Kudler Fine Foods – Marketing Research Paper
The following paper will analyze the marketing research methods applied to the strategies and tactics followed by Kudler Fine Foods. Kudler is a premium food store based in San Diego which deals in local upscale specialty food. The store is generally located in fashionable shopping centers. The store deals in bakery, pastry, fresh meat, seafood, condiments, packaged, cheese and specialty dairy products. Overall, the business is very similar to Whole Foods Marketplace, just on a smaller scale.The mission of the store also states that it has a knowledgeable staff and it deals in providing delightful product and services to its customers while they are out for shopping in the malls. Kathy Kudler is the founder of the store, and she is committed towards providing the customers with finest quality of foods and wines.
- Student: Cedric
- Textbook: Marketing
- Course: MKT 421
- About: Write a 1,050-word paper in which you justify the importance of marketing research in the development of Kudler Fine Food’s marketing strategy and tactics, and identify the areas where additional market research is needed. Also, analyze the importance of competitive intelligence and analysis in regards to the development of Kudler Fine Food’s marketing strategy and tactics.
The Importance Marketing Research
The research can be summed up as an area of business that gathers the information from the sample, and marketing research includes surveying the market, customers and the competitors. A marketing research can help a new business to expand, to launch new products, and to satisfy the customer’s desires. The research is carried out with the perspective that it will result into identification of the customers, place, distribution channel etc. The research is essential for Kudler Fine Foods as the business is on the path of expanding its services. And such a marketing research will help it to know the areas of expansion, its strengths, weaknesses, new potential customers, strategies and markets can also be explored.
Marketing research is a whole plan of action that is carried out in order to draw an ideal mix of the 4P’s (product, price, place, promotion). A strategy that integrates the goals that includes the marketing blend into a comprehensive whole is known as the marketing strategy. A strategy is set out in a marketing plan. Marketing plan refers to the targeting of the company to its prospective customers, and positioning its product in such a way that it remains in the mind of the target market. An effective marketing plan refers to the planning of marketing its product by carefully choosing the existing and potential customers, identification of the customers can be done by accurately by following a market research. The needs thus identified should be properly and better met than the competitors. And then a marketing strategy should be maintained that will help the company to have a market positioning. All these constitute an effective marketing plan.
In this competitive world it is really essential to have strategic competitiveness and Kudler Fine Foods have growth tremendously by following its vision. Mrs. Kudler the owner of the store has a direct control over its hiring of human resources for its products that gives her an edge over the other food stores. The marketing strategies followed by the store are a combination of differentiation, focus and cost leadership. The products offered by the store have a unique quality in them that makes them differentiable from the rest of the market. The gourmet food display and plans of buying the raw material from the local sellers that helped it achieve a cost leadership. For any company to prosper growth, internal efficiency and customer orientation is essential. The opening of the new stores at different locations, internal efficiency in the form of technological development for enhancing the operations and services and customer orientation in the form of special ordering has helped Kudler reach the heights, it is today.
Marketing research is important to know what the customers what, as in running any kind of food store, knowing the taste and preferences of the customers become evident. A research highlights the opportunities that are untapped in the market, and grabbing that opportunity according to one’s strength is the way of doing business better than one’s competitors. Kudler Fine Foods was able to satisfy the customers by providing them what they needed. Mrs. Kudler carried out the innovation in its raw material and product’s tastes.
Marketing tactics are the set of strategic methods which are used in order to promote the goods and services of the business intended towards the goals of the organization, increasing its market share, revenues, and maintaining the competitiveness. Kudler’s marketing tactics can be understood by its mission statement. The tactics are internally focused and Mrs. Kudler has grown the business by enhancing her thoughts into action. A generic strategy was followed for its business.
Areas Needing Additional Marketing Research
The additional marketing research required by Kudler is in the area of attaining competitive advantage. The research that is always carried by the company is through survey opinions, but it can also go for internet research. The customers are the key for success in a business, so it becomes imperative to know their preferences and taste. Internet has become a fast mode of communication between the marketer and the customer. Kudler has a site, but add- on feature of customers feedback form, or grievances suggestion box can help it know their choices better.
Competitive intelligences refers to the collection, gathering and analysis of the customers preferences, product’s features etc. in comparison to the competitors of the business. A competitive intelligence involves multiple questions that helps in gaining competitive advantage. The questions include the topics related to the competitors, their strategies, tactics, promotional strategies, distribution channel used. Analysis of the competitors marketing plan and finding loopholes in them so that one can take advantage is incorporated in the intelligence part. The information about the competitors can be obtained from internet, advertisement, trade shows, personal visit at their store, annual reports etc. An insight needs to be obtained about the competitor so that the business knows where it stands in comparison to its competitors and market.
By conducting marketing research Kudler Fine Foods have been able to create a strong customer base. The researches have helped it to explore new areas, improve on its functioning and develop improved strategies. The competitive intelligence is yet another area where the store needs to do its research as it will help to reveal the strategies followed by its competitors. The company should try and find out ways of reducing its prices so that it can cover major area. The company has been able to gain success because of conducting various marketing research surveys.