giants of the wine business have wine production sites located across the world and have the advantage of sharing the know-how in wine making, marketing, and distribution between sometimes five continents. For the small producers on the other end of the spectrum wine making is a craft or family tradition. Surviving in this industry is extremely tough due to the uncontrollable forces of the nature: disease, frost, or predators. However insurmountable these risks may be, the industry is admirable for the resilience with which year after year winemakers battle nature in their quest for beautiful wine. Their arsenal is patience, intuition, and continuously developing technology. An external threat to the wine industry comes from other alcoholic beverages such as beer and mixed drinks. Complemented by food, the wine selection may in some cases seem too tough to navigate and despite efforts to make consumer friendly categories, the perceived intricacies of choosing a wine may alienate potential consumers. In addition, wines are often perceived as pretentious and that may give an advantage to other beverages in the competitive landscape. Climate plays a major role in wine production. The wine belt is the stretch of land around the globe between 35th and 51th parallel of north and south latitude where the climate is favorable for growing wine grapes. Within the wine belt, the industry distinguishes between two major regions. The Old World which includes wine producing countries in Europe and the New World, where winemaking was introduced by European settlers. The Old World is characterized by rigid wine making laws and regulations while the New World is thought of as the avant-garde in wine making, free of traditions harness (Bartlett, 2009). The Old World-New World division however, does not include emerging wine producing countries such China and India and does not account for particularities of Eastern European countries that have been isolated from Western Europe for over four decades due to Communism. In this context, the subdivision of the Old World would include Old-Old World (Italy, France, Spain) and the Old-New World (Romania, Moldova, Hungary). The New World can also be mapped as New-Old World (Australia, New Zealand, Argentina, United States) and New-New World (China, India)- see Figure 1, Survey.

The competitive landscape has been dominated for decades by Italy and France who have been battling for the top position in wine production, followed by Spain, United States, Argentina, and in recent years China. In consumption by volume, the leading countries are France, United States (surpassed Italy in 2007), Italy, Germany, and China. Per capita, the leading wine consumers are Vatican, Luxemburg, Norfolk Island, France, and Portugal (Trade and Data Analysis 2008). Due to production-consumption gaps, wine producing countries compete on export markets worldwide. The most significant difference between production and consumption is in Germany and United States and noticeable in China and the Russian Federation where a growing middle and upper-class is increasing demand for wine -a status symbol in emerging markets (Figure 2, OIV 2011). The top three producers are also the top exporters. Italy, Spain, and France are the leading wine exporting countries. Spain is behind France in production but ahead in export volume. (Figure 3, OIV 2011). Not surprisingly, Australia, Chile, and South Africa surpass the United States and China in exports; this is the result of the domestic consumption being greater than domestic production in the US and China. At the same time Australia, Chile, and South Africa have a production surplus that is sold through export.

Romania as a wine producing country In the global wine production landscape, Romania has fallen in the past couple of decades from the ninth place which it held right after communism ended, to a surprising sixteenth place in 2005 due to extreme rain conditions. With the exception of 2005 post-communist Romania has maintained a steady 12th place within the world wine producing countries. Historically, Romania prides itself for the quality of its wines. This pride has been over inflated during communism when the quality of the wines produced was sacrificed over high yields. The popular belief among Romanians -that Romania is producing world class wines- is rooted in the post War World II period when Romanian wines were served and appreciated at the royal courts of Europe. Communism however, represented a major setback for the Romanian wine industry compared to its geographically proximate rivals in Western Europe and the intensely competitive rivals from the New World. Efforts to revitalize the Romanian wine industry after several decades of competitive dormancy induced by communism include financial support from the European Union which Romania joined in 2007, a short-lived USAID and very little industry support from the Romanian government. Due to bureaucracy, the Romanian government impeded rather than helped the development because of delayed distribution of external financial aid resources. However useful the outside support has been, the funds allocated by the European Union were solely 5

directed to vine replanting. Marketing and business development lagged behind mainly because of the threat of competition for established European players like France and Italy. Similar was the case of USAID which was ceased because of the threat of competing with US wines.

Romanian wines are predominantly consumed on the domestic market. This is the reason why a degree of complacency is noticeable among the top Romanian producers whose competitive advantage stands in production costs and a brand name thats recognized by the domestic consumer. An altered appreciation and demand for sweet wines (that goes back to the communist years) and a bad country image in Western Europe, makes it extremely difficult for Romanian wines to compete on foreign markets. The comfort of satisfying domestic customers, lagging business practices, and a negative country image lead to a domestic entrenchment over the past two decades (Nakata, 2011). The global economic crisis had a significant impact on the Romanian consumer as well. This denotes a decrease in the national wine consumption and an increase in price sensitivity. Pressed by the change in domestic demand, Romanian wine producers are forced to look to export markets in order to sell their product. A simple fix for the export problem was to enter export to countries with large Romanian ethnic communities such as Italy or Spain. More distant markets like the United States also displayed a huge potential through Romanian ex-pats. A second solution to export was to supply markets such as the Germany with bulk wine used in blends with local German wines and labeled as generic table wine. A Romanian wine maker called this the Romanian magic drop. A third proximate solution to increasing export was to enter the markets of countries with which Romania had strong ties during communism. These countries include former communist countries in Eastern Europe and China. The largest export market in this category is by far China. China presents huge opportunities for Romanian producers because the demand for wine is not met by domestic production, there is a high demand for sweet wines by novice consumers who mix wine with colas, and most of all Romania has a favorable image due to historic ties through Communism. Romanian trade with China has materialized both through direct export and joint ventures with Chinese partners. Outside of China, opportunities for Romanian wine makers lie in countries like Russia and the United States where the wine supply is below demand (Figure 3, OIV 2011).

