Second, although the company may feel that they offer the best product, if the public feels that the competitor is offering a better product, they may want to consider changing their supplier of certain food products. Since price is not a factor in their customers' eyes, they can charge higher prices for better quality product. Last, and probably the most important reason to have competitive intelligence is to find out what the competitor is not doing and do it and do it better than they could. The main purpose of competitive intelligence is to be creative and
How does the type of buyer or consumer affect marketing strategy? As part of your response, consider the characteristics of buyers and the factors that influence their purchasing decision. How can an organization ensure that their market strategy is appropriate for their target market? MKT 421 Marketing Week 3 DQ
“Competitive Intelligence is the ethical gathering and analysis of competitor and market information from open sources. This analysis is used by organizations to make better strategic decisions.” (Cipher, 2012). Competitive intelligence and analysis is important because it provides a method that Kudler Fine Foods can use to assess and evaluate the marketing tactics that are successful for their competitors. By employing competitive intelligence Kudler Fine Foods can gather information concerning their competitors marketing strategies and then use that information for their own advantage by incorporating certain strategies that will fit into their marketing plan. Competitive intelligence will also allow Kudler Fine Foods to gain knowledge concerning certain trends, such as legal, environmental, industry, international, regulatory, and economic, which they can use to further develop successful marketing strategies and
Robert Buckman Advanced Cost Accounting 50500 Toddler Treasures, INC. 1. There are several factors that may lead a company to adopt a standard costing system. First Standard costing systems can improve planning and control as a company can compare standard vs actual amounts to identify variances and get a clearer picture of functional behavior. Next, a standard costing system helps facilitate product costing as it can provide unit cost information used for pricing decisions. Standard costing also helps managers set target level performance and standards as well as sales prices of products.
Exploring further research in areas that have previously been ignored may hold an advantage to the expansion of Kudler Fine Food opportunities. Kudler Fine Foods tracks every purchase created by customers that
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.
The children’s breakfast menu item will be promoted as a sample item to consumers at select locations. As the product gains positive feedback from the consumers, the product will move through the second stage of the product life cycle in which the product will gain public awareness as well as gaining sales volume and profitability. As the children’s breakfast menu item gains more public awareness, the product will be available at all Starbucks locations, production cost will be lowered, and brand differentiation will be a major factor into prolonging the product in the maturity stage. The product life cycle will be a major factor regarding how the product is marketed. The product life cycle will determine if the product will be available at all locations or just a select few and will also determine how long the product will be available.
Kimbaly Franzer Kuddler Fine Foods MKT 421 February 1, 2012 Introduction Through a variety of sales and marketing strategies, Kudler Fine Foods plans to increase customer loyalty and profitability. The customer focused programs, frequent shopper program, direct mailing program, cost cutting initiatives and customer relationship management tactics are designed to achieve quality results (Kudler Fine Foods). Making sure the company is improving the customer’s value chain while instilling loyalty is hoped to increase higher margins in product sales the next step for this company. There are many ways that Kudler can increase profits and provide the customers the needs and wants. Some ways to do that is the catering side of the company,
Further, if the lumber mill was closed, it would add additional power to suppliers, who would be supplying 100% of the bark, instead of their current supply of approximately 50%. If the saw mill was closed, then the whole tree would not be used, therefore going against MacTara’s Corporate Social Responsibility strategy. 5. MacTara should expand their product line to reduce reliance on local sale of lumber and volatile commodity prices . They already have the necessary equipment in order to accomplish this task and there is a demand for value-added products in both Canadian and British market.
Summary of “Jesus is a brand of Jeans” This article tells readers that how do advertisements influence human’s daily life silently. According to this article, it says that nowadays advertisements tell buyers that buyers will be loved by things they have bought instead. This article also illustrates three main method that advertisements use to attract buyers to buy products such as tune in, unnatural passion and substitute stories. From a general view, these three methods are about transferring information in different types. For instance, tune in, which uses brand logos to tell people some basic info of a product.