Marketing is the most important key to business success. Kudler Fine Foods should review the strategic plan viewing in on the budget and marketing surveys. Advertising increases that the Kudler Fine Food has what the market wants and needs and by the customers satisfaction survey it will gain knowledge to the company on what they need to continue
However, they are anticipating and wanting to grow and expand their operation, as their desire is to become wealthy far beyond what they can imagine or dream. This paper will highlight some possibilities of the expansion of Kudler Fine Foods which is the best way for Kudler
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. Great marketing research will allow Kudler Fine Foods to perform studies to learn what they should focus on with their current
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.
In today’s business, it is more important than ever before for company to maintain customer’s loyalty due to the aggressive nature of the competition in the industry in general. Most companies invest heavily in research and development to combat this aggression and they are able to offer innovative product and services that differentiate them in the marketplace. Kudler Fine Food leverages BTM framework, to enable it to create a bridge between its business and technology. Kudler Fine Food’s business innovation includes the application of appropriate technologies to communicate it offering to its existing and potential customers. The technology innovation also enables Kudler Fine Foods to advertise its product line to the public so that they can know its products and services without necessarily visiting any of its store locations.
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
Expanding franchises in countries where they already have proven success is a more cookie cutter approach in markets like Canada, Mexico, Taiwan and Hong Kong. The growth path model developed by Ruth’s Chris can guide them when opening these new locations in already existing markets by using the same methodology already shown to be efficient and profitable in those same areas. This option is a safer approach that could pose saturation risks and slower growth as restaurants already exist. Expanding to a new foreign market can also pose risks; however there are other types of ownership or entry methods that can be considered to increase opportunity like joint ventures or foreign direct investing. This opens up opportunities for larger surges of capital.
The other points are as important but more information needs to be gathered to properly identify and explain each point. Each “ * ” will be explained in the sub-headings below. 3.3.1 Strengths With successful brands such as Earls, Cactus Club, Joeys, and Saltlik, Stan Fuller has created a restaurant empire with a focus a “premium casual” dining. With such strong brand presence, Earls was able to expand into the United States. The first location in Miami preformed above recent expectations even in a market where the average consumer is more price conscious (Sutherland).
Much of the success of the company is attributed to its employees. But like many other companies, Kudler Fine Foods are looking for new ways to improve as well as grow. There latest strategy for growth is to tap into the global market. Kudler Fine Food officials expect this expansion to improve investor confidence,
They also ask customers about what they would like to see in their stores or any other items that the company can improve on to make their business more enjoyable. In order for Kudler Fine Foods to keep a competitive edge they need to strengthen their marketing research. The company knows what consumers want know and what they like about their company at the current moment, but the company needs to do some research on business trends and forecasting. Kudler Fine Foods need to use secondary data in order to find this information out. The company needs to see how other companies similar to Kudler Fine Foods did throughout the years.