A positive effect of Kudler Fine Foods in a monopolistic market structure is that they lead in the market and can increase competition between companies and make massive profits by setting higher prices (Colander, 2010). An advantage of a monopolistic competition structure is the ability to set and manipulate product pricing with little consequence because of their strong product differentiation. A disadvantage of a monopolistic competition market is product differentiation can generate unnecessary waste, and advertising can also be considered
The firm needs more attention to a solid marketing effort including a website design and website launch and it needs to find alternate means of financing beyond its current sources. In 2003 and 2004, more than 52% and 60% of the customers felt that they paid more for the merchandise that the merchandise was worth. Kudler Fine Foods will employee a generic strategy of focus. Kudler Fine Foods will serve their niche market that is the gourmet chef and people that appreciate and are willing to pay for high quality, specialty, organic and locally grown foods. “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 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.
Chase Paymentech can also be credited as helping fuel the growth of ecommerce worldwide. I believe that when it comes to ethical principles Chase really has it down. In regards to customers Chase Paymentech wants to give its merchants the best methods to accept credit card payments from their customers with excellent pricing. They have come up with different programs for all types of business, ranging from small to large. The company helps these varying business with affordable pricing, tools to help grow and maintain their businesses.
Lane Bryant: Business Analysis Trina Brand Managerial Marketing BUS 620 July 23, 2012 Lane Bryant: Business Analysis Abstract Marketing strategies are necessary for the success of any business or company. This paper focuses on the generic marketing strategy and market segmentation of Lane Bryant. A couple of the generic marketing strategies are combined with specific market segmentation to aid in achieving high profits and retail success. Introduction The primary goal for companies is to generate profit, maintain stability and achieve substantial growth. Therefore, companies employ various strategies to advertise and sell their products or services.
The customers displayed the overall cost of merchandise is a bit high. They do appreciate the loyalty and bonus programs, but achieving these loyalties and bonuses should not cost so much. Kundlers foods could experience an increase in customer satisfaction if they slightly reduced the cost of their products and services. Market research is a very important part of an organization's strategy to implement expansion and variation. Part of this research must include the competitor’s strategies.
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.
By focusing on the opportunities created by this current consumer trend, the belief is they can expand the current market shares. Lowe’s can continue to deliver the great values that customers have come to expect while maintaining their reputation for offering innovative products and always striving to create a superior shopping experience. To deliver an even better experience at a value, they continually look for opportunities within their corporate office, field support and stores to work more efficiently. For example, Lowe’s refines their product categories based on the role each plays in their overall merchandising portfolio. This allows them to allocate resources, like inventory and marketing dollars, to optimize the portfolio.
Task 2 – (This question provides evidence for grading criteria P2 & M1) Evaluate the benefits and importance of customer loyalty. Identify and apply the importance of relationship marketing. Ans: - Customer loyalty can be defined as the strength of the relationship between an individual's relative attitude and repeat patronage with a supplier. It is a self-reinforcing system in which the company delivers superior value consistently to find and keep high-quality customers, (and, where applicable, employees). The economic benefits of high customer loyalty are measurable.
Outsourcing brings proven benefits in the form of economic leveraging, increase in the quality of products and it provides a number of opportunities to less developed countries. For example in recent times, Americans are overwhelmingly supporting the major retail stores like Wal-Mart, Target and K-Mart. The reason behind this consumer loyalty is that it has become much easier to shop at these locations rather than the local mom and pop stores located on the corner of most neighborhoods. The benefit is that you can purchase everything on your shopping list from one location, saving you time, money and gasoline. In a highly competitive business world, on a firm’s priority list is the subject of increasing profit and reducing cost.