An analysis on the prices of French wines and on a business plan of creating a wine app

University essay from KTH/Matematisk statistik

Author: Thomas Maupin; [2016]

Keywords: ;

Abstract:

The purpose of this thesis is to evaluate the influences behind the pricing of French wines by the use of Applied Mathematics and statistical analysis. A regression analysis, based on a literature review of a mathematical compendium, was executed to estimate the coefficients of 21 characteristics of French wines. To perform such analysis, 490 bottles of wines were picked independently from the most famous wine guide of France, the Guide Hachette des Vins. The data was collected in order to make a representation of the French wine production distribution. The final regression equation was reduced to 11 variables and acquired a low goodness of fit. The result may be adequate but not capable of an accurate prediction of the average price of a bottle of wine. The result can be used as an example on the presence of influences behind the pricing of a wine.

By the use of regression analysis, a second research was shaped: the impact of a regression equation in the creation of a mobile wine application. With knowledge in Industrial Engineering and a literature study in the fields of e-business, SWOT-analysis, business planning and innovation strategy; a covering analysis was put together in hope to achieve a profitable business strategy. Enhancing a search engine in a wine app by the use of regression gives an edge against existing competitors. The rewards of a wine app are greater than the risks. Henceforth, the creation of a wine app is recommended. 

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