Research Method
The study included two phases. The first phase was conducted in 2010 in Romania and included interviews with one to four senior managers at each of seven wine producing companies and 6

four industry specialists. The interviews were conducted during a period of time of three weeks and included three major wine producing regions of Romania: Dealu Mare, Cotnari, and Tarnave. Interviews lasted between one hour and five hours (Figure 4). The second phase was conducted in 2011 in the United States and included interviews with purchasing managers in wine retailing (a large wine shop and a boutique retailer), bar managers at two restaurants, and two wine distributors, all in Chicago. The second phase also included an online consumer survey. Eighty one respondents ranging from novice wine drinkers to wine experts between the ages of 21 and 75, residing predominantly in Illinois and Ohio completed the survey (see Appendix 1).

Findings
Drivers for Wine Sales in the US The number one driver in wine retail is price. The global economic crisis has without doubt had a negative effect on the American consumer who became much more price sensitive. If previously, a wine boutique was able to sell wines in the 50 to 60 dollar range, that price point was reduced to 12 to 20 dollar bottles in the past couple of years. During the recent recession, a reasonable price for a standard 750 ml bottle of wine is considered to fall around 10 dollars. At a Chicago retailer over 100 bottles in the selection are priced at 9 dollars or less. The recession has also spiked demand for wines under 6 dollars but of questionable quality (private labels of blended low quality bulk wine). Wine shops are not the only ones to see a dramatic drop in how much consumers are willing to pay for a bottle of wine. Restaurants and bars are also looking for value when assembling their wine lists. Their first consideration for choosing a wine to be offered on their list is price. The fact that price is the number one driver on the US market is also supported by the 81% of the sampled individuals who said their wine purchase is based on price (Figure 5, Survey). Not to say that all consumers are looking for wines priced under 20 dollars, there is still a large segment of consumers who are willing to spend between 20 and 100 dollars on a bottle of wine; this segment is being described as collectors and show-offs. The second most important driver is quality which translates into personal taste. Of those surveyed, 84% stated quality as an important factor when making a purchase (Figure 5, Survey). A good wine is described by the American consumer as dry, full body, slightly fruity. For industry experts a good wine stays with you, its memorable or it speaks for the place where its fromit speaks for terroir, tradition, weather. Still, good quality is extremely ambiguous

and personal and as a wine buyer noted our customer is more important than our idea of good wine. A third driver in wine sales is the grape variety. From the total sample, 94% consider the grape variety when buying a wine (Figure 5, Survey). This is consistent with the way wine lists are organized most often in order to simplify the process of choosing a wine for their patrons. A consideration for variety is also seasonal trends. Summer is the season for chilled whites. Roses are popular in the spring. Pinot Noir and Beaujolais are for fall while thick and meaty Cabernets sell well in the winter. In addition to seasonal increase in demand for a certain variety, another factor that may influence the spike in demand for a particular varietal is pop-culture. An example of such trend was the increase in demand for Pinot Noir after being featured in the movie Sideways. A new variety to the US market can in itself turn into a trend. For the past three years Americans are screaming for South American Malbec because it is inexpensive and a good quality wine. The same was the case of the Australian Shiraz for several years. Other factors that influence wine purchase on the retail side are: Farming practices (not using pesticides, natural yeasts) Fit with the wine list/selection Fit with the image of the retailer Brand names trusted for their quality A retailer explained that tasting the wine is always the case before buying it to be resold at the shop. One exception is if the brand is consistently representing good wine, but even core brands have been kicked out because they slipped on quality making room for new entrants. Example of such core brands are Veuve Clicquot, Kendall Jackson, and Santa Margherita.

Tools that help sell a wine The most important tool to selling wine is a story. Consumers like stories and perhaps, having a good story to behind the provenance of a bottle of wine is the very thing that makes one try a wine. Stories may vary from where the wine is made (the winery, the region) or the wine maker. Tastings are also very important because they are the deciding interaction with a wine. Tasting are useful for breaking any prejudice about a wine and it is ideal for introducing a new product. The downside is that organizing a tasting is very costly and may not always show immediate return on investment. Of those surveyed 73% said that tastings influence their purchase (Figure 6, Survey). 8

Another useful tool is shelf talkers or note cards that describe the tasting notes, tell a story about the wine maker or vineyard. In some instances, note cards mention awards or points in a ranking system like the Wine Spectator 100-Point Scale. Naming may vary from very conservative estate names to avant-garde names like the Mad Housewife, each appealing to a certain segment of buyer. In some instances, extravagant names can generate enough interest to try a wine. Packaging is always a sensitive matter for wine sales. Innovative packaging like screw caps or glass corks may attract buyers for convenience or sheer curiosity and at the same time may also alienate the more conservative consumers who may doubt the quality of a wine in a non-traditional package. Shelf placement is the ultimate victory of a wine distributor. Because of the intense competition for eye level shelves, gifts to determine retailers to place favorably a product may range from free cases of wine to flat screen TVs. In-store newsletters have the power to feature a wine and consequently increase interest and demand for a product. After being featured in a store newsletter, Croatian wines that had virtually no demand became suddenly intriguing and customers would come into the store asking for them. In-store expert advice can determine customers who walk in the store for a particular brand to try a new selection. Well trained personnel can win a customers trust and suggest a wine that would not otherwise sell. Boutique retailers call this hand-selling. Wine writers and bloggers are extremely influential in the industry. Knowledgeable, engaging, and charismatic a wine consultant can turn around a whole industry and set a new trend. However, their power is not directly reflected onto the consumer but indirectly through industry trends. Only 67% of the consumers surveyed considered expert advice to be influential in their wine purchase (Figure 6, Survey). Although often neglected, word of mouth is perhaps the most powerful tool to selling a wine. This ties in with having a memorable experience with a wine and a good story about the place or the wine maker to back it up. The survey results showed that 80% of the consumers wine purchase decision was influenced by word of mouth and 86% said their friends and family advice influence their wine purchase decision (Figure 6, Survey).

