This paper will explain the importance of marketing research in the development of Kudler Fine Foods marketing strategy and tactics. This will also show where additional market research is needed as well as the importance of competitive intelligence and analysis. Kudler Fine Foods is a gourmet food store that offers utensils as well as services such as classes. This company has seen tremendous growth and plans on being able to expand the service and products provided. Kudler plans on obtaining this expansion through improving the operations efficiency as well as increasing consumer purchase cycle.
The importance of marketing research in the development of Kudler’s marketing strategy and tactics is very severe because without the proper information then the company will not be able to run successfully. For Kudler’s to be successful with the marketing research they need to follow the five steps of marketing research which are define problem, figure out solution plans, gather information, sort information, and put recommendations into place.
Kudler Fine Foods has been doing great documenting on their previous sales data and financials. There is some research that Kudler’s should add so they can have a better understanding of the markets to which they wish to sell. An area that needs more research is the demographics of the consumers. Demographic information is beneficial to the company so they can market the products and services according to the types of consumers they have currently as well as the consumers they want to purchase their products. The surveys Kudler previously had completed did not establish enough information so additional surveys would help get more data as to build their plan of actions on. Additional marketing that would also benefit the company and get the word out better is if Kudler advertised more about their catering services for the public as well.
The importance of competitive intelligence and...