October 1, 2012
Marketing Research: Kudler Fine Foods
In order to succeed, it is fundamental that businesses satisfy consumers’ needs (and desires) for goods and services. Appropriate market research provides the data necessary to understand those needs and respond to them effectively and profitably. Kudler Fine Foods (KFF) has performed market research in the past. Some of that research has been helpful; some has not. Additional market research is needed for KFF to reach a larger share of the market and increase profitability.
Kudler Fine Foods is a gourmet grocery store. KFF sells meat, produce, cheese, and wine. They also provide catering services. KFF has targeted two market segments, high-income consumers and gourmands (gourmet food enthusiasts) (Kudler Fine Foods, 2011, Sales Plan 2007 webpage). These markets were selected based on the strengths owner Kathy Kudler brings to her organization. Gourmet food is Kathy’s passion.
KFF has used historical data, customer surveys, and feedback from its sales force to discover what its target market wants. Observing patterns in historical data and extending those patterns to predict the future, or trend extrapolation, is the “best-known statistical method” for predicting future sales (Kerin, Hartley, & Rudelius, 2011, p. 215). Salesforce survey forecasts, such as the feedback from managers at the operations review meetings on the sample offerings Kathy is considering, are another logical approach to discovering what the target customer wants (Kerin, Hartley, & Rudelius, 2011, p. 215). KFF’s customer surveys are an additional tool used to fine-tune what their customers (new and existing) really want. The company has begun to track customer purchase behavior to forecast which products and services are most likely to be in demand and when specifically (year-round, seasonally, holidays, etc.). KFF is considering addressing...