Romanias Image in the United States Of those surveyed, 71% stated that the country where the wine was made is considered when making a purchase (Figure 7, Survey). Unlike sugar or wheat, wine is a product tied to its country of origin. This is a concern for countries less known for their wines and an advantage for countries like France and Italy that are synonymous with wine. 9

The biggest challenge Romanian wines are facing in Western European markets is getting past the negative country image that Romania has had for decades. Western Europeans are prejudiced towards Romanian wines because to them Romania is a poor country of dirty gypsies. Not representative of all of Romania, this distorted image was produced by the controversial emigration of Romanian gypsies to Western European countries (Nakata, 2011). On the contrary, in the United States -where gypsies are not a threat to civilized society like in Europe- the term gypsy has an mystical connotation. The same holds for the reputation of Vlad the Impaler, a historical figure in Romanian culture that entered the US pop-culture as the obscure Dracula. Other images associated with Romania are: castles, mountains, gymnasts, and communism. Overall, Romania is perceived as a classic gothic country with beautiful country side, a country that is emerging from the communist shadow.

Perception about Romanian Wines in the US The survey conducted for this study asked eighty one Americans to rate the wines of sixteen countries from around the world on three attributes: price, quality, and availability. Based on the rating means, a perception was compiled indicating the position of each country1 (Figure 8, Survey). The perception map indicates that Romanian wines are perceived to fall in the same cluster as geographically neighboring countries: Moldova, Hungary, and Greece. Besides geographical similarity, Romanias cluster also includes countries of the OId-New World such as Hungary and Moldova. Romanias cluster is perceived to be of medium quality and low price (Figure 9, Survey). India and China are outliers in the low quality and low price quadrant. The countries of Old-Old World (France, Italy, Spain) have an unusual cluster member which is the United States (ranking high on quality and average on price). The perception map indicates that France is the price and quality leader while the New-Old World countries (Australia, Chile, New Zealand, South Africa, and Argentina) are perceived to be of medium quality at medium to low price (Figure 9, Survey). Price wise, Romanias cluster ranks very similar to other groups, exception being the Old-Old World wines that rank significantly higher on price. On quality, Romanias cluster ranks lower than all the other groups except for India and Chinas New-New World group that ranks lower on quality (Figure 9, Survey).

Participants were asked to rate each country from 1 to 7. The X axis coordinates represent the rating on quality the Y axis while shows the rating for each country based on price. The size of the bubble represents availability on the US market. Larger bubbles mean that the wine is widely available while small bubbles indicate that the wine is less available.

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Within its cluster, Romania ranks the lowest on price and like Greece it ranks higher on quality than Moldova but lower than Hungary (Figure 9, Survey). As far as taste, Romanian wines are perceived to be very similar to other Old World wines. About 47% of those surveyed expect Romanian wines to be earthy compared to 29% who expect them to fruity. Overall, 45% perceive Romanian wines as full bodied compared to 20% who expect them to be light bodied while 29% expect dry wines compared to 18% who expect Romanian wines to be sweet. Only 8% of respondents expect to taste oakey Romanian wine (Figure 10, Survey).

Purchase Intent The survey asked consumers if they would purchase a Romanian wine. The results show that 62% of the respondents would purchase Romanian wine, 20% were undecided while 20% would not buy a Romanian wine. Of those who would buy a Romanian wine, 13% responded they were Extremely Likely to buy a Romanian wine, 20% said Likely, and 29% said Somewhat Likely (Figure 11, Survey). Among reasons why consumers would buy a Romanian wine are: Curiosity Openness to trying new things A price low enough to permit experimentation Previous experience with Romanian wine, mostly based on travel to Romania A recommendation Reasons why consumers would not buy a Romanian wine include: Lack of information about Romanian wines Bias about the region Low quality of Romanian wines available on the US market through ethnic distributors Wine retailers were asked if they would purchase Romanian wine to be resold at their establishments. Of those retailers, bars and restaurants would definitely offer a Romanian wine if the price quality rapport is good while more specialized wine retail stores considered that the quality of the Romanian wines available through ethnic distributors in the US is of low quality and often arrives to the United States slightly oxidized because of inappropriate the transAtlantic transport2. In addition, there is no demand yet for Romanian wines in the US market and some larger wine retailer saw no movement for their Romanian wine stock so they discontinued its sale.

Wines, unlike other export items have to be transported in a climate controlled shipping box because of the extreme temperature oscillations on the Atlantic Ocean.

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The restaurant segment looks more promising for the Romanian wines compared to wine retail stores considering that 68% of the consumers buy wines once a month or more often at restaurants compared to 25% of the US wine consumers who purchase wines once a month or more often at a chain liquor store (Figure 12, Survey). Boutique wine retailers who are focusing on a limited, sometimes unusual selection of wines are greatly intrigued by the obscurity of Romanian wines and would consider offering it for sale at their stores. However, only 17% of the consumers purchase wines once a month or more often at boutique wine shops (Figure 12, Survey). Price Point If on average 29% of the American consumers are willing to pay a shelf price under ten dollars for a bottle of wine compared to 59% of the same sample that would pay under ten dollars for a Romanian wine. At the same time, 44% is willing to pay on average between eleven dollars and fifteen dollars for a wine while less (only 35%) are willing to pay the same price for Romanian wine. American consumers are not willing to pay above twenty dollars for a bottle of Romanian wine (Figure 13, Survey). The factor that has to be considered here is that in order for a consumer to experiment with a new wine, the price has to be below ten dollars regardless of country of origin.

Opportunities and Barriers Ignorance represents both an opportunity and a barrier for Romanian wines on the US market. Ignorance is an opportunity when it comes to educating the American consumer. At the same time, ignorance about country of origin or style may be a tremendous barrier for Romanian wines. As stated by US wine industry experts, an opportunity for Romanian wines is to enter the US market via hipster restaurants and bars. Hipsters in the American culture are trend setters who are always looking for new things. In addition, an opportunity for the Romanian wines stands with people in the wine trade who are always looking for something new. At the same time, Romanian wine may peak the curiosity of those mainstream consumers who are looking to try something unusual. In the United States 72% of the wine drinkers make their purchase based on grape varietal. Historically, entering the US market with a single grape varietal has been a successful strategy. Germany is known for Riesling, Argentina for Malbec, Australia for Shiraz and New Zealand for Sauvignon Blanc. Romanias greatest opportunity is to enter the US market with on single domestic grape (ideally also the best) in order gain competitive advantage through 12

