MKT 421 Week 3 Individual Assignment Marketing Research
MKT 421 Week 3 Individual Assignment Marketing Research fin571
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Date Created: 11/11/15
KUDLER FINE FOODS MARKETING RESEARCH 1 Kudler Fine Foods Marketing Research Name MKT/421 April 4, 2011 Instructor KUDLER FINE FOODS MARKETING RESEARCH 2 Kudler Fine Foods Marketing Research for Kathy Kudler founded Kudler Fine Foods out of her own desire to have gourmet foods, which she loves to cook. Kudler Fine Foods is an upscale gourmet food market, offering a vast selection of the freshest and finest ingredients and products. Kudler can offer these items at a reasonable price and the stores have trained employees to assist their customers with item selections. Market Research Marketing research is defined as the gathering, analyzing, and interpreting of information about a market. Research is conducted on a product or service to be offered for sale in that market based on past, present, and potential customers. It analyzes the characteristics, spending habits, location, and needