Differentiating Between Market Structures
Kudler Fine Foods is a gourmet food store that focuses on providing its customers with the best produce, cheese, meats, and wines available on the market. After reading over Kudler fine foods market surveys, market overview, and strategic plans I have identified which market structure Kudler foods is in, as well as its strength, weaknesses, and outlooks on the organizations long-term profitability.
I think that the organization competes well in the market place because its stores are a one of a kind in its areas of business. The owner Kathy Kudler has done a great job at understanding what her area needed when it came to products not available at the local markets already there. When looking at market surveys from customers it defiantly shows the organization strengths and weaknesses. Some weaknesses are making sure there is a good selection of products present; merchandise being sold is good value for the money, and customer service skills with customers. Some ways to make sure there is a good selection of product available could be simply putting out suggestion boxes. I know that if a customer asks for a product Kudler will get it for the customer, but there is probably a lot of customers that may not know that they can ask for a product. So by having suggestion boxes this could help out with this. Some ways to help provide better quality food for the money customers spend is by looking at some different suppliers or if possible lower the price on current foods. After reading the market surveys it is well noted that Kudler fine foods strengths out weight its weaknesses. The stores atmosphere was appealing and the hours were convenient to its customers. More than 75% of its customers liked the customer service representatives were knowledgeable.
After reviewing the different market structures I would say the best fit market structure for Kudler fine foods would be Monopolistic competition. This is a market structure...