WINE TOURISM AS AN INCREASINGLY VALUABLE REVENUE STREAM OF A WINERYS BUSINESS MODEL
DOI:
https://doi.org/10.5937/ekoPolj1901023RKeywords:
wine tourism, revenue model, revenue streams, winerys revenue, business modelAbstract
Nowadays, wine tourism belongs to the key business activities of a winery. It represents a diversification tool of a typical production company. The research paper aims to explore the relationship between wine tourism and business model parameters according to financial and production performance of a winery. The results of the parametric Independent sample t –test reveal that there is no difference in revenue, profit or gross margin between two groups of wineries with or without wine tourism activities. But the analysis gave proof about the difference in a number of revenue streams, key, and additional business activities. The effect size r for t- test was also calculated. Measuring the association between key performance indicators and wine tourism activities reveals the dependency with the number of revenue streams of a winery. Additional business activities are the most relevant parameter to perform better results in wine tourism.
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References
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26. Sevil, G., & Yüncü, H.R. (2010). Wine producers perceptions of wine tourism. Tourism, 57(4), 477-487.
27. Shor, N., & Mansfeld, Y. (2010). Between wine consumption and wine tourism: Consumer and spatial behavior of Israeli wine tourists. Tourism, 57(4), 381-403.
28. Skrbic, I., Jegdic, V., Milosevic, S., & Tomka, D. (2015). Development of sremski karlovci wine tourism and integration in the regional tourism offer. Ekonomika poljoprivreda-economics of agriculture, 62(1), 229-244. DOI: 10.5937/ekoPolj1501229S
29. Szolnoki, G. (2018). New approach to segmenting tourists in a German wine region. International journal of wine business research, 30(2), 153-168. DOI: 10.1108/IJWBR-07-2017-0044
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31. Thanh, T, & Kirova, V. (2018). Wine tourism experience: A netnography study. Journal of Business Research, 83, 30-37. https://doi.org/10.1016/j.jbusres.2017.10.008
32. Zott, Ch., & Amit, R. (2010). Business Model Design: An Activity System Perspective. Long Range Planning, 43(2-3), 216-226. https://doi.org/10.1016/j.lrp.2009.07.0047
2. Alebaki, M., Menexes, G., & Koutsouris, A. (2015). Developing a multidimensional framework for wine tourist behavior: Evidence from Greece. Wine Economics and Policy, 4 (2), 98-109. https://doi.org/10.1016/j.wep.2015.11.002
3. Asero, V., & Patti, S. (2011). Wine tourism experience and consumer behavior: the case of sicily. Tourism analysis, 16(4), 431-442. DOI: 10.3727/108354211X13149079788936
4. Bel, F., Lacroix, A., Lyser, S., Rambonilaza, T., & Turpin, N. (2015). Domestic demand for tourism in rural areas: Insights from summer stays in three French regions. Tourism Management, 46, 562-570. https://doi.org/10.1016/j.tourman.2014.07.020
5. Brunner, T.A., & Siegrist, M. (2011). A consumer-oriented segmentation study in the Swiss wine market. British food journal, 113(2-3), 353-373. DOI: 10.1108/00070701111116437
6. Byrd, E., T., Canziani, B., Hsieh, Y., Debbage, K., & Sonmez, S. (2016). Wine tourism: Motivating visitors through core and supplementary services. Tourism Management, 52, 19-29. https://doi.org/10.1016/j.tourman.2015.06.009
7. Carlsen, J., & Charters, S. (2006). Global Wine Tourism: Research, Management and Marketing. CAB International, Wallingford.
8. Carrà, G., Mariania, M., Radić, I., & Peri, I. (2016). Participatory Strategy Analysis: The Case of Wine Tourism Business. Agriculture and Agricultural Science Procedia, 8, 706-712. https://doi.org/10.1016/j.aaspro.2016.02.050
9. Getz, D., & Brown, G. (2006). Critical success factors for wine tourism regions: a demand analysis. Tourism Management, 27(1), 146-158. https://doi.org/10.1016/j.tourman.2004.08.002
10. Gu, Q.S., & Zhang, H.Q.Q., King, B., & Huang, S.S. (2018). Wine tourism involvement: a segmentation of Chinese tourists. Journal of travel & tourism marketing, 35(5), 633-648. DOI: 10.1080/10548408.2017.1401031
11. Hall, C., M., Cambourne, B., Sharples, L., & Macionis, N. (2002). Wine Tourism Around the World: Development, Management and Markets. Butterworth Heinemann, Oxford.
