Kudler Fine Foods has continued to grow and is now poised to make significant internal changes to increase revenue and customer satisfaction. Kudler Fine Foods is a gourmet grocery store and recent market surveys have shown they have continued to exceed customer's satisfaction in every area except one: the cost of merchandise. By exploring ways to reduce costs Kudler Fine Foods will experience an increase in customer satisfaction. The Importance of Marketing Research
Market research plays an important role in every aspect of an organization's strategy of expansion and diversification. Since Kudler Fine Foods is expanding services then it needs to know about their competitors. Market research will aide Kudler Fine Foods management in determining where they stand in contrast with competitors. This research will also help identify Kudler's market share. Using this information, Kudler Fine Foods will be able to identify where it is stronger than its competitors and then build upon its strength to increase its lead over their rivals. Similarly, market research can help it to identify their potentially weak areas and devise ways to overcome them, thus gaining on any rivals who excel in such areas. Three key areas that need to be kept in mind are:
1) First, when conducting research "it is to play a critical role in developing strategy; research helps you make budget and strategy decisions." (Crouch, 2004) 2) Secondly, if there is an error in planning then "you need to go back and understand why and what happened, the research [is] your fallback point and baseline." (Crouch, 2004) 3) "Finally, budgets, plans and strategies need to be defended. At an executive level, research helps build business plans to get financing, sell a board of directors on a program or make the crucial multi-million dollar decision on new products." (Crouch, 2004) Where Additional Marketing Research is Needed
Cost cutting is a primary concern of...