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Autor: anton 17 July 2011
Words: 1160 | Pages: 5
Kudler Fine Foods
University of Phoenix
Kudler Fine Foods has identified an upscale market for distributing classic feel good food and has shown much growth in the market from meeting the needs of that market. Kudler Fine Foods hopes that by focusing on the ability to benefit from the gaining popularity, they can increase their growth. In this paper, the importance of research to the marketing strategy and tactics of Kudler Fine Foods will be justified. Competitive intelligence and analysis will play an important part in the development of the marketing strategy and tactics and the importance of it to the company. If there are any additional areas of research needed, this paper will identify those as well.
As with any company trying to make a profit, it is important to have a plan. It is also important if that plan makes the company aware of what needs to be done to be successful. In doing market research, the things needed to be successful can be identified through surveys. Marketing research makes the purpose for the company valid. The best marketing strategies and tactics are no good unless they have valid research to back them up. Kudler Fine Foods conducted market research in years 2003 and 2004. The opinions of the current target market make the best research for the company. It notes what the current market receives when they visit the store in terms of service, convenience, and staff knowledge. The surveys conducted by Kudler Fine Foods asked questions to determine how the customers overall experience was at their stores. This will provide critical information for the company to rectify any problems that may be recognized. Kudler Fine Foods is a mirror of Nordstrom Department Stores. They are appealing to a more exclusive customer base and trying to meet the needs of this target market.
Marketing Research Justification
Kudler Fine Foods strategic objective is to increase loyalty and profitability of consumers. In order to obtain this objective, a market survey was conducted that asked specific questions about pricing, staff, atmosphere, and merchandise. The market research obtained by these questions gives Kudler the information they need to correct what the market feels is less than acceptable. In one question consumers were asked if the customer service representatives were courteous. In 2003, 10 out of 52 people, or 19.23% were dissatisfied with the service they received. In 2004, 16 out of 56 people, or 28.57% were dissatisfied with their service. This part of the market research proves to be vital to keeping the customers loyal. If KudlerÐ²Ð‚â„¢s plan in 2006 is to rely on word of mouth to bring in new customers, they need to identify what parts if customer service they are lacking in and fix them. When asked if the merchandise sold is a good value for the money, 26 people out of 68 or 38.24% disagreed in 2004. In 2003, 29 people out of 63 or 46.03% disagreed with the same question. This type of market research is helping Kudler find out the pricing deficits facing them as indicated by the market.
In order to bring in cheaper prices for the customers in 2006, Kudler is implementing 3 new phases of the customer experience. In one, they are expanding the services available to the customers by offering to show the customers how to prepare specialty foods. This will increase the ticket price per visit and retain the customer loyalty. Another way they are involving the consumer is by offering a frequent shopper program. This will track shoppersÐ²Ð‚â„¢ behavior and buying patterns so that Kudler can offer discounts on the high end items such as specialty foods. The third is by making a cost reduction. By bringing in new software systems and employee training programs, they can cross train the employees and knock out some of the positions that arenÐ²Ð‚â„¢t needed.
Additional Market Research
Kudler has the right idea by doing market research, but there are other ways of obtaining information that they did not receive from the survey option they provided. Kudler still needs to be aware of market trends and what the customers are expecting. According to Leonard Fuld (1998) in an interview with Fast Company magazine, Ð²Ð‚ÑšThe Internet has dramatically accelerated the speed with which anyone can track down useful material, or find other people who might have useful information.Ð²Ð‚Ñœ This is true for Kudler as well as any other company. The internet has become a vital source for many companies out there who are trying to find the next best thing for their business. Newswires are also a good source of information. Newswires have different headlines everyday, and usually they contain something about every industry available. By checking the newswires, Kudler can obtain market information from other companies who have conducted researches on a broadened perspective of their industry.
Competitive Intelligence and Analysis
Competitive analysis involves asking many questions. According to www.sba.gov, or the United States Small Business Administration questions like these can help:
1. Who are your five nearest direct competitors?
2. Who are your five nearest direct competitors?
3. Who are your indirect competitors?
4. Is their business growing, steady, or declining?
5. What can you learn from their operations or from their advertising?
6. What are their strengths and weaknesses?
7. How does their product or service differ from yours?
The SBA suggests that companies make competitor profiles. Included in the profile should be the name of the competitor, advertising, promotional materials, and pricing strategies. You can find these things at trade shows, on the internet, talking to current customers, or personal visits to your competitors to observe the way they treat their customers and what they are doing better or worse than you are. Competitive intelligence and analysis is an important thing to have when running your own business. It keeps you on the same playing field, and if you do it right, keeps you ahead of the game.
In conclusion, it is best to say the Kudler Fine Foods is gaining on its competitors. They have a strong hold on their market needs and demands and are making a giant effort to fulfill them. They have a well-built marketing plan that focuses on the things a successful company needs to have for further growth. This report suggests that Kudler do a more in depth analysis of competitive intelligence by following the guidelines suggested from the SBA. In addition, Kudler needs to conduct more research on how to increase the level of customer service and make the customers return and bring in the loyalty factor. They are no doubt on the path to great success, but with success also comes hard work and they seem willing to give the service they need for the success that they want.
United States Small Business Administration (2005). Competitive Analysis. Retrieved November 27, 2005, from http://www.sba.gov/starting_business/marketing/analysis.html
Imperato, G. (1998). Competitive Intelligence- Get Smart!. Retrieved November 27, 2005, from http://www.fastcompany.com/online/14/intelligence.html
Apollo Group, Inc., (2003). Kudler fine foods. Retrieved Nov. 22, 2005, from Virtual
Organizations Web site: https://ecampus.phoenix.edu/secure/aapd/CIST/VOP/