Kudler Fine Foods Marketing Strategy and Tactics Paper
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Kudler Fine Foods Marketing Strategy and Tactics Paper
June 17, 2010
Kudler Fine Foods Marketing Strategy and Tactics Paper
Kudler Fine Foods is a gourmet food shop that was started in 1998 by owner, Kathy Kudler. Kathy started her gourmet food shops with just an idea to create a store that would not only stock the freshest ingredient for the customers but also provide the finest cooking tools to enable anyone to cook a gourmet meal. Kathy now has three locations and is committed to continue to provide the people that shop there the finest selection of food and wines. Kudler Fine Foods has experienced significant growth in the last several years. Kudlers continues to look for ways to expand its services, improve the operations efficiency, and increase the number of repeat customers that frequent the store. It is her dedication to her employees and customers as well as her commitment to providing outstanding products and services that has made her business a success. Kathy knows, however, that to remain successful it is going to be necessary to develop effective marketing strategies and tactics and that the first step is to incorporate marketing research. Through the course of this paper the importance of marketing research will be addressed. An analysis of the importance of competitive intelligence and marketing strategy and tactics for Kudler Fine Foods will also be discussed.
Importance of Marketing Research
Marketing research is defining a marketing problem then systematically collecting and analyzing information and finally recommending actions (Day, 2005). Marketing research is essential to the success of any business whose main objective is, like Kudlers Fine Foods, to offer products or services that are well targeted (Day, 2005). When making business decisions based on market research, risk can be minimized and the business process is likely to thrive (Day, 2005). Market research helps organizations like Kudlers Fine Foods communicate better with current customers by gathering valuable information about products and service from them. Regular customers can provide the organization with valuable information about the shopping experience as well as what would make that shopping experience better (Day, 2005). If Kudlers Fine Foods asks the customers opinion, it shows them that not only do they care about their opinion and helps to increase the level of customer service they provide. Market research is a good way for Kudlers Fine Foods to identify opportunities and minimize risk. Before offering a new service Kudlers can find out what the preconceived attitudes are about the new service through the process of market research. This process can also help shape the new product or service by identifying what Kudlers will need and ensure that the development will be focused towards demand. Benchmarks that market research creates can help Kudlers measure its progress (Day, 2005). By continuing to conduct market research Kudlers can develop marketing strategies and tactics that will increase sales and continue to help Kudlers provide their customers with the best food and wine available. Market research can also help Kudlers continue to measure how well the strategies are performing.
Areas Where Additional Marketing Research is Needed
Every organization has additional areas where marketing research is needed. Kudlers Fine Foods is no exception. Although Kudlers is doing well and there are plans to open more stores, there are areas where marketing research could help ensure success throughout the expansion process. Although Kudlers continuously exceeds customer satisfaction in most areas, there is one area that needs improvement according to a recent market survey is the cost of the items Kudlers carries. Kudlers will be able to increase customer satisfaction in this area by finding ways to reduce the cost of the most expensive merchandise.
Market research will help Kudlers create a strategy for expansion which will be successful if market research is used effectively. One way to do this is by conducting a SWOTT analysis to break down the strengths, weaknesses, opportunities, threats, and trends that currently exist. With their idea to expand the services they offer their customers, Kudlers will need to be aware of the strategies of their direct competitors. Kathy and her management team will need to use marketing research be able to gauge where they are competitively in comparison to the competition. The SWOTT analysis will help Kudlers with these comparisons and make their marketing research more effective.
Analysis of Importance of Competitive Intelligence
Competitive intelligence is defined as monitoring a companys competitors purposefully, wherever they happen to be within the marketplace they are located and determining what they are going to do before they do it (Johnson, 2008). Kudlers competitors would be the other stores