Market research is a critical component needed for good decision making. In this paper, I will justify the importance of marketing research in the development of Kudler Fine Foods marketing strategy and tactics. I will also identify the areas where additional market research is needed. I will analyze the importance of competition intelligence in regards to Kudler Fine Food’s marketing strategy and tactics. Kudler fine Food’s Kudler Fine Foods is a gourmet grocery store located in San Diego, ca.
Kudlers carries a variety of fine meats, fresh seafood, baked goods, fine wine a variety of cheese and more. Kudlers sells the absolute best domestic and imported foods. The owner, Kathy Kudler, opened the first of three stores in 1998. In 2000, Kathy opened a second store with a third store opening in 2003 (Kudler Virtual Organization, 2006). Marketing Objectives Kudler Fine Food’s have decided to expand its services, improve efficiency of operations, and also increase customer purchase cycle. The overall goal would be to increase customer loyalty as well as profit with each visit.Kudlers marketing department has developed three different marketing initiatives to improve profit and sales while reducing costs.
Kudlers first plan of action is to host parties in each store to show their customers how to prepare gourmet specialty foods. To ensure customer participation, each customer will be entered in a contest and be eligible to win high ticket items (Kudler Virtual Organization, 2006). Kudlers second plan of action is to begin a customer loyalty program. The loyalty program is intended to encourage customers to shop as well as improve constancy.The loyalty programs track what customer purchase regularly therefore Kudlers is able to target specific customers. Looking at the current information technologies databases, Kudler foods has a system that tracks internal sales data but wants to enhance the system so they can track the demographic information and buying trends of each customer (Kudler Virtual Organization, 2006). Finally, Kudler Fine Foods is determined to improve customer service.
In order to achieve superior customer service, Kudlers has developed training programs as well as software to train their employees extensively.Importance of marketing Research Kudler Fine Foods goal for the next year is to increase customer loyalty by adding other services, paying close attention to their customers purchasing patterns, and by having well trained staff to assist their customers. Kudlers success will be based on building long term relationships with their customers. Once the relationship is established, customers become loyal and loyal customers are the greatest type of customers to have. Loyal customers return frequently and often turn their nose to competitors.Strategies and Tactics Having strategies and tactics is imperative when developing an integrated marketing communication plan (IMC). In order to develop an IMC plan, the business marketing strategies must support the company’s mission statement.
Kudlers is selling gourmet food, so they must focus on the best possible quality foods as well as outstanding customer service. Being a low price leader would not be part of Kudlers marketing initiative. Kudlers must stay focused on providing the best for their patrons and not sub come to being a discount store.Kudler will use both demographic as well as psychographic information to determine their marketing strategies. Psychographic analyses are used like geographic (place of residence or work) and demographic (age, income, occupation) criteria to describe and identify customers and prospective customers and to aid in developing promotion strategies designed to appeal to specific psychographic segments of the market for a product (Marketing Essentials, 1991). Competition intelligence Kudlers will receive information regarding their competition both internally and externally.Internally, the employees working directly with the customers may hear from the customers about sales or other promotions their competitors are focused on.
The research and development department may hear of new patens. The purchaser may find out other companies caring the same merchandise. Externally, the internet is a great place to for Kudlers marketing staff to see what their competitors are offering. Conclusion Kudler fine foods offers a variety of fine foods and wines with an impeccable shopping experience. Market Research is an important aspect of marketing and should be used to obtain success in any company.Kudler Fine foods should continue to supply their customers with the items they need and keep them involved with future promotions.References Farese, Lois, Kimbrell, Grady, and Woloszyk, Carl (1991).
Marketing Essentials. Mission Hills, CA: Glencoe/McGraw-Hill. Kotler, Philip, and Armstrong, Gary (1993). Marketing, an Introduction, 3rd ed. Englewood Cliffs, NJ: Prentice-Hall. Kudler Virtual Organization (2006). Marketing Overview.
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