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
Competition also exists in the fast-casual restaurant segment, primarily on taste, quality and the freshness of the menu items and the ambience and condition of each restaurant. And what is the performance of Chipotle and fast-casual segment in the whole industry? According to the recently released Technomic report of the top 500 largest U.S. restaurant chains, fast casual concepts hold seven out of the top 10 positions, with Five Guys leading the way. In total, the top 10 fastest-growing chains' sales accounted for $7.8 billion, an 18 percent increase over
Strategic Plan Update Version 1 Kudler Fine Foods will need to make changes to their internal and external environment, to remain successful in a competitive food industry. Through a revised and revamped mission statement, vision statement and value statement that can help Kudler Fine Foods a competitive national corporation. An important facet for Kudler Fine Foods will be the implementation of a pro-active management team to accommodate unknown and known variables for the company, while performing environmental scans. According to McEwen (2008), “Environmental scanning is also more than gathering information. It is the process of using environmental information in decision making.
When asked by the area's food bank to donate product that would otherwise be thrown away, management declined. Employees concerned management over lost revenue through possible fraud and theft instead of donating the food. The first concern with this issue is understanding its costs and actual or perceived benefits. Company Q will write-off any product that needs to be disposed off due to exceeding the expiration date. The products are disposed of in a dumpster and that is the end of the products usefulness in Company Q's current viewpoint.
Scholarly Activity I Wal-Mart John I. Miles IV MBA 6601 October 14, 2012 Professor Yvonne Balbin Abstract Ranked number three in the retail market Wal-Mart has enjoyed much success with overseas profits raves Global 500. The goal of saving people money has always been Wal-Mart’s intention but profits are suffering in today’s American economy. Wal-Mart was founded on the goal and philosophy of providing the lowest price to its consumers however, legal and political environments of certain countries may dictate an organizations way of thinking in terms of investments, operating modes, risks, and resources contends Daniels, Radenbaugh, & Sullivan, (2011). This paper will discuss the company’s global issues, market and legal systems,
A case study of Chipotle Mexican Grill Problem Identification Chipotle Mexican Grill (CMG) is an American restaurant chain founded in 1993, currently has more than 1000 locations throughout the United States, United Kingdom and Canada. The company is a New York Stock Exchange listing Corporation announced US$214 million in net income in 2011. Despite its success, Chipotle does have key problems that they have to face and deal with. If they would like to continue to use quality and sustainably sourced inputs as differentiators to justify a higher priced menu and keep their frequent customers, fighting competition could be the main challenge. The article told us that the competition is mainly from Taco Bell and Qdoba, especially a new menu called “ Cantina Bell” generated by Taco Bell, which offers very similar food like Chipotle, and the price is much lower.
KUDLER FINE FOODS PROBLEM STATEMENT Introduction After analyzing the strategic plan for Kudler Fine Foods (KFF), many problems that will slow down the process of growth and success of the business are evident. My team members and I have discussed the issues involved with Kudler Fine Foods based on the information provided in the virtual internet/intranet web site (University of Phoenix, 2009). As a team, we have identified many issues within the organization, including poor upper-level management, poor organizational planning, inordinate reliance on perishable goods, a weak strategic plan, the owner’s mixing of personal and business finances, and the lack of a website for selling KFF products and services. The problems selected
Threats encumber an organization from realizing its objectives. The main risk facing Bolthouse Farm is the fierce competition from other local juice stores. With the increasing advent of bars, people prefer these smoothies, which are customized according to their preference. The impact poses a significant threat to Bolthouse farms since their smoothies are standardized. In 2011, bars/cafes grew by 4% in terms of current value to reach sales of 4.7 billion dollars of which 15% is revenue from smoothies sold in Canada bars.
Running head: Operations Decision Operations Decision ECO 550 – Managerial Economics and Globalization In today’s uncertainty of economic success, one must carefully conduct an economic scan of his or her company. This paper will describe a mock company and assess the current environmental factors that impact the company’s operations and management decisions. This paper will also evaluate the economic performance and recommend how the company might improve profitability. Finally, this paper will discuss any circumstances in which the company should continue or discontinue operations. Briefly describe the details of the fictitious business that you created for this assignment.
Executive Summary To: Purchasing Manager, Fisher & Paykel Limited From: Alan Day, Fisher & Paykel Limited Subject: Solutions to Shortages of Evaporator Pad Covers Issue: As you know, the shortages of evaporator pad covers from the local supplier, Walton, threatened extremely to close down the refrigerator assembly line which led to longer lead time for customers and to affect the cost. The potential risks would make Fisher & Paykel Limited (F&P) lose the leading position if the issues had no changes. I have analyzed the work done thus and would like to propose the following as our new Problem Statement for this requirement. “How can F&P find the workable and cost-effective solutions to solve the supply problems of evaporator pad covers to increase customer satisfaction and to make profit?” We considered various other options to conclude this assignment, as follows: * Labelling on the bins with color or color code was the immediate powerful solution to increase the productivity at Walton. * Procurement and outsourcing pad covers * Hold 2 days Safety Stock at Walton by using VMI method * Reengineering to standardize the cover blanks with the same size.