Benchmarking is “discovering how others do something better than your own firm so that you can leapfrog the competition” (Kerin, Hartley, Berkowitz, Rudelius, 2006). Using the frequent purchase program, Kudler can collect new data from its customers. Through the use of market surveys, similar to the 2006/2007 market survey, Kudler will be able to determine what its customer catering needs are, if there is a demand for it, the types of pricing the customer would find acceptable and ways in which to promote it, in addition to adding to its marketing mix (also known as market orientation). As with market surveys, Kudler can conduct research on the types of food available on the market and determine what new products are popular with consumers through its food marketing trends studies. Pricing Kudler wishes to offer competitive pricing relative to other caterers.
Larry Goldman (2008) explains that, “Your definition of a loyal customer will determine how you measure the success of your loyalty program. There is no one metric to measure your program, but most companies will typically use a combination of metrics and more, including average order size or matrices of frequency and product breadth. Ensuring that marketing has access to the various customer metrics to evaluate their loyalty initiatives, including Internet discussions that reverse-engineers loyalty drivers, is the job of customer intelligence. By providing a complete selection, marketing can show their ROI metrics based on the most relevant indicators, which will change every time.” After
To do this, organisations need to be aware of the following: * Identify what customers are buying and what benefits they purchase * Understand why customers will or do purchase * Know when customers are likely to buy By knowing the customer, organisations can plan to meet their needs. Some other aspects they affect consumers purchasing decisions are: * Location * After sales support * Presentation *
The consumers will benefit by obtaining the quality goods Kudler provides as well as customized promotions based on personal shopping patterns. Tracking the shopping patterns of the customers will help develop a marketing strategy for Kudler. This strategy will allow Kudler to offer certain products at times when an increase in demand has been determined by shopping trends. Kudler will also benefit from this program with an increase in revenue and a more stream lined business process. This program will keep track of individual customers purchasing behaviors, which will allow Kudler to know how much of a certain product to stock.
Now, marketers can detect and segment similar groups with the macro-social environment such as; culture, sub-culture and social class. All of these environments have an immense influence of consumer’s attitudes, emotions, behaviors, values and group beliefs. Many emotions are in place, so the consumers may act differently to the marketing strategies of Kudler Fine Foods. Being, said Kudler Fine Foods can concentrate on the correspondence and not finish the similarity to the collection of these populations. These differences assist in making the macro-social environment operative for market segmentation.
A competitive marketing intelligence analysis is necessary because much can be learned from the competition’s successes and failures. This type of analysis is not, however, limited to the just the competition. The text, Marketing, defines competitive marketing analysis as the systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environment (Kerin, Hartley, & Rudelius, 2011). When collecting data and in order to make reasonable decisions, it is important to predetermine many
The survey research would be the best fit for McBride Financial Services, According to Armstrong and Kotler (2011), survey research gathers primary information by asking customers questions about their knowledge, attitudes, preferences and buying behavior. “The major advantage of survey research is its flexibility-it can be used to obtain many different kinds of information in many different situations. Surveys addressing almost any marketing question or decision can be conducted by phone or mail, in person, or on the Web” (Armstrong & Kotler,
Depending on the type of market research done, it could give us information about the customers shopping habits, wants, and needs. It will also provide information about the other businesses in the market. For instance, it can give information about the other similar products, and other companies’ offerings. It can be very beneficial for Kudler to conduct this type of research because it can help us reduce any unnecessary cost we may concur. It can also help us to win over new customers or even create customer loyalty from current customers.
As we have mentioned before our product has so many advantages compared to other products in the functional and sustainable factors then we will compete with those businesses and products based on product differentiation strategy. Then we will emphasis on the facts that are product relative to other products in the market will create more value that our customers are interested and paying for
As one reported that Lewis inspired dialogue, and participated in problem solving and decision making, to ensure that the team dug deeply into the caused of the problem. They came up with the strategy to maximize direct product profitability (DPP). According to Richard Gentry Executive Vice President in Merchandising, Staples Inc. Lewis was “able to influenced people and get respect because she has a great insight combined with a great natural personality” (Bromley 2004 p82). These traits that Gentry mentioned was listed on the beyond basic traits of a leader from leadership traits. These are the traits combined with her adaptation of situational leadership, help Lewis in her journey to motivate her followers at Staples and lead them in new directions towards meeting their goals.