Psychographic characteristics of weekend wine tourists : a multiple case study of four wineries in the Niagara Region

The purpose of this study is to examine the psychographic (product attributes, motivation opinions, interest, lifestyle, values) characteristics of wine tourists along the Niagara wine r,~ute, located in Ontario, Canada, using a multiple case study method. Four wineries were selected, two wineries each on the East, and West sides of the wine route during the shoulder-season (January, February, 2004). Using a computer generated survey technique, tourists were approached to fill out a questionnaire on one of the available laptop computers, where a sample ofN=321 was obtained. The study findings revealed that there are three distinct wine tourist segments in the Niagara region. The segments were determined using an exploratory factor analysis (EFA) and a K-means cluster analysis: Wine Lovers, Wine Interested, and Wine Curious wine tourists. These three segments displayed significant differences in their, motivation for visiting a winery, lifestyles, values, and wine purchasing behaviour. This study also examined differences between winery locations, on the East and West sides of the Niagara wine route, with respect to the aforementioned variables. The results indicated that there were significant differences between the regions with respect to these variables. The findings suggest that these differences present opportunities for more effective marketing strategies based on the uniqueness of each region. The results of this study provide insight for academia into a method of psychographic market segmentation of wine tourists and consumer behaviour. This study also contributes to the literature on wine tourism, and the identification of psychographic characteristics of wine tourists, an area where little research has taken place.

Manufacturing 'authenticity' : a case study of the Niagara wine cluster

In this thesis, I use "Fabricating Authenticity," a model developed in the Production of Culture Perspective, to explore the evolving criteria for judging what constitute "real" and authentic Niagara wines, along with the naturalization of these criteria, as the Canadian Niagara wine cluster has come under increasing stress from globalization. Authenticity has been identified as a hallmark of contemporary marketing and important to cultural industries, which can use it for creating meaningful differentiation; making it a renewable resource for securing consumers, increasing market value; and for relationships with key brokers. This is important as free trade and international treaties are making traditional protective barriers, like trade tariffs and markups, obsolete and as governments increasingly allocate industry support via promotion and marketing policies that are directly linked to objectives of city and regional development, which in turn carry real implications for what gets to be judged authentic and inauthentic local culture. This research uses a mixed methods research strategy, drawing upon ethnographic observation, marketing materials, newspaper reports, and secondary data to provide insight into the processes and conflicts over efforts to fabricate authenticity, comparing the periods before and after the passage of NAFT A to the present period. The Niagara wine cluster is a good case in point because it has little natural advantage nor was there a tradition of quality table wine making to facilitate the naturalization of authenticity. Geographic industrial clusters have been found particularly competitive in the global economy and the exploratory case study contributes to our understanding of the dynamic of '1abricating authenticity," building on various theoretical propositions to attempt to derive explanations of how global processes affect strategies to create "authenticity," how these strategies affect cultural homogeneity and heterogeneity at the local level, and how the concept of "cluster" contributes to the process of managing authenticity.

Volume-Synchronized Probability of Informed Trading (VPIN), Market Volatility, and High-Frequency Liquidity

We assess the predictive ability of three VPIN metrics on the basis of two highly volatile market events of China, and examine the association between VPIN and toxic-induced volatility through conditional probability analysis and multiple regression. We examine the dynamic relationship on VPIN and high-frequency liquidity using Vector Auto-Regression models, Granger Causality tests, and impulse response analysis. Our results suggest that Bulk Volume VPIN has the best risk-warning effect among major VPIN metrics. VPIN has a positive association with market volatility induced by toxic information flow. Most importantly, we document a positive feedback effect between VPIN and high-frequency liquidity, where a negative liquidity shock boosts up VPIN, which, in turn, leads to further liquidity drain. Our study provides empirical evidence that reflects an intrinsic game between informed traders and market makers when facing toxic information in the high-frequency trading world.