Wine-FinalPresentation

Wine-FinalPresentation - Michael T. Frow Michael T. Frow...

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Unformatted text preview: Michael T. Frow Michael T. Frow Michael T. Frow Michael T. Frow Michael T. Frow Michael T. Frow Michael T. Frow Michael T. Frow Susan L. Kerr Susan L. Kerr Susan L. Kerr Susan L. Kerr Susan L. Kerr Susan L. Kerr Susan L. Kerr Susan L. Kerr ChE ChE ChE ChE ChE ChE ChE ChE 4273 4273 4273 4273 4273 4273 4273 4273 Dr. Miguel Dr. Miguel Dr. Miguel Dr. Miguel Dr. Miguel Dr. Miguel Dr. Miguel Dr. Miguel Bagajewicz Bagajewicz Bagajewicz Bagajewicz Bagajewicz Bagajewicz Bagajewicz Bagajewicz Overview Overview • Problem Definition • Process Overview • Consumer Satisfaction and Preference • Application of Model • Business Model • Conclusions • Recommendations Problem Definition Problem Definition History of Wine s Predates recorded history s Fables of medicinal uses s Integral role in cultures s Safe alternative to drinking water Problem Definition Problem Definition Wine of Today s Unique product s Evolved into an experience • Past : Quality defined by producer • Present : Consumer holds buying power s Tasks of Producer • Identification of consumer wants • Adjustment of Product or Price Problem Definition Problem Definition Quality s Outsourced for Evaluation 1. Laboratories 2. Competitions s Problems • Increased Cost • Defined Post Bottling • Adjustment: Selling Price Problem Problem Definition Definition Solution s Quality can be found before bottling s Engineered to reach desired quality s Profit can be maximized Method s Identification of Consumer Utility s Adjustment to Process s Competitor Comparison Process Overview Process Overview Process Overview Process Overview Process Overview Process Overview Process Overview Process Overview Consumer Utility and Consumer Utility and Preference Preference Consumer Utility and Preference Consumer Utility and Preference Theory s Quantification of Consumer Satisfaction α = Inferiority Function • Knowledge of product • Function of Time β α 2 1 d d S + = β =Superiority Function • Consumer preference • Comparison to competition Theory s By Maximizing Satisfaction (S) s Relation of Consumer Budget (Y) 1 1 2 2 1 2 / d p d p d d α β β α = Consumer Utility and Preference Consumer Utility and Preference 1 1 2 2 Y d p d p = + Consumer Utility and Preference Consumer Utility and Preference Theory s β is ratio of consumer preference s Happiness Function H i = ∑ w i y i w i = weight • Based on consumer preference • Fraction of 1 2 1 / H H β = y i = satisfaction score • Based on consumer evaluation • Manipulated by process Formation and Integration 1. Identification of Characteristics 2. Quantification of Consumer Perceptions 3. Relation to Physical Properties 4. Assignment of Weight 5. Integration into Process Limitations *Estimations used to generate consumer expectations....
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This note was uploaded on 08/31/2011 for the course CHE 4273 taught by Professor Staff during the Spring '10 term at Oklahoma State.

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Wine-FinalPresentation - Michael T. Frow Michael T. Frow...

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