differentiation. Industry experts consider that often importers make the mistake of importing popular international varietals in order to appeal to consumers. This practice is not only detrimental to the country of origin where cultivating domestic grape is abandoned over international varietals; the practice is also detrimental to the market in the sense that it homogenizes the offer. A large opportunity for Romanian wine on the US market lies in entering with one domestic grape such as the Feteasc Alb or Tmioas. Just like in Argentinas case Romania has the potential to differentiate itself from other wine Producing countries through native grapes. US industry experts are optimistic about Romanian wines on the US market. If reasonably priced, with good quality, and the right marketing, Romanian wines should see no barriers on the US market. On a more pragmatic note, the biggest challenge for Romanian wines entering the American market is the importer link in the distribution chain. Not only responsible for ensuring that the wines travelling across the Atlantic arrive at the port in good condition, importers are a filter for the types of wines that enter into the US market. Because trans-Atlantic shipment is highly dependent on economies of scale, from a cost perspective it is more advantageous for transporters to carry large quantities of wine in one shipment. For example, an importer will quote a shipment at the price of shipping a full container. Smaller producers with excellent wines would not be able to fill a whole shipping container and the per-bottle shipping cost will be high. Large producers on the other hand (with sometimes lower quality wines) will have no problem filling a shipping container and reducing the per-bottle transportation costs. From a cost perspective, this is a barrier for quality wines to entering the United States. Besides the high costs of trans-Atlantic shipping, import seems to be tightly monopolized by a couple of firms in the United States. Importers asked to be interviewed for this study have declined to share any information about their operations with a visible concern for trade secret guarding. As noted among Romanian producers, there is a lack of willingness to collaborate between Romanian nationals. The reticence to collaborate goes back to communist times when people were forced to work for state owned cooperatives poorly managed by the Communist Party. Once demand is created in the US, ensuring a consistent supply of Romanian wines is trivial for distributors. Often distributors cannot maintain a constant supply of product to their customers. A common concern for distributors is working with importers to maintain a smooth supply of wine. In a monopolized import, the importer has the power over other players in the distribution chain. Assuring a proper supply quantity is highly dependent on the importer. Distributors may face alienating retailers if orders cannot be filled consistently. Another barrier for Romanian wines stands in distribution. Larger, well established distributors who have access to mainstream markets are not willing to add Romanian wines to their portfolio because of the lack of demand. Smaller distributors that focus on Eastern European

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wines mainly target the ethnic consumer. This leads to a need for geographically focused distributors willing to target consumers outside of the ethnic market.

Recommendations
A. Recommendations for Romanian Producers 1. Focus on cultivating domestic grapes. On the long run, Romanias competitive advantage stands in differentiation from other wine producing countries. Native grapes such as the Feteasca or Tmioasa are considerably different from other international grapes and are intriguing to the US consumer. Since Romanian names are hard to pronounce by the American consumer, a consideration would be to shorten the names. 2. Work with reliable distributors who are willing to invest in promoting Romanian wines on the US market. Because of the federally mandated three tier system in the United States3 it is crucial that the Romanian producers work with reliable distributors. The distributor is a crucial link not only as a platform to move wines from producers to retailer but as a marketing powerhouse for the wines of Romania. Producers need importers less focused on ethnic markets and willing to build relationships with mainstream retail points where larger quantities can be moved. Building these relationships require immense marketing efforts from distributors. B. Recommendations for Export Associations 1. Collaborate with other countries on building a favorable image in the US. Romania is tightly associated with countries in its geographic proximity (Figure 9, Survey). By promoting the region, Romanias country cluster may be moved in terms of perception towards being perceived as higher quality. This movement in perception would be beneficial for all countries involved in the collaboration. 2. Open collaboration between small vintners in order to reduce trans-Atlantic transportation costs. Because of the high costs associated with transporting Romanian wines across the Atlantic, often great quality wines produced by small vintners do not have a chance to be presented on the US market. By opening collaboration between small vintners, economies of scale may drive down significantly the cost of import to the US.

Producers sell to distributors who sell to retailers

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3. Collaborate with consulates and other official economic development bodies representing Romania in the United States in order to build trust and a trade platform between the US and Romanian partners.

C. Recommendations for Distributors and Marketers 1. Focus on one grape. Entering the US market with a single grape has proved to be a successful strategy for countries like Argentina (Malbec), Australia (Shiraz), or New Zealand (Sauvignon Blanc). Romania should follow this example and the market with a single native grape. 2. Focus on restaurant and bar outlets where selling wine by the glass may represent a good opportunity for trying a new wine without having to commit to buying a bottle. 3. Vertically integrate import and distribution in order to assure quality and quantity. Ensuring that wines arrive to the US ports in good condition and that the supply is consistent, Romanian wine distributors should vertically integrate import channels in order to have full control of quality and quantity. 4. Introduce wines at shelf prices under ten dollars to allow experimentation. Research shows that the experimentation price for a bottle of wine is less than ten dollars. In order to facilitate trial for Romanian wines, the shelf price for a standard bottle of Romanian wine should be kept under the experimentation price. 5. Informing the consumer is a powerful tool that can turn the skeptic or undecided consumer (40% of the total survey sample) into potential buyers. Promotional tools such as tastings, Eastern European or Romanian wine festivals could be a good tool to present the product to the consumer. In addition, the support of wine consultants and wine publications can boost interest in Romanian wines. As far as packaging and labeling, marketers should refrain from using gimmicks like bottle design and focus on communicating the image of Romania as a classic gothic country with beautiful countryside playing on stylized images of the lyrical gypsy and the mystic Count Dracula.

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Figure 1. Old World and New World wine classification (Source: Survey)

Figure 2. Degree of market equilibrium in the world (Source: OIV 2011)

16

Figure 3. Leading wine exporting countries (Source: OIV 2011)

Figure 4. Romanian wine regions

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Figure 5. Factors considered when making a wine purchase (Source: Survey)

Factors considered when making a wine purchase

94% 91% 84% 81% 62% 59% 44% 39% 29%

Figure 6. Factors influencing wine purchasing decisions (Source: Survey)

Which factors if any influence your wine purchasing decision?

