Kudler Fine Foods Week 3 University of Phoenix Carlene Szostak (Instructor) MKT/421 Kudler Fine Foods Week 3 This paper gives a justification of the importance for Kudler Fine Food’s development of its marketing tactics and strategy, and identifies other areas where additional research is needed. An analysis is done to understand the importance of competitive intelligence in regard to the development of Kudler Fine Foods marketing strategy and tactics. Justifying the Importance of Market Research in the Development of Kudler Fine Foods Marketing Strategy and Tactics
Kudler Fine Foods finds it important to do market research to ensure its organization is providing the best service possible for its consumers. Kudler Fine Foods keeps a survey for consumers on its website for customers to easily access and fill out at anytime the customer visits the website. The survey consists of questions ranging from convenient store hours, store atmosphere, product selection, merchandise value, satisfaction, and employee courtesy (Kudler Fine Foods, 2010).
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Kudler reached out, pinpointed, and receive feedback from its consumers so the company can improve its marketing tactics to better accommodate its customers. To make sure customers are not intimidated by its wide selection of wine and spirits, Kudler hired Wine Stewards to assist employees in making selections. “Marketing research is the process of defining a market problem and opportunity, systematically collecting and analyzing information, and recommending actions,” (Kerin, Hartley, & Rudelius, 2009). Kudler knew suspected consumer issues, and judging by its survey lans to research and develop new strategies to better accommodate its consumers. (Kudler Fine Foods, 2010). Kudler Fine Foods knows its target consumer and works to improve its strategy and tactics to make sure customers are satisfied. Kudler understands that consumers want healthy options, and at budgeted prices so Kudler selectively decided to produce organic and nonorganic varieties. Kudler also knows there are special cheeses that its customers value and Kudler accommodates customers with special orders for cheese that it does not have in stock (Kudler Fine Foods, 2010).
Identifying Areas Where Additional Market Research is needed. Effective decision makers develop specific measures of success, which are criteria or standards used in evaluating proposed solutions to the problem,” (Armstrong & Kotler, 2009). Kudler does not market research its consumers on issues ranging from taste, to product selection, customers may purchase selected foods and do not like the product the first time. So questioning consumers on the basis of taste analysis can improve products for customers to begin to purchase new products.
Customers can be surveyed on how salty, too buttery, freshness, or bitterness. Kudler can improve products by giving consumers the opportunity to rate products in a survey. To add to taste, the consumer should be surveyed on which products they will purchase most often and have they tried new products not as tasteful maybe because of the ingredients (Kudler Fine Foods, 2010). Kudler does not market research on how often consumers purchase from competitors.
The organization does not pinpoint possible competitors and find out how often their consumers purchase similar products from competitors (Kudler Fine Foods, 2010). Then survey on the convenience and overall satisfaction of competitor’s marketing. The purpose would be to find out how often consumers purchase from other competitors and if so what makes competitor’s marketing more convenient for its consumers. Kudler can differentiate from competitors to gain market leadership and win majority of its consumer’s purchases. An alert company can find ways to differentiate itself at every customer contact point (Armstrong & Kotler, 2009). Analyze the importance of competitive intelligence and analysis in regards to the development of Kudler Fine Food’s marketing strategy and tactics. “The process of gathering actionable information on your business’s competitive environment, competitive intelligence essentially means understanding and learning what’s happening in the world outside your business so you can be as competitive as possible”, (Entreperneur, 2011).
To gain competitive advantage Kudler will need to gain enough information about its competitors to know its competitor’s strengths and weaknesses. By knowing the competitors strengths and weaknesses Kudler can market its products with a differentiated strategy from its competitors (Business Marketing Plan. net, 2011). With up to date analysis of competitors marketing strategy and tactics Kudler can keep its own marketing strategy and tactics prepared to do whatever is necessary to market better quality and win the satisfaction of consumers over its competitors.
Whether it is producing a larger selection of wines, expanding its bakery products, finding new ways to make its meats and seafood tastier than its competitors, or even lowering prices, Kudler can lower its prices to gain market advantage only if it has up to date information about competitor’s prices. Same with its products, Kudler can only differentiate its products if it knows sufficient information about competitor’s products (Business Marketing Plan. net, 2011). Kudler Fine foods cannot allow competitors with the same products as they have to produce products that are of better quality or at a lower price than they have. In almost all cases there will also be other organizations offering similar products to similar customers,” These other organizations are competitors”, (Aware, 1995-2011). Competitors want to grow and gain consumers just like Kudler Fine Foods does. Gaining competitive intelligence will allow Kudler to know what the competition is doing to achieve those goals. Kudler will be able to create a differentiated strategy based on that information and either can target a different audience from consumers or either target existing consumers to reel them in away from competitors marketing.
With competitive intelligence the organization will also have the opportunity of knowing its competitor’s vulnerable marketing areas (Aware, 1995-2011). This paper researched the importance of market intelligence to Kudler’s Fine Foods In development of its marketing strategies and tactics. The paper also analyzed additional areas where Kudler needs additional marketing research. The importance of competitive intelligence was analyzed and an analyses in regard development of Kudler’s Fine foods marketing strategy and tactics. References
Business Marketing Plan. net. (2011). Importance of Competitive Intelligence. Retrieved from http://www. businessmarketingplan. net/market-research/importance-of-competitive-intelligence. html Aware. (1995-2011). The Basic Principles of Competitive Intelligence. Retrieved from http://www. marketing-intelligence. co. uk/resources/competitor-analysis. htm Entreperneur. (2011). Competitive Intelligence. Retrieved from http://www. entrepreneur. com/encyclopedia/term/82080. html Kudler Fine Foods. (2010). Shopping the World For The Finest Food.
Retrieved from https://ecampus. phoenix. edu/secure/aapd/cist/vop/Business/Kudler2/index. htm Kerin, R. A. , Hartley, S. W. , & Rudelius, W. (2009). Marketing Research: From Customer Insights to Actions [University of Phoenix Custom Edition eBook]. : McGraw Hill. Retrieved from , FIN/421 website. Armstrong, G. , & Kotler, P. (2009). Custom-Driven Marketing Strategy: Creating Valie for Target Customer [University of Phoenix Custom Edition eBook]. : Prentice Hill, Inc. A Pearson Education Company. Retrieved from University of Phoenix, MKT/421 website.