Understanding the Law of Demand

Wine Business Monthly - The Industry's Leading Publication for Wineries and Growers

March 2006

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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