This paper discusses Kudler Fine Foods, examining the importance of marketing research.
Written in 2008; 1,653 words; 9 sources; APA; $ 53.95
Paper Summary:
In this article, the writer maintains that in business, it is critical that companies carefully conduct research before implementing new marketing strategies. Companies will often have to conduct marketing research by defining marketing problems and opportunities, systematically collecting and analyzing information, and recommending actions. The writer notes that Kudler Fine Foods, an upscale specialty food store located in the San Diego metropolitan area, has experienced significant growth and is focusing on expanding its services by way of new marketing strategies. The writer points out that the company desires to improve the efficiency of its operations and increase the customer purchase cycle as a means to increasing the loyalty and profitability of its consumers. The writer discusses that without conducting careful marketing research, Kudler's marketing strategy and tactics will not yield the projected results the company hopes to achieve, but will instead lose its competitive advantage and uniqueness as it spends more money than it earns. In this paper, the writer justifies the importance of marketing research in the development of the new marketing strategy and tactics of Kudler Fine Foods, identifies the areas where additional research is needed, and finally, analyzes the importance of competitive intelligence in strategy development.
From the Paper:
"On one side, charging customers for cooking classes may be risky, based on the results of the surveys, unless the company ensures or guarantees customer satisfaction by its products and services. On the other hand, if the company does not charge for the cooking classes it will become extremely difficult for Kudler to make any profit considering the plan for the classes to be self-funded and the unforeseen costs of hiring local celebrities and world-renown chefs who will teach each class. Conducting research on ensuring the quality of the products to be sold and determining that there will be an increase in revenue from this program rather than a loss, will be crucial for Kudler's future success. The results of the surveys make it clear that price is definitely and issue to the company's customers. Therefore, pushing the high margin merchandise through sales promotion might not be the best option for the company. Kudler defines its target market as high-end consumers who are willing and able to spend extra amounts of money for fine gourmet foods. It would be wise for Kudler to conduct additional market research in this area because although the location of its stores is in a higher income demographic, it does not mean that customers will indefinitely the extra costs as an equivalent value received for their money. "
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