86% 80% 73% 67% 48% 15%

Friends or family advice

Word of mouth

Restaurant tasting

Expert advice

In store samples

Ads

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Figure 7. Consideration for country of origin when purchasing a wine (Source: Survey)

Figure 8. Perception about Romanian wines in the US (Source: Survey)

6 France Germany Quality 1 2 3 4 Moldova India 4 China 3 Italy 7

USA Greece South Africa Spain 5 Zealand 6 New Hungary Chile Romania Australia Argentina

2 The size of the bubbles represents availability. Widely available wines have a larger bubble.

1 Price

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Figure 9. Perception clusters (Source: Survey)

6 France Germany 1 2 New-New World Old-New World 2 New-Old World Old-Old World 1 Price 4 Moldova India 3 China 4 3 Italy 7

5 Quality

USA Greece South Africa Spain 5 6 New Zealand Hungary Chile Romania Australia Argentina

Figure 10. Expectations of the style of the Romanian wine (Source: Survey)

What are your expectations of Romanian wine in terms of style?

47% 45% 29% 29% 20% 18% 8%

Earthy

Full bodied

Fruity

Dry

Light bodied

Sweet

Oakey

20

Figure 11. Purchase intent for Romanian wines (Source: Survey)

If available, how likely are you to buy Romanian wine?

29% 20% 13% 4% 20% 13% 3%

Unlikely Extremely Unlikely

Extremely Likely

Likely

Somewhat Undecided Somewhat Likely Unlikely

Figure 12. Frequency of purchase by location (Source: Survey)

Frequency of purchase by location (once a month or more often)

68% 41% 26% 25% 17% 9%

2%

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Figure 13: Price points for Romanian wines compared to average price points (Source: Survey)

45% 40% 35% 30% 25% 20% 15% 10% 5% 0% under $5 $5 to $7 $8 to $10 $11 to $16 to above $15 $20 $20

Price consumers are willing to pay for a bottle of Romanian wine Price consumeers cosidered to be reasonable for a standard bottle of wine

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Appendix A

Survey Output
Last Modified: 07/13/2011

1. How often do you purchase wine at the following locations?

# Question 2-3 Times a Week 15 1 1 Once a Week 22 3 2 2-3 Times a Month 17 6 4 Once a Month 4-6 Times a Year 21 16 22 Once a Year 6 29 9 Never Responses Mean

1 2 3

Restaurant Boutique wine retailer Chain liquor store (e.g. Binny's) Neighborhood liquor store Grocery store (e.g. Trader Joe's) Ethnic Store Discount retailer (e.g. Costco)

12 6 17

4 36 42

97 97 97

6.3 3.1 3.3

4 5 6 7

3 2 0 0

0 4 0 0

6 18 1 1

16 16 1 8

25 26 7 17

18 11 11 14

29 20 77 57

97 97 97 97

3.9 4.3 1.8 2.6

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2. I make my wine purchase based on:

# Question Strongly Agree Agree Neither Agree nor Disagree 4 22 32 26 27 13 23 7 13 Disagree Strongly Disagree Responses Mean

1 2 3 4 5 6 7 8 9

Grape variety (e.g. Chardonnay, Pinot Noir) Brand Vintage Country of origin Region Price Packaging (e.g. label design) Taste Quality

56 12 4 15 11 33 9 51 36

31 46 23 40 30 42 27 34 42

0 9 23 8 15 4 23 0 1

2 4 11 4 10 1 11 1 1

93 93 93 93 93 93 93 93 93

4.49 3.57 2.85 3.58 3.18 4.10 3.00 4.44 4.19

3. How would you describe your knowledge about wines?

# 1 Answer I know little to nothing about wines I have a basic understanding about wines I have a moderate level of understanding about wines I have a high level of understanding about wines Total Response 8 % 9%

46

49%

32

34%

9%

94

100%

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4. Which factors if any influence your wine purchasing decision?

# Question Strongly Agree 24 3 11 13 16 27 Agree Neither Agree nor Disagree 15 32 29 19 14 11 Disagree Strongly Disagree 1 16 4 4 2 0 Responses Mean

1 2 3 4 5 6

Word of mouth Ads In store samples Expert advice Restaurant tasting Friends or family advice

50 11 34 49 52 53

3 31 15 8 8 2

93 93 93 93 92 93

4.00 2.51 3.35 3.63 3.78 4.13

5. Please rate the following statement.

# Question Strongly Agree Agree Neither Agree nor Disagree Disagree Strongly Disagree Responses Mean

I consider what country the wine is made in when purchasing a wine.

28

38

16

93

3.84

25

6. How would you describe a good wine?

Text Response Flavored and compliments a meal or snack or environment one that satisfies my tastebuds Fruity,crisp,aromatic dynamic, complex full bodied, spicy flavors Flavor, bouquet, color, in that order Deep, complex flavor, pairs well with what I'm serving, appropriate for the time of year One that is balanced and has good structure plus tipicity dry but still fruity dry, red, medium body, fruit forward "it should start and end with a smile" full-bodied, sometimes dry, sometimes sweet sometimes spicy or peppered or flowery Round and fruity, not dry. A complex taste - variety of tasting notes, appealing to a wide audience One that has a clear, central flavor with subtle undertones that come out in the finish decetant One that is pleasing to the palate at a good pric. clear body, dry, nice aroma and minimal aftertaste smooth nonalcohol after taste One that is smooth to taste. No after taste. Tastety without Tanins aromatics that matches a gustatory after-taste. If it smells nutty, it tastes as such. If it smells fruity and intense flavors, it tastes as such. one with a smooth, rich taste moderately priced and full of flavor Reds - I like bold and not "watered down" tasting (which often Pinot Noirs resemble). Whites - I like crisp and fruit enough tannins to allow age without bite and a full body finish wihout after taste to the palate. red, flavourfull one that complements the food i am eating strong, bold flavor not too acidic Tastes good. Distinctive character and taste taste good good body, for whites light in color

