Marketing Research

Abstract

In this paper I will justify the importance of marketing research in the development of Kudler Fine Food's marketing strategy and tactics, and identify the areas where additional market research is needed. I will also, analyze the importance of competitive intelligence and analysis in regards to the development of Kudler Fine Food's marketing strategy and tactics.

Market Research

Market research is the process of systematic gathering, recording and analyzing of data about customers, competitors and the market. Market research can help create a business plan, launch a new product or service, fine tune existing products and services, expand into new markets etc. It can be used to determine which portion of the population will purchase the product/service, based on variables like age, gender, location and income level. It can be found out what market characteristics your target market has.

Market research is an essential part of any business that wants to offer products or services that are focused and well targeted. Business decisions that are based on good intelligence and good market research can minimize risk and pay dividends and by making market research part and parcel of the business process and conducting market research throughout the lifecycle of a product or service market research will bring the following benefits:

Market research will help you better communicate - Your current customers experiences are a valuable information source, not only will they allow you to gauge how well you currently meet their expectations they can also tell you where you are getting things right and more importantly where you are getting things wrong.rent and potential customers. By asking the customer you not only show them that you care but you also take the guess work out of customer services.

Market research helps you identify opportunities - If you are planning to operate a new service and want to know the preconceived attitudes people have then market research can help, not only in evaluating the potential for a new idea, but also by identify the areas where a marketing message needs to honed.

Market research will minimize risk - Market research can help shape a new product or service, identifying what is needed and ensure that the development of a product is highly focused towards demand.

Market research creates benchmarks and helps you measure your progress - Unless you measure you may not be able to gauge how well your business is performing. Early research may highlight glaring holes in your service or short falls in your product, regular market research will show if improvements are being made and, if positive, will help motivate a team.

Kudler Fine Foods Marketing Research Needs

Kudler Fine Food my need to do some intensive marketing research on a few programs they are starting in 2007. The first is Kudler offering parties in the store to show customers how to prepare specialty foods. The draw for the consumers is to be trained by world-renowned chefs, local celebrities, other food experts, and even Kathy Kudler herself, and to be invited to exclusive, upscale events. The anticipated outcomes will be to increase the customer purchase rate of high margin food and beverage items and to get consumer to make an evening at Kudler Fine Foods part of their social network. This increased time in the store will increase the overall revenue per visit and increase the frequency of visits to the store. Consumers will receive multiple entries in high-ticket item contests by bringing a friend to the parties. While the firm's preference is to have the events in-store, guests can have Kudler cooking classes at their home for a price premium. Programs such as this encourage consumer loyalty and word-of mouth marketing.

Before Kudler starts this program they need to research and see if their customer base is interested. The last thing they want is to have these parties and no one show up for them. One way to find out is to have a focus group and see how the people participating react to it. Even if the reaction is good will this be a given that this would help increase sales and justify the extra expense of paying for the chefs and celebrities. Maybe Kudler should have sales on the items they decide to push on those given party days. This would