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March 2006
Understanding the Law of Demand
Utilizing demand analysis can provide winemakers with greater insight into the market and lead to more profitable decision-making.
by Steven Cuellar, Aaron Lucey and Mike Ammen
In the January 2006 issue of Wine Business Monthly, Christopher Sawyer reports that "Kendall-Jackson Wine Estates repositioned its top brand Vintner's Reserve Chardonnay by increasing the price by a dollar to $12 per bottle and reducing production from 2.3 million to two million cases." The move by Kendall-Jackson illustrates one of the most fundamental theorems in all of economics: The law of demand. When Kendall-Jackson decided to raise the price of its Chardonnay, it was the law of demand ...
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