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robust, deep, tannic, fruity complex aromas, well integrated tannins, creamy mouthfeel, long aftertaste, well balanced, a sense of place, terrior For white I would say slightly fruity, but not sweet / and for reds I would say bold, but not heavy. aromatic, smooth, rich in color nice body, beautiful color, excellent taste Good Taste taste, aroma, smooth dry, smooth tasting, nice bouquet rich, spicy (eg pepper), plum Good bouquet, no surprises in taste, not much sediment, pleasant color. good after taste after good furst taste/swallowing Prefer dry, red mainly Cabernet, Malbec's, or bourdeoux. A good flavor but not overly fruity. Avoid sweet wines fuller body, drier wine, not sweet, good aroma, I go mosyly by taste, Local Ohio wies. Debonne, Ferrante, zome California dry , full body aroma & taste , min alcohol taste , solid grape flavor full bodied, without bitterness One that I like the aroma of, that has an initial taste that is pleasing to me, that has no contrary aftertaste, and that compliments what I am eating. Red and dry Dry strong red Full bodied, not to astringent, red...maybe Argentina Melbec or Shiraz Dry and not sweet or sour, mellow and full flavored Too vague a question -- depends on what I am eating, where, with whom light, pleasant aroma, no after taste good taste, mouthfeel/texture and can be easily paired with a variety of foods strong robust red light tannin Semi-dry, not too fruity, not too bland Dry, definitely not sweet, not at all. white and sweet. one that makes me enjoy every sip i take. one that has a flavor that is strong enough to make me remember it. Balanced To me, a good wine has pleasant flavor, mild aftertaste, and goes well with food. Tasty tasty tastes good Chateau Montelena A lot of bang for the buck.

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no alcohol aftertaste complements what you are eating well great taste smell color Fruity, not tart. Full bodied and dry tastes good, goes well with food Based on the taste and quality Not too fruity and I simply like the taste. Something I like. dry,layered,goo legs A good wine pairs well with the occasion, whether that is with food, friends, the weather or any other circumstance. flavor + body + finish Complex, smooth hearty fruitful, yet dry not manipulated Does not taste like crap.

Statistic Total Responses

Value 87

7. What would you say is a reasonable price for a standard (750 ml) bottle of wine?
# 1 2 3 4 5 6 Answer under $5 $5 to $7 $8 to $10 $11 to $15 $16 to $20 above $20 Total Response 0 3 24 41 22 3 93 % 0% 3% 26% 44% 24% 3% 100%

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8. Please rate the following countries wines on price.

# Questi on Very Inexpens ive Inexpens ive Somewh at Inexpens ive 29 24 22 9 3 9 16 12 8 13 6 15 14 16 18 15 Neither Inexpens ive nor Expensiv e 29 31 33 35 20 32 40 40 39 30 41 44 41 44 32 38 Somew hat Expensi ve 4 6 5 2 28 32 7 5 3 25 3 11 0 8 20 14 Expensi ve Very Expensi ve Respon ses Me an

1 2 3 4 5 6 7 8 9 1 0 1 1 1 2 1 3 1 4 1 5 1 6

Argenti na Austral ia Chile China France Germa ny Greece Hungar y India Italy Moldo va New Zealan d Roman ia South Africa Spain USA

0 4 2 12 0 1 1 3 10 0 6 1 5 0 0 0

20 17 20 13 1 2 8 15 10 2 14 7 15 7 4 7

0 0 0 0 25 3 1 0 0 9 0 0 0 0 6 4

0 0 0 0 5 1 1 0 0 3 1 0 0 0 1 5

82 82 82 71 82 80 74 75 70 82 71 78 75 75 81 83

3.21 3.22 3.23 3.03 5.07 4.31 3.69 3.39 3.21 4.43 3.35 3.73 3.21 3.71 4.11 4.10

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9. Please rate the following countries wines on quality.

# Question Extremely Bad Very Bad Slightly Bad Neither Good nor Bad 14 16 14 41 12 17 40 41 44 11 49 28 43 31 15 13 Slightly Good Very Good Extremely Good Responses Mean

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Argentina Australia Chile China France Germany Greece Hungary India Italy Moldova New Zealand Romania South Africa Spain USA

0 0 0 12 0 1 1 1 6 0 4 0 2 0 0 0

0 0 0 4 0 0 1 1 6 0 3 1 3 1 0 1

3 9 1 10 0 3 9 5 8 0 3 3 6 5 1 0

20 23 21 1 14 25 13 16 4 17 5 25 7 15 24 13

35 27 38 1 32 29 8 4 0 31 2 17 8 16 26 40

6 3 4 0 22 2 0 3 0 20 2 1 1 2 11 13

78 78 78 69 80 77 72 71 68 79 68 75 70 70 77 80

5.35 4.99 5.38 3.26 5.80 5.08 4.21 4.32 3.50 5.76 3.91 4.76 4.11 4.66 5.40 5.63

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10. Please rate the following countries wines on availability for purchase.
# Questio n Widely Availabl e 26 29 29 1 44 28 5 3 2 49 4 17 3 12 31 66 Availabl e Somewh at Available 8 6 9 2 5 10 22 16 1 4 10 16 6 8 12 2 Neutr al Somewh at Not Available 4 2 1 10 0 3 6 13 5 0 8 5 14 8 3 0 Not Availabl e 2 1 1 21 0 2 6 13 24 0 18 1 17 6 1 0 Not at All Availabl e 0 0 0 20 0 0 0 2 19 0 10 0 5 1 0 0 Respons es Mea n

1 2 3 4 5 6 7 8 9 1 0 1 1 1 2 1 3 1 4 1 5 1 6

Argenti na Australi a Chile China France German y Greece Hungary India Italy Moldov a New Zealand Romani a South Africa Spain USA

