Currently, Kudler Fine Foods is growing, and they have developed a good niche in the specialized gourmet grocery industry. Another strength of the company is the vision and mission statement is being implemented successfully, and they follow the differentiated strategy closely. The company also offers a wide selection of the finest products from all over the world. A weakness for Kudler Fine Foods is that they have not been in the industry for a long period, and no continuity because of the short period of time in the industry, so this is why the company needs to continue to scan the industry for best practices. Kudler Fine Foods also have various opportunities.
Introduction Kudler Fine Foods is known for it’s operations, management, and marketing prowess. During the past few years, Kudler has experienced considerable growth within its respected market and is now looking to branch out into other markets where they can be competitive. The establishment of competitiveness in other markets will be triggered by how well Kudler can market itself in a struggling economy. It is important to analyze areas in which more marketing research is needed and to keep a watchful eye out on the competition. Strengthening areas of weakness that have little or no research will help Kudler stay ahead of the game in the months and quarters to come.
Mrs. Kudler recognizes the importance of word of mouth promotion, which re-enforces the idea of in store gatherings and cooking classes. Over time, the organization will increase profitability if these events are positive and properly promoted. This is best done when attempting to increase the customer’s value chain. Catering and the Local Growers Both the catering service and direct buying from local growers will potentially increase profit for Kudler Fine Foods. Making good use of real estate (using the in store kitchen for catering cooking) and improving efficiency/lowering cost (agile inventory system) gives the organization a competitive advantage in the gourmet food industry.
It doesn’t appear that there is many other upscale specialty food stores in the areas, Kudler would have to look in other regions. Kudler Fine Foods will need to invest more time in researching what products or ideas will make the company successful compared to other specialty food stores outside of the country. Conclusion Kudler Fine Foods has shown it can be successful. Business has been going and appears to be doing well. Marketing is the most important key to business success.
It would also increase the awareness of the company beyond the three locations which could exponentially expand the demand for the products and services of KFF, leading to online sales and more brick and mortar locations. But would this diminish the quality that the small company offers? There is an appeal to the locally supported stores. KFF wants to maintain that familiarity with any expansion and going public could strip any authenticity from the
Much of the success of the company is attributed to its employees. But like many other companies, Kudler Fine Foods are looking for new ways to improve as well as grow. There latest strategy for growth is to tap into the global market. Kudler Fine Food officials expect this expansion to improve investor confidence,
The third thing that they do an excellent job at doing is researching their future growth. Recently QuikTrip has dedicated much of its resources to improving the stores ability to produce food on site. They have designed a new and improved store that they call a "Gen 3" and it includes a full service counter that provides customers with soft serve ice cream, hot pretzels, and a variety of coffee and fruit drinks. They have realized that not only is the margin that they make on these types of items much larger than that of gas, but by offering these items that the majority of their competitors do not they are attracting more business. The new store design is very appealing to people because it has a lot more to offer, the feedback has been so positive that they have made plans to only build Gen 3 stores from now on.
Coca-Cola has grown its’ revenue rapidly over 5 years, this brought about an important highlight for the company in between 5 years, so the company earned about 8.5% in annual revenue growth. Revenue Growth Year | Revenue | 2010 | $35.119 billion | 2009 | $30.990 billion | 2008 | $31.944 billion | 2007 | $28.857 billion | 2006 | $24.088 billion
Kudler Fine Foods is continuing to offer more food products for its consumer. The company is also considering opening up some other branches in various states to increase its profitability. Kudler Fine Foods is also looking for new methods of retaining and attracting more customers to purchase its products. There are two opportunities Kudler Fine Food market can advance to. The company is facing stiff completion from other new entrants in the field of foods and as such, it will need to work extra harder in order to deal with the competition.
This is so any extra funds that are accumulated can go towards a new marketing strategy so that customers may be rewarded for being loyal to Kudler Fine Foods. A second action plan that may be needed to increase revenue is to increase the efficiency program. Here is where Yvonne Reynolds along with the inventory manger will have to find out how to decrease the amount of food that is being kept therefore; the company can save funds to create better and improved marketing strategies Lateral Collaboration and Vertical Collaboration Kudler’s management team has worked to develop a plan for transforming the stores and its employees to align with the mission and vision statements. The purpose of this strategic direction is to clearly state the major areas of focus for the organization. In order to achieve its objectives it is of utmost importance that Kudler have reliable lateral and vertical collaboration.