In order for Kudler Fine Foods to develop a functioning frequent shopper program, it must track and monitor consumers shopping behavior. The drive of market research is to collect data on consumers and prospective consumers. The collected statistics support business decision making, which therefore diminishes the risks involved in making these conclusions. This type of research would also benefit the consumer by lowering the cost on items bought most, while giving them personalized incentives to return. As a result, legal matters concerning privacy of the consumer has risen and established far more attention.
“Market analytics allow companies to identify their best and worst customers and, consequently, to pay special attention to those deemed to be the most valuable. Looked at another way, analytics enable firms to understand how poorly they can treat individual or groups of customers before those people stop doing business with them. Unless you are in the top echelon of customers -- those with the highest lifetime value, say--you may pay higher prices, get fewer special offers, or receive less service than other consumers.” (Davenport, et al, 2007) Another concern that may arise as a result of Kudler Fine Foods frequent shopper program is the tendency for retailers to ignore the
A potential opportunity that they could explore is to utilize self-checkout terminals in their locations. Self-checkout point of sale terminals could do many things to improve Kudler Fine Foods as a retail competitor. First, it would improve their customer service as many customers prefer to check themselves out rather than having a cashier. In today’s technology environment, “…systems can be tailored to better fit any retail environment and are more focused on improving customer service rather than cutting labor costs” (Murphey, 2009, p. 1) . Even though the prime focus of these systems is not necessarily to cut labor costs, often times they can improve efficiency.
FJR has discussed the research with management and highly recommends that they do not open any new locations until further research has been done in other areas. It is very expensive and time consuming opening new locations and Kudler does not have the financial means to do so just yet. What Kudler Fine Foods needs to focus their attention on is other competitor in the market. They can offer coupons or special promotions towards maybe the first of the month which will attract consumers into purchasing more products because most consumers get paid at that time. Kudler will also advertise to the Asian community by having advertisements in their language.
The intended goal is to find out ["find out" is a "phrasal verb," two words that together mean something different from their individual meanings--looking up each word in the dictionary would not produce the meaning, which could cause misinterpretation in an international business communication. Use other words, like "discover" or simply "found"] how changes in each category of the marketing mix affect sales. Kudler Fine Foods is consistently shopping the world for new fine food products to put on its shelves. For Kudler it is important to know which products will sell and which products aren’t [Contractions are inappropriate in academic writing--write it out] worth investing in. Marketing research will uncover for Kudler not only the products desired but [For parallel construction, "not only" must be followed by "but also" later in the sentence] the price consumers are willing to pay for each item.
In conclusion, Kudler Fine Foods needs an effective management team to operate successfully at their best ability by allowing them to implement their knowledge and skills to improve productivity around the business. Improving the website will definately allow the business to improve service therefore will atract more clients to increase revenue. Fixing this issue will improve many other areas of the business and become a better
There is difficulty in determining forecast turning points that are, from increasing to decreasing sales. Opportunities and suggestions The opportunities that Kudler has in terms of technology include improved loyalty and profitability of customers, which results from various marketing strategies. Another opportunity for Kudler involves customer purchase behavior patterns. These patterns are recognized through the current system and would help Kudler refine its processes and offerings to best satisfy its valued customers. It is vital for Kudler to continue reviewing and improving its information system to ensure its appropriateness to the changing characteristics and needs of its customers.
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.
(Strengths, Weakness, Opportunities, Threat) analysis, it does cite the potential threat of a gourmet shop opening in their geographic market. 2. Threat of substitutes: Are there alternative products that customers can purchase over Kudler Fine Foods products that offer the same benefit for the same or less price? In the unlikely event of a downturn in the economy and a decrease in the disposable income of its customers, customers may shift their purchases of gourmet foods to a suitable replacement such as purchasing items at a grocery
By implementing a frequent shopper program Kudler Fine Foods can do just that. By delivering customized incentives to its customers rather than discounted items Kudler Fine Foods will set themselves apart from other markets. Kudler Fine Foods can expect to see several benefits from establishing a frequent shopper program. The expected benefits from establishing the frequent shopper program will benefit both Kudler Fine Foods and its consumers. The consumers will benefit by obtaining the quality goods Kudler provides as well as customized promotions based on personal shopping patterns.