26 31 26 0 23 28 11 7 0 18 0 16 4 16 22 4

9 6 9 16 4 4 21 19 19 4 20 18 22 21 5 3

75 75 75 70 76 75 71 73 70 75 70 73 71 72 74 75

5.7 6.0 5.9 2.4 6.4 5.9 4.6 3.9 2.5 6.5 3.2 5.3 3.5 4.7 5.9 6.8

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11. When I say Romania, what words or images come to mind immediately?
Text Response European country side Beautiful scenery, catholic church, giant pillars Home, mountains, beautiful... Gypsy, Untouched countryside, embroidery, folk art, lambs wool, pork products, castles eastern europe nicolae ceausescu and vlad the impaler Romantic landscape, hearty food (beef), bohemian, gypsy I've been there several times and have visited ae number of the wineries so I have a fairly detailed knowledge of the country, at least relative to most Americans. A beautiful place hills The Carpathians mountains castles, Transalvania, Dracula, green Vlad in the Impaler, bears, and gymnastics. Dark haired people. Beautiful mountains, pastoral setting, lively folk music, friendly people, medieval castles, gypsies culture A beautiful country with very friendly people. Carpathian Mountains nadia Black Sea Gypsies Old but beautiful and gypsies Teansylvania Palinka! robustness Mountains, old castles, small villages Slightly unsophisticated and "recovering" from communism. Nice place to visit. my homecountry Old world charm Very poor country Castles, countryside Agrarian society, post-communist, pre-industrial poverty, abuse

32

poor Dracula Vampires Olympics Folk dancing, good food, good people Nice western european country. Gypsis not noted for wine dirt, smog castles,hungarian, dracula, transylvania 3rd world country, former communist block country Very SLOWLY climbing out of years of Soviet domination. Gymnists Gymnastics? war torn country None Vlad the Impaler Eastern Europe, rich culture Communism vampires Transylvania, Carpathians, Gypsies White wines Sunny climate similar to Italy Castles, forests, countryside unsophisticated, third world It makes me think of a Mediterranean country. Also gymnastics comes to mind Count dracula,vampires gymnastics Cheese Dracula castles Europe, Transylvania, Bucharest, black sea gypsies and plum brandy old country Carpathian Mountains Otilia. Gymnastics. Gypsies. Dracula. Pine trees. vampires old fashioned Gothic, cold Rural countryside Farmland

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Dancing. Vistas nothing in particular Beautiful rustic countryside. Classic gothic.

Statistic Total Responses

Value 77

12. Have you ever tasted Romanian wine?

# 1 2 Answer Yes No Total Response 27 54 81 % 33% 67% 100%

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13. If you have never drank Romanian wine, what if anything would lead you to try a Romanian wine?
Text Response a wine tasting if a friend recommended it or it was recommended in a restaurant decent promotion and packaging, positive write up in trade journals and good reviews word of mouth a positive recommendation A friend/family or professional recommendation. Recommendation from a friend a freind or wine tasting If someone served it to me or told me to try it. recommendation of friend being on sale at a store I live in Pennsylvania; 1). we have the "state store" system so availability is not the same as other states, 2). if I had a taste of it (at a party, for example) and I liked it, I would gladly purchase the wine (if it wasn't over the top expensive). I don't usualy "eliminate" a wine because of region. First taste and then cost drives my purchase. a free bottle If someone served some at a dinner i was at A friend's recommendation perhaps Recommendation from a friend It was reccomended to me or someoe had some to try Price, taste, recommendations ad, promotion, recommendation, price taste availability at a tasting someone gave or recommended a glass to me a discount coupon a friend visiting me with a rumanian wine a free sample sample tasting availability sample Finding a reasonably priced Romanian wine at Trader Joe's curious strong recommendation from others or reputable magazine such as wine spectator price and varietal grape

35

I will try any wine recommended and judge it after A free sample curiosity and availability A recomendation from a knowledgeable acquaintance recommendation and low price tasting accessibilty, articles supporting the wine(s) in major wine publications by credible writers price, taste testing Since it is along the Mediterrean, I would expect it to be similar to an Italian or Greek wine. Also, I would be curious to try it out. If it had a good review, or a knowledgeable friend recommended it Someone would suggest it. if a friend recommended it An offer of Romanian wine. A recommendation to try Romanian wine. Being forced at gunpoint to drink Romanian wine. if i heard from someone that it was good or if it was recommended by a waiter tasting I am curious about it, I don't know where to find it. Store display with recommendation Seeing a tasting Someone offering me a glass of Romanian wine. :) recomendation by a wine lover If I was told it was good and did not cost too much to try it I would try it just to see what it is like.

Statistic Total Responses

Value 53

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14. What are your expectations of Romanian wine in terms of style? (Please check all that apply)
# 1 2 3 4 5 6 7 8 Answer Sweet Fruity Dry Earthy Light bodied Full bodied Oakey Other (please specify) Response 9 14 14 23 10 22 4 9 % 18% 29% 29% 47% 20% 45% 8% 18%

Other (please specify) I believe the type (chardonnay, zinfandel) would taste like other countries I have no idea more like a German wine I have no idea no idea, probably just like any other wine Red No expectations I have no expectation, but assume that it is capable of all of these qualities depending on grape and grower Unknown

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15. What lead you to try the Romanian wine?

Text Response a friend being a Romanian :) Visiting Romania and my own interest. I used to get it at a Romanian restaurant; also I have friends who serve it Clients I'm Romanian :)) xoxo Oti my nationality Purchased at Trader Joe's by my mother. wedding My daughter-in-law and her family. invited by famliy neighbor Visited country Visiting I was in Romania my homecountry I was working in Romania I was in Romania Romanian Restaurant Friend offered it to me I was in East Europe and Turkey Travels It was given to me. A friend i was in romania My neighbor is from Romania and he served some. a distributor

Statistic Total Responses

Value 27

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16. If available, how likely are you to buy a Romanian wine?

# 1 2 3 4 5 6 7 Answer Extremely Likely Likely Somewhat Likely Undecided Somewhat Unlikely Unlikely Extremely Unlikely Total Response 10 16 23 16 3 10 2 80 % 13% 20% 29% 20% 4% 13% 3% 100%

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17. Please explain your answer to the previous question.

