Kudler’s marketing strategy indeed shows good points in structuring the business provided with the target market and products. Marketing research is important in the development of Kudler’s Fine Food’s existing business structure because it tracks the buying behavior of the people involve in the business-to-business and business-to-consumer transactions in its daily process.We will write a custom Kudler’s Fine Food’s Marketing Strategy specifically for you
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A consumer marketing research is one way which focuses in the comprehension of behaviors, preferences and whims of the consumers. It also aims at understanding the possible outcomes and relative efficiency of the marketing campaigns that the firm develops. Hence, marketing research is a systematic determination, analysis and dissemination of data for the objective of assisting management in decision making according to the identification and solution of marketing challenges and opportunities (Malhotra, 2002).
Relatively, a marketing research can be described in various areas. It is said that marketing research is systematic and thus it requires planning for all stages of the marketing strategy. This serves as a tool to analyze the preceding ideas for the business and settle its objectives. An objective tries to give definite information which foresees its environment and other related factors. However, this should be done without bias. A research is usually impacted by a subjective manner but this premise should be avoided in order to accurately conclude for the strategic planning of a business such as how Kathy Kudler should manage the gourmet store.
A marketing research should also include proper identification of the data related to the structure of the business and be able to use the information gathered in the analysis and dissemination processes (Kotler & Armstrong, 2007). Each level of the strategic planning is seen to be important to be supported by a marketing research so an identification or description of the probable threats and dilemmas will be determined through the study. The findings, inferences, and recommendations are given through the pattern which will give further information for the process of decision making. This should be noted accordingly because a marketing research helps assist management and serve as a contingency plan for the business (Malhotra, 2002).
In a marketing research, terms should be considered to help evaluate whether a strategic planning needs more development and elaboration for a better result. Tools for marketing research attributes to the conceptualization of the ideas into an action and emerge into operating such concepts so measurable results should then be assessed. In the case of Kudler Fine Foods, growth had been visible over its period of operation and expansion comes along the way in order to improve the effectiveness of its operations. This will be through the increase of consumer demands which will reflect on the loyalty and profitability of consumers.
Basically, Kudler’s strategic objectives for the business present a good analyzation of the market or its target audience. Expanding services, frequent shopper program, and increased efficiency generally points out to the profit maximization of the business. Kudler’s marketing communication techniques indeed plays an important role for determining consumer’s brand loyalty for the product lines of the store.
It had been noted that Kudler’s business plan includes a market research for the market size or the possible opportunities it has, food marketing trends and a study for the service benchmarking. These accounts for many areas but still specifications for the consumer’s behavior should also be highlighted on developing a study for the market size. The strategic objective about the frequent shopper program might need database marketing in order to successfully launch a loyalty points program for the valued customers. Database marketing primarily involves the use of databases of the customers in order to come out with a personal communications to promote the product or service of a business.Get your
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It focuses on the collection of available information from the customers using statistical techniques in order to develop models for the behaviors of the consumers. Thus, this takes the responsibility of the frequent shopper program to retain the customers at its level of awareness through the use of database marketing. An extensive research should be made for the evaluation of the areas related to which it governs the dissemination of such objective (Kotler & Armstrong, 2007).
According to what the information describes the business, price does not matter for the customers and product quality appears to be the most significant factor for the profitability of the business and followed by the consumer’s brand loyalty. The products of the Kudler Fine Foods comprised of specialized items which the buyers more likely demands for. Hence, an improvement for the product lines has to be made.
Design and development for the product ideas should initially be presented followed by the selection of the best concept which will fit the market, testing the product, analyzing the business as a whole with the intervention of the product concept and the last should be the design and testing of the real product (Kotler & Armstrong, 2007). However in Kudler Fine Foods, a product quality should be at the center of the product planning in a marketing research. A product innovation approach can be best viewed on this instance where in the business goes on with the innovation of the product lines such as trying varieties of a pastry or perhaps making similar product that will be included in the product mix.
Innovations for the products significantly drive the process and marketing research is done to make sure that a profitable segment occurs for the improvements of the product. Customers seek for the options that they may have in a store but information about these options are not always at hand and it should not always be expected by businesses. Thus, marketers can openly go on with the product innovation approach and conduct a marketing research which will largely benefit the strategic objectives and the whole business as well. Marketing researches is important for promoting the business products and serves as a great way of promoting the business itself (Kotler & Armstrong, 2007).
A marketing research essentially identifies the grounds of the consumer’s brand equity as well. Brand equity points out to the effects of marketing strategies or its results to a certain product with a brand that would signify the buying behavior of the consumers. The knowledge of consumer’s with regard to a brand may vary. And brand equity somehow accounts for a company’s valuable asset (Neumeier, 2006).
Competitive intelligence applied to Kudler’s strategies and tactics considered the promotion of the product and the business itself. Basically, a competitive intelligence is illustrated by the act of collecting, analyzing and putting into practice the information about products, customers and competitors for planning the strategies of the business. It includes processes and a focus on the product. The way of gathering, keeping and analyzing the factors that Kudler Fine Foods considered the competitive advantage that they may have through building good rapport with the customers such as giving incentives for customer’s loyalty.
The focus is given to the outside environment of the business such as maintaining the customers and putting a highlight in the strategic objectives of the business plan. Moreover, competitive intelligence means an organization’s role for the identification of probable risks and opportunities in a given market. The customers and external environment of a business widely affects the settling of a business strategic plan and goes along with the four P’s of marketing (Kotler & Armstrong, 2007).We will write a custom
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Kudler Fine Foods indeed showed a business plan which accounts for specific areas of the business. However, marketing researches should be given to the areas of consumer behavior, marketing management and sales promotion in order to have a better interaction with the market. Kudler Fine Foods is recommended to conduct such researches which will apparently contribute to a more comprehensive result of the strategic plan. Market size or the studies of the opportunities should specify the target market of the business and identify not only the opportunities but also the risks or challenges that the business might face in a competitive market.
Food marketing largely accounts for the product mixes and product lines of the business and the current trends that will appeal to the customers. A marketing research for the business’ services is seen to be a good point where in it comprises techniques to meet consumer’s needs and wants. Thus, Kudler’s strategies and tactics will be able to meet an effective business plan for Kudler Fine Foods and achieve its main objectives taking for considerations the grounds for a marketing research.
Kotler, P. & Armstrong, G. (2007). Principles of Marketing Pearson, Prentice Hall, New Jersey.
Malhotra, N. K. (2002), Basic Marketing Research: A Decision-Making Approach, Upper Saddle River, NJ: Prentice Hall.
Neumeier, M. (2006). The Brand Gap: How to Bridge the Distance Between Business Strategy and Design, Berkekley, CA : New Riders Publishing.