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Marketing Research: Kudler Fine Foods Essay

984 words - 4 pages

Marketing Research: Kudler Fine FoodsKudler Fine Foods has continual growth and is now on the brink of making considerable in-house changes to augment revenue and consumer happiness. Kudler Fine Foods is a gourmet grocery retailer and current market surveys have revealed they have been persistant at exceeding customer's satisfaction in every area except one: the cost of merchandise. By exploring ways to decrease costs Kudler Fine Foods will enhance customer satisfaction.The Importance of Marketing ResearchMarket research plays is imperative in the function of every facet of an organization's strategy to expand and diversify. Since Kudler Fine Foods is increasing services then the organization needs to be familiar with their competitors. Market research will assist Kudler Fine Foods management in determining there position in relation to the organizations competitors. Research will also help identify Kudler's market share. Using this information, Kudler Fine Foods will be able to recognize where it is stronger than its competitors are and then build upon its strength to enhance its lead over their rivals. Similarly, market research can help it discover their potentially weak areas and formulate ways to surmount them, thus gaining on any rivals who do extremely well in such areas.Three main areas that a person should keep in mind are:1) First, when doing research "it is to play a critical role in developing strategy; research helps you make budget and strategy decisions." (Crouch, 2004)2) Secondly, if there is inaccuracy in planning then "you need to go back and understand why and what happened, the research [is] your fallback point and baseline." (Crouch, 2004)3) "Finally, budgets, plans and strategies need to be defended. At an executive level, research helps build business plans to get financing, sell a board of directors on a program or make the crucial multi-million dollar decision on new products." (Crouch, 2004)Where Additional Marketing Research is NeededSaving money is a primary concern of most consumers. Over 42 percent of surveyed patrons disagreed with the statement, "The merchandise sold is a good value for the money." (Apollo Group 1, n.d.) In order to resolve this situation, research needs to go into determining the products consumers are targeting in retort to this question. Questions such as:•Which one product do you feel is the least valuable for your money?•How much would you pay for this product?•How frequent do you purchase this manufactured goods?The answers to these questions may well lead management to see what makes customers unhappy with a specific brand, product, or the entire store. At that time, a marketing program highlighting the benefits of gourmet objects over ordinary or generic things may be indispensable. Additional market research may be necessary in areas such as the recognition of potential target customers, new territorial areas and new advertising and sales promotions.Taking the time to...

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