12. Krajíčková, A., & Šauer, M. (2018). Differences in motivation of food festivals visitors - A view from the Czech Republic. Geographica Pannonica, 22(3), 189-200. DOI: 10.5937/gp22-17050
13. Krasavac Chroneos, B., Katica, R., & Bradic-Martinovic, A. (2018). SWOT analysis of the rural tourism as a channel of marketing for agricultural products in Serbia. Economics of Agriculture, 65(4), 1573-1584. DOI: https://doi.org/10.5937/ekoPolj1804573K
14. Lekić, N., Savić, G., Knežević, S., & Mitrovic, A. (2018). The efficiency analysis in small wineries in the Republic of Serbia. Economics of Agriculture, 65(4), 1529-1544. DOI: https://doi.org/10.5937/ekoPolj1804529L
15. Meler, M. (2015). Wine tourism as a centripetal force in the development of rural tourism. 3rd International scientific conference tosee - tourism in southern and eastern europe 2015: sustainable tourism, economic development and quality of life, Opatija, 197-209. Retrieved from http://apps.webofknowledge.com.bukz2too0b0b.han2.savba.sk/full_record.do?product=WOS&search_mode=GeneralSearch&qid=1&SID=6BBnCipFnfcljuklpm3&page=1&doc=1
16. Mitchell, R., Charters, S., & Albrecht, J., N. (2012). Cultural systems and the wine tourism product. Annals of Tourism Research, 39(1), 311-335. https://doi.org/10.1016/j.annals.2011.05.002
17. Newton, S., K., Gilinsky, A., Jr., & Jordan, D. (2015). Differentiation strategies and winery financial performance: An empirical investigation. Wine Economics and Policy, 4(2), 88-97. https://doi.org/10.1016/j.wep.2015.10.001
18. Osterwalder, A., & Pigneur, Y. (2010). Business model generation: A handbook for visionaries, game changers, and challengers. John Wiley & Sons, Hoboken.
19. Quintal, V., A., Thomas, B., & Phau. I. (2015). Incorporating the winescape into the theory of planned behaviour: Examining new world wineries. Tourism Management, 46, 596-609. https://doi.org/10.1016/j.tourman.2014.08.013
20. Quintal, V., Thomas, B., Phau, I., & Soldat, Z. (2017). Using push-pull winescape attributes to model Australian wine tourist segmentation. INTERNATIONAL JOURNAL OF WINE BUSINESS RESEARCH, 29(4), 346-372. DOI: 10.1108/IJWBR-01-2017-0007
21. Remeňová, K., & Jankelová, N. (2018). Multiple revenue streams model of wineries. Fourth international scientific conference knowledge based sustainable economic development ERAZ 2018, Sofia, 222-229. Retrieved from http://www.eraz.org.rs/home.html
22. Rüdiger, J., & Hanf, J.H. (2017). Wine tourism as an instrument of direct sales in the wine sector. Berichte uber Landwirtschaft, 95 (2), 1-24.
23. Rüdiger, J., Hanf, J.H., & Schweickert, E. (2015).The expectation of the behaviour of wine tourists in Germany. Reports about agriculture, 93(2), 1-23, Bonn. [in German: Rüdiger, J., Hanf, J.H., Schweickert, E. (2015). Die Erwartungshaltung von Weintouristen in Deutschland. Berichte über Landwirtschaft - Zeitschrift für Agrarpolitik und Landwirtschaft, 93(2), 1-23.
24. Santeramo, F., G., Seccia, A., & Nardone, G. (2017). The synergies of the Italian wine and tourism sectors. Wine Economics and Policy, 6(1), 71-74. https://doi.org/10.1016/j.wep.2016.11.004
25. Sekulic, D., Petrovic, A., & Dimitrijevic, V. (2017). Who are wine tourists? An empirical investigation of segments in serbian wine tourism. Ekonomika poljoprivreda-economics of agriculture, 64(4), 1571-1582.
26. Sevil, G., & Yüncü, H.R. (2010). Wine producers perceptions of wine tourism. Tourism, 57(4), 477-487.
27. Shor, N., & Mansfeld, Y. (2010). Between wine consumption and wine tourism: Consumer and spatial behavior of Israeli wine tourists. Tourism, 57(4), 381-403.
28. Skrbic, I., Jegdic, V., Milosevic, S., & Tomka, D. (2015). Development of sremski karlovci wine tourism and integration in the regional tourism offer. Ekonomika poljoprivreda-economics of agriculture, 62(1), 229-244. DOI: 10.5937/ekoPolj1501229S
29. Szolnoki, G. (2018). New approach to segmenting tourists in a German wine region. International journal of wine business research, 30(2), 153-168. DOI: 10.1108/IJWBR-07-2017-0044
30. STATE OF THE VITIVINICULTURE WORLD MARKET, Retrieved from: http://www.oiv.int/public/medias/5287/oiv-noteconjmars2017-en.pdf, (December 12, 2018)
31. Thanh, T, & Kirova, V. (2018). Wine tourism experience: A netnography study. Journal of Business Research, 83, 30-37. https://doi.org/10.1016/j.jbusres.2017.10.008
32. Zott, Ch., & Amit, R. (2010). Business Model Design: An Activity System Perspective. Long Range Planning, 43(2-3), 216-226. https://doi.org/10.1016/j.lrp.2009.07.0047
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Published
2019-03-25
How to Cite
Remeňová, K., Skorková, Z., & Jankelová, N. (2019). WINE TOURISM AS AN INCREASINGLY VALUABLE REVENUE STREAM OF A WINERYS BUSINESS MODEL. Economics of Agriculture, 66(1), 23–34. https://doi.org/10.5937/ekoPolj1901023R
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Original scientific papers
