Strategic planning is crucial at this stage and there are tools available to help any business perform the analysis needed to succeed. Kudler Fine Foods is an upscale food store specializing in foods and services that appeal to a niche market; gourmet chefs and gourmet chefs in training. The firm had good initial success with its first two stores, but its third store is suffering with lower than expected sales. The firm wishes to continue expansion and increase profitable growth. Before moving forward the company’s owner, Kathy Kudler, needs to understand her company fully and have accurate knowledge about the firm’s internal and external environment.
They also ask customers about what they would like to see in their stores or any other items that the company can improve on to make their business more enjoyable. In order for Kudler Fine Foods to keep a competitive edge they need to strengthen their marketing research. The company knows what consumers want know and what they like about their company at the current moment, but the company needs to do some research on business trends and forecasting. Kudler Fine Foods need to use secondary data in order to find this information out. The company needs to see how other companies similar to Kudler Fine Foods did throughout the years.
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.
Kudler is a well established name in the gourmet food market, but Kathy and her marketing research team needs to use the best strategies they can to stay ahead of their competition and to provide items that they customers are in need of and that they want. Using public information is part of competitive intelligence it is legal and it helps a business identify the next move of the competitor as well what they are introducing new to the market. The competitive intelligence and analysis will let the organization determine marketing strategies and opportunities that they can take advantage of to make there business a
The Importance of Marketing Research Paper MKT/441 January 28, 2012 Cyndie Shadow * Introduction Marketing research is a key element of the business planning process and when intelligently used is key to business achievement. The function provides a competitive edge to organizations that are able to accumulate, analyze, and use the information versus those that don't. The more an organization’s marketing team understands about their target audiences and the ways in which they wish to receive and respond to information, the better they become at putting together successful marketing programs to reach that audience. This paper will define marketing research as well as discuss the different types of research McDonald’s Restaurants uses to understand its customer base and tailor products, marketing programs, and communication to the needs of specific groups. Define Market Research Marketing research is the planning, collection, and analysis of data relevant to marketing decision making and the communication of the results of this
• Operational features – Does the software meet all the user requirements? Another thing to consider is how the user will feel about the changes being made to the software/system • Economics features – Will the change to the software be cost effective to the organisation and how will this affect the business gross. • Schedule features – Does the software/system change can be designed and created with in a set time period without effecting current organisations activities. Analysing what the user needs. The first stage, analysis requires an analyst to contact the customer and find out what they want from the program, the customer may not know exactly what is possible and so it is the analyst’s job to determine exactly what the customer wants the software to do and helps the customer understand what can and can't be done.
LIVORIA SANDWICHES EXECUTIVE SUMMARY This report examines the current situation of the company and alternatives available to increase overall profitability and cash flow. The first alternative explores the option of franchising the company and the second alternative examines the effect of expanding the product line. The second option is recommended as it has a more profound effect on profitability while responding to the consumer preferences in Dawkins. The second option also meets the target net income of 1.1 million dollars by 2015. In addition to these important measures, the company’s product is maintained at a high level of quality.
M2 Disadvantages Marketing research is used to find out ways of how a business can improve in different ways, McDonalds use primary research to find out why and how they should improve which there are disadvantages to. Observation Observation is when a company observes how customers shop or observe a competitor to keep up to date McDonalds may observe Burger King to see if they are doing something new. The Disadvantages for McDonalds could be- * Observing people takes allot of time and does not always get good information to help a company to improve. * Also observing other companies costs and sometimes the company can say they do not want to be observed. Experimentation Experimentation is bringing out new products or something
With the trends of healthy eating becoming more prominent in the marketplace, Chipotle has an advantage with their ability to provide the consumer with fresher products than their competition. Another strength of Chipotle is that they have a tendency to promote personnel from within the company. This allows the company to maintain their high standards by retaining employees who are knowledgeable about the product and expectations of the company and their customers. Ells stated that “we can teach people how to run a Chipotle…but you can’t teach someone how to be polite and hospitable and high-energy and smart and ambitious and curious and happy and respectful and honest and presentable and conscientious and motivated and infectiously enthusiastic” (Huffingtonpost.com). This prompted Monty Moran, co-CEO, to develop the “restaurateur program” which gives employees the ability to advance quickly through the ranks of the company.
The situation is very ironic because the grocery stores with nutritious food advocates for fast food restaurants that are, in context, competing with their sales. Prices of fast food products appear cheaper than full home cooked meals. On average, costumers pay four dollars for a drink, a burger, and a side item. Additionally, fast food is fast. Each fast food corporation has special procedures to keep their paying costumers happy by giving them exactly what they asked for, fast food.