This marketing initiative will track the customer’s buying habits and allow Kudler to target to specific customers. Looking at the current information technologies databases, Kudler foods has a system that tracks internal sales data but wants to enhance the system so they can track the demographic information and buying trends of each customer (Kudler Virtual Organization, 2010). Strategies and Tactics The company, Kudler Fine Foods, must insure that all marketing initiatives align with the company’s mission statement. When selling gourmet foods, it is more important to have the highest quality foods and customer service than it is to have low prices. Kudler must stay focused on this aspect at all times when developing new tactic and strategies as not to succumb to the pressures of the discount shopper.
• Non-traditional retail stores increased their share of consumers food-at-home from 1 7.7% to 30.8 in 2003. • According to the USDA traditional retailers market share declined from 82.3% to 69.2%. • Wal-Mart was both a driver and a beneficiary of this change, as its share of U.S supermarket sales reached 15.2% by 2003. • In 2004, Wal-Mart opened its first California supercenter. • By 2007, the number of Wal-Mart supercenters nationwide were forecasted to reach 2000, translating to 35% share of food store industry.
“A firm pursuing a focus strategy is willing to service isolated geographic areas; to satisfy the needs of customers with special financing, inventory, or servicing problems; or to tailor the product to the somewhat unique demands of the small- to medium-sized customer” (Pearce and Robinson, 2009, p.205). Mrs. Kudler has plans to add to the inventory and ordering automation by introducing new e-commerce capabilities and an online catering link (Kudler Fine Foods Portal, Strategic Plan, pgs 15-16). Kudler Finer Foods needs to implement new cost structure within 60
It may involve the use of questionnaires, interviews with customers, experiments, and many other approaches (Perreault, Cannon, & McCarthy, 2009, p. 202).” Kudler Fine Foods must perform quality marketing research if they hope to remain successful with their current stores given the local competition from other stores in the area. Market research also includes the process of systematically gathering, recording and analyzing data and information about clients, rivals and the market. Its uses include helping create long term business plans, launching new products or services, fine tuning existing products and services, and expanding into new markets. Market research can be used to determine which additional areas of research are needed for Kudler in the areas of customer satisfaction, and a need based analysis to determine if expansion of a new store is necessary or continued growth and development of existing locations. The customer service satisfaction survey that is currently in place on the Kudler website will help to identify what the customer’s like and don’t like about a minimum number of variables but market research needs to also include other vital information like culture, socio-economic background, health, and other marketing mix elements.
Marketing research is important in the development of Kudler Fine Foods’ marketing strategy and tactics because it provides information that they can use to create a long-term business plan. For example, through marketing research Kudler Fine Foods can gain concrete information on how their customers feel about their product and services. They can then use the information they gathered to make adjustments to their business plan so it provides them with a better chance to meet their customer’s wants and needs. Without the information that is provided from marketing research Kudler Fine Foods would have to rely on conjecture in relation to the steps that they should take in developing a market strategy. Marketing research takes the guess work out of being able to provide products that their target market desires and provides information about what type of product changes are needed to increase their
Marketing: Kudler Fine Foods The Relative Value of the Market Research The data provided had limited value for the marketing decisions needed to determine the kinds of opportunities Kudler Fine Foods (KFF) needs in its marketing mix for its new catering services. Market research must concentrate on the defined marketing problem and outline potential marketing actions that might result. The goal of marketing research is to identify and define both marketing problems and opportunities, and to generate and improve marketing actions (Kerin & Hartley, 2006). The 2007 and 2008 surveys did not meet the aforementioned requirements. The marketing study for KFF involved two primary data documents collected for the company’s marketing study.
“The primary objective of scanning is to identify early signs of emerging trends and changes in the environment that may result in an opportunity or a treat” (Gomez-Mejia & Balkin, 2002, p. 159). Scanning is essential to a company’s success and survival. A key concept of scanning the industry in which a company is in would be to do a SWOT analysis. First, Kudler Fine Foods should examine its strengths. Currently, Kudler Fine Foods is growing, and they have developed a good niche in the specialized gourmet grocery industry.
From the complied information the decision making process begins. Marketing Strategy is defined by businessdictionary.com as an organizations strategy that combines all of its marketing goals into one comprehensive plan. A good marketing strategy should be drawn from market research and focus on the right product mix in order to achieve the maximum profit potential and sustain the business (BusinessDictionary.com, 2012). The marketing strategies and tactics of Kudler Fine Foods are preceding in the right direction and with minor adjustments and increased marketing research the goals of increased revenue and cost reduction will be met. In conclusion, marketing research is an essential part of Kudler Fine Foods’ ongoing success.
ACTG 4610 Annual Report Project Whole Foods Market, Inc. vs. Safeway Inc. Part I [pic] The Executive Chefs Valerie Baum, Ryan Hulme, Eric Kessler, Dan Munier TABLE OF CONTENTS 1. INTRODUCTION 2 1.1 Overview of Subject Company: Whole Foods Market, Inc. 2 1.2 Overview of Competitor Company: Safeway Inc. 2 2. BALANCE SHEET OVERVIEW 2 2.1 Summary of Significant Accounting Policies 3 2.2 Review of Total Assets 3 2.3 Review of Current Assets 3 2.3.1 Note about Inventories 4 2.3.2 Note about Investments 4 2.4 Review of Long Term Assets 4 2.4.1 Note about Goodwill and Intangible Assets 5 2.5 Review of Total Liabilities 5 2.6 Review of Current Liabilities 5 2.6.1 Note about Deferred
We are a mission-driven company that aims to set the standards of excellence for food retailers. We are building a business in which high standards permeate all aspects of our company. Quality is a state of mind at Whole Foods Market” (Simons, 2012). Vision Our motto—Whole Foods, Whole People, Whole Planet—emphasizes our vision reaches far beyond just being a food retailer. Our success in fulfilling our vision is measured by customer satisfaction, team Member excellence and happiness return on capital investment, improvement in the state of the environment, and local and larger community support.