The topic being researched is how Kudler Fine Foods can improve the success of the business by preparing for possible competition, and streamlining expansion procedures. The sources used are the Kudler Fine Foods Strategic Plan, and The University of Phoenix online databases. Findings suggest that implementing a research and market analysis plan, as well as an effective risk management plan will ensure successful expansion and growth of Kudler Fine Foods. A risk management plan and market analysis of new locations, will allow Kudler to acknowledge potential problems and pre pare for them. The following is a problem statement explaining what is currently wrong with Kudlers plans on expansion, and how they can improve these plans.
Within this paper I will justify the importance of research, marketing needs, competitive intelligence and analysis marketing strategy and tactics of Kudler Fine Foods. Kudler Fine Foods Grocery Store, which is owned by Kathy Kudler, is a connoisseur of good foods, high quality bakery products, and top of the line wines (domestic/ imported). For shoppers they have the pleasure not only to witness but endure the expansion of the Kudler’s dream. Kudler Fine Foods are ready to embark on a new journey of expanding services, improving operation, and intensify consumer’s purchases. In order to achieve the task that lies ahead, Kudler Fine Foods must increase growth, popularity, and revenue. The Importance of Market Research
Kudler Fine Foods is a Southern Californian specialty gourmet food store. It has currently three locations with the plan to open the fourth location in the near future. The stores offer the finest food and the best ingredients to upscale customers in order to provide a one stop shopping for an excusive home cooked meal. Kudler Fine Foods has experienced a significant growth and is now focused on expanding the services through its new marketing strategies. Marketing ResearchMarketing research is a type of business study that gathers records and analyzes data about consumers, competitors and the market. Marketing research can help create a business plan, launch a new product or service, expand into new markets, fine tune existing products and services. Businesses use market research to configure which parts of the population will purchase their products based on variables such as age, gender, location and income level. Marketing research finds the characteristics of target markets and plays an important part in an organization’s strategy of expansion. (Kotler, 2006)Marketing research is important to Kudler Fine Foods (Kudlers) since they are expanding their services. Marketing research will help Kudlers develop a plan for their expansion and help them identify their strengths and weaknesses. In addition, marketing research can help Kudlers identify new potential customers, new market areas and develop new sale strategies.
Additional Market Research
Marketing Research JustificationIncreased loyalty and profitability of consumers is Kudler Fines Foods strategic objective. Kudlers conducted a market survey in 2006 and 2007 to develop their strategic objective. In their market survey, Kudlers asked detailed questions about atmosphere, staff, pricing, overall experience, and merchandise. The opinions of Kudlers current target market provided the best research for the company. This type of marketing research provided critical information for Kudlers to help them correct their weaknesses.
In 2006 and 2007 when Kudlers conducted surveys, they found that their customer service representatives were increasingly becoming un-courteous and it was resulting in customer dissatisfied. Kudlers found that in 2006, 15 out of 50 people marked disagree, or 30% were dissatisfied with the service they received. In the following year 2007, Kudlers found an increase of people 20 out of 55 people, or 36.36% were dissatisfied with the service they received....