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Market Research Paper Kudler Fine Foods

1162 words - 5 pages

IntroductionKathy Kudler is the owner of Kudler Fine Foods, which is a gourmet grocery store that has experienced significant growth and constantly focuses on expanding its services, improving the efficiency of its operations, and increasing the consumer purchase cycle. This paper will justify the importance of marketing research in the development of Kudler Fine Food's marketing strategy and tactics, and identify the areas where Kudler requires additional market research. It will also analyze the importance of competitive intelligence and analysis in regards to the development of Kudler Fine Foods marketing strategy and tactics.The Importance of Market Research"Marketing research is the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions" (Kerin, et. al., 2006, p. 205). According to the Clearlybusiness website, "You can have the best product in the world but, without extensive information on your customers and their behavior, your chances of succeeding will be slim. This is why knowledge of the market in which your products or services sold is so crucial. And one of the best ways to gather that information is through rigorous market research" (2004).Market research plays an important role in every aspect of an organization's strategy of expansion and diversification. Since Kudler Fine Foods is expanding its services then it needs to know about its competitors. Market research helps in determining its position next to its competitors. Market research will help identify Kudler's market share. Kudler Fine Foods will be able to identify the areas where it is stronger than its competitors and then work on its strengths to tackle a strategy against its rivals. Similarly, the five steps of marketing research outlined below can help identify its potentially weak areas and devise ways to overcome its rivals.Additional Market Research"Kudler Fine Foods has experienced significant growth and is now focused on expanding the services, improving the efficiency of its operations and increasing the consumer purchase cycle as a means to increasing the loyalty and profitability of its consumers" (Kudler Fine Foods - Sales and Marketing, 2004). Two of the ways they plan to increase revenues is expanding their services by offering parties to their current patrons showing them how to prepare specialty foods, and offering a "Frequent Shopper Program" to the customers who purchase items frequently by collaborating with a loyalty points program. This program will provide customers with points, which the patron can redeem for high-end gift items, airline first-class upgrades, or other specialty foods.Kudler already has the programs in place as to how they want to attract more business, but are they sure this is what the customers want? How did Kudler determine that this was the most effective method to attract more business? Prior to launching any programs, Kudler should survey some of...

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