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.
If the company wants to be successful, the store must decide what market the product will thrive in, what the competition is and how to market the product given the retailer’s available resources (Marketing considerations for small-scale specialty food producers, 2007). With Kudler Fine Foods’ emphasis on gourmet items, they have created a niche market for their products. Niche marketing allows companies to target a very specific audience and to give them exactly what they want or need (Levinson & Lautenslager, 2005). By conducting market research, Kudler Fine Foods can narrow in on the wants and needs of its customers. Market research is not something a company should do on its own.
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.
Kudler Fine Foods has shown the upscale of products not is important that customers see the product as such. If the product is not marketing the upscale quality of the décor sales can decline for store locations. Importance of Competitive Intelligence Competitive intelligence is an area within the company that may pose a challenge. Competitive intelligence is imported to Kudler Fine Foods to help show what will keep the company successful. It doesn’t appear that there is many other upscale specialty food stores in the areas, Kudler would have to look in other regions.
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
For each factor, indicate its significance. Provide support for your answer. Evaluate whether or not the business strategy is dictated by the industry or type of business. Provide an example of an industry and your rationale. DQ 2 : "Panera Bread" Please respond to the following: Evaluate Panera Bread’s strategy and its effectiveness with executing the strategy within the competitive fast-casual restaurant marketplace.
For Promotions, the sales and marketing department need to work together, since a good promotion of a new or existing product will bring more revenues to Kudler Fine Foods. Sales department has to come up with a group of strategic objectives that will help target the financial goals of the company as well as sales. By doing a good marketing program towards the cooking class parties that the company holds, that will bring more customers that will purchase the same products use in the party and will look around to other options that the store gives them. Now with Place Kathy already tested the waters by opening two other stores in 2000 and in 2003, and even though is a good idea for her to keep expanding, is also important and healthy for the company that she improve the actual stores like is mentioned, that way the company is better known and eventually the same customers in other regions will request the opening of a new store in their area that they will
In conclusion, marketing research is an essential part of Kudler Fine Foods’ ongoing success. Research aids in the development of marketing strategies and tactics. Part of the marketing research is to conduct competitive marketing intelligence so that the big picture can be compiled and analyzed. When all the data is collected and presented in a logical manner intelligent decision can be made. Intelligent decisions save Kudler money and
Integrated Marketing Communications Plan An integrated marketing communications plan is useful for Kudler Foods because it will provide the company with a cost-effective way to address the needs of consumers and reduce the price of marketing. This plan provides a Kudler with a newly refined marketing plan that will help during the implementation of the before mentioned plan to suit the needs and wants of the current/future consumers. To develop an effective integrated marketing communications plan, I will define the strengths and weaknesses of the company based on the results of the existing consumer research and make suggestions on marketing strategies/tactics that will assist in improving the before-mentioned weaknesses. I
The business current situation and problem continue to get worst. Facing no competitive competition the KFF could be the overall leader in selling gourmet foods. Establishing that kind of success will give the business the abilities of developing their own trademark. Having their own trademark could have geographic and expansion success. Kudler had great vision early on in her business, but her management skills fail to live up to earlier success.