Text Response It has a smooth taste mostly because I am from Romania I like Romanian wine and that is why I would consider it's purchase if readily available. unless there is good reviews, i am unlikely to try it based on the production from that region They're clients so of course I'll buy their wines if i hear or see it im willing to give it a try wine available in US is not good the type of grapes cultivated in Romania are not exactly my favorites If I had heard positive comments on Romanian wine if I saw it and the price was reasonable I would give it a try I am open to consuming the wines of any country if the price is right. I would buy it based on a recommendation. I would not buy it just because it's inexpensive, etc. I have very good memories of Romania, so nostalgia would make me interested in trying a Romanian wine I very much enjoyed the wines that I had when in Romania. I have found Romainian wines to be af very good quality. I would probably like to have a taste first Good quality for s a good price Not a big wine purchaser Availability have no reference to it's quality, taste Not sure what the quality would be, depends on price If I liked the wine (tasted it previously), then I would purchase it, assuming it was reasonably priced. I would not look at a wine and base my purchase on the country. Never tasted any I prefer it because I have a better knowledge about it Unless I have tried it I have no reason to buy it I normally don't drink alcohol. If it's on the table I would try it but I wouldn't go otu of my way to buy it Worth a try If I saw Romanian wine in a store, I wouldn't just buy it. I would be looking for some other reason - ad, promo, price, recommendation, taste test I can't say that I have looked for Romanian wine specifically, but if it caught my eye & maybe was on special, I would try it. Would like to try and compare quality/price to more familiar wines. n/a something new to try.....like hungarian wine...feel it would be similar Assuming the price is right, I would be very interested to try some.

40

curious It pales in comparison to other more well known wine regions I described a wine I would buy and think it would similar to the german/austrian wines I sould need to sample the wine B/4 spending money on an unknown I like to try different wines as long as they are not too expensive I would try it if recommended Don't have any knowledge I liked the Romanian wine I've had. It was good wine and at a good price. I also like trying out wines from different countries. Choices are limited I liked it when I tried it, so would purchase it I would need to have tasted the wine before I would buy - maybe recommendation by a sommelier in a restaurant and a positive experience Curiousity - I would like to try it at least once to decide if I liked it or did not. I have not seen any Romanian wines in the USA however have seen them in Middle East and East Europe Would need more information to decide if Romanian wine is any good I like tot try new things. Not my favorite, but would try it again I am pretty open to trying new things. i don't knowuy where to buy it I don't drink a whole lot of wine If it tastes good and the price is good I might buy it. I'd like more information on their wines. Well, I am now that I've been forced to think about it. What is your interest in Romanian wine? If I saw it in the store, I might try it on a whim. can't based upon a feeling I am curious so I would try it because of that I would be willing to try it once and see what it was like I have had no exposure to Romanian wine, but am willing to try wine from any location I would need strong recommendations or a very low price.

Statistic Total Responses

Value 60

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18. How much would you pay for a standard (750 ml) bottle of Romanian wine?
# 1 2 3 4 5 6 Answer under $5 $5 to $7 $8 to $10 $11 to $15 $16 to $20 above $20 Total Response 0 12 36 28 5 0 81 % 0% 15% 44% 35% 6% 0% 100%

19. Please indicate your gender.

# 1 2 Answer Male Female Total Response 39 42 81 % 48% 52% 100%

42

20. Please indicate your age.

# 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Answer under 21 21-25 26-30 31-35 36-40 41-45 46-50 51-55 56-60 61-65 66-70 71-75 76-80 81-85 above 85 Total Response 0 3 10 17 5 1 5 9 10 11 9 1 0 0 0 81 % 0% 4% 12% 21% 6% 1% 6% 11% 12% 14% 11% 1% 0% 0% 0% 100%

21. What is your ethnicity?

# 1 2 3 4 5 6 7 Answer White/Caucasian African American Hispanic Asian Native American Pacific Islander Other Total Response 70 3 2 2 0 0 3 80 % 88% 4% 3% 3% 0% 0% 4% 100%

43

22. What is the highest level of education you have completed?

# 1 2 3 4 5 6 7 8 Answer Less than High School High School / GED Some College 2-year College Degree 4-year College Degree Masters Degree Doctoral Degree Professional Degree (JD, MD) Total Response 0 0 6 5 34 30 1 5 81 % 0% 0% 7% 6% 42% 37% 1% 6% 100%

23. What is your combined annual household income?

# 1 2 3 4 5 6 7 8 9 Answer Less than $30,000 $30,000 $39,999 $40,000 $49,999 $50,000 $59,999 $60,000 $69,999 $70,000 $79,999 $80,000 $89,999 $90,000 $99,999 $100,000 or more Total Response 5 2 3 4 3 4 4 4 46 75 % 7% 3% 4% 5% 4% 5% 5% 5% 61% 100%

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24. 50 States without D.C or Puerto Rico

# 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 Answer Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Response 0 0 0 0 3 1 0 0 3 1 2 0 0 25 3 0 0 0 0 0 2 0 0 0 0 1 0 0 0 0 2 0 5 0 0 % 0% 0% 0% 0% 4% 1% 0% 0% 4% 1% 2% 0% 0% 31% 4% 0% 0% 0% 0% 0% 2% 0% 0% 0% 0% 1% 0% 0% 0% 0% 2% 0% 6% 0% 0%

45

36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52

Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming I do not live in the United States Total

24 0 0 8 0 0 0 0 0 0 0 0 0 0 0 0 1 81

30% 0% 0% 10% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 1% 100%

46

REFERENCES

APEV (2010), The Romanian Wine Industry Outlook, Unpublished report by APEV. Barlett, Christopher (2009), Global Wine 2009: New World versus Old, Harvard Business School Cases, 9-910-405. Boston, MA: Harvard Business School. Nakata, Cheryl (2011), Pathways to Wine Export Innovation in Romania, Research Report. Chicago, IL: University of Illinois at Chicago. OIV (2010), World Statistics: 9th Assembly of the OIV, Porto 2011, downloaded July 23, 2011, www.oiv.gov. Trade Data and Analysis (2008), World Wine Consumption, downloaded July 23, 2011, www.wineinstitute.org.

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