Strategic planning is crucial at this stage and there are tools available to help any business perform the analysis needed to succeed. Kudler Fine Foods is an upscale food store specializing in foods and services that appeal to a niche market; gourmet chefs and gourmet chefs in training. The firm had good initial success with its first two stores, but its third store is suffering with lower than expected sales. The firm wishes to continue expansion and increase profitable growth. Before moving forward the company’s owner, Kathy Kudler, needs to understand her company fully and have accurate knowledge about the firm’s internal and external environment.
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.
Kathy would like to build the company up to a point so that in the next few years she’s able to retire (Kudler strategic plan, 2003). The employees want to be able to earn a good salary and have job security by working for a profitable and growing company. The customers want a large selection of high quality products at reasonable prices. The company’s suppliers have the similar interests as the employees – steady orders from a profitable and growing company able to pay its bills in a timely manner. Problem Statement Kudler Fine Foods can become the premier gourmet food store in its marketplace by developing effective leadership that enables the company to be
Just as the other marketing mix components there are questions that must be answered in order to determine pricing for a product. One question is what Kudler’s price should be in comparison to its competitors. Kudler Fine Foods has to decide whether they should be lower, higher, provide more bang for the buck or offer exclusive services at expensive prices. The standard that Kudler Fine Foods has for its other promotions is for them to be self-funding. I think it is essential that the catering service also have that standard.
End Vision First, I think that implementing a good management plan by the upper level management is very important for KFF’s to succeed as a company. Having a replacement inventory coordinator who purchases the best possible products for all three stores, Also, having a person who controls the accounts payable, receivables, and finances that coordinate all vendors get paid on time will allow Kathy Kudler to focus more on duties that need more attention. For instance, implement a better website for the business will give better benefits to customer, therefore, sells will increase. The company needs to understand the difference between having a website and having an effective website. The website that is in place in KFF only displays the goods and services.
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
Kudler should invest a significant amount of research on identifying the strengths and weaknesses of Whole Foods Market and how they can capitalize on those weaknesses. Focusing primarily on the costs of similar products to ensure that they will be able to remain competitive are indeed truly offering quality product at affordable prices. Saving money is a primary concern for most consumers and Kudler needs to invest in research tactics in this area to address that consumer
It’s an opportunity to influence the market’s perception of the products (On the mark, 2012). The nearest competitor to Nutri Coke are the diet supplements such as Slimfast or Nutrifast that is used for weight loss and provides protein and meal replacement. Nutri Coke is positioned to meet the demands of the working adults that do not take the time to eat a meal in the morning or sometimes skip lunch. This drink provides all the nutrients and vitamins that adults are lacking in regards to missing meals. This drink has been tested and proven to provide the essentials of a meal.
In conclusion, marketing research is an essential part of Kudler Fine Foods’ ongoing success. Research aids in the development of marketing strategies and tactics. Part of the marketing research is to conduct competitive marketing intelligence so that the big picture can be compiled and analyzed. When all the data is collected and presented in a logical manner intelligent decision can be made. Intelligent decisions save Kudler money and
To be competitive businesses will have to research local competition and set prices as-well-as stock product that will compete with any other businesses in the area. Kudler Fine Foods must research the San Diego metropolitan area and see what other businesses are comparable to what it desires to offer to the consumer. Kudler Fine Foods must be willing to offer a wide enough variety of specialty foods along with the array of food preparation services available. The loyalty program that is considered appears to be a popular program that has evolved in recent years. Kudler Fine Foods is wise to implement this system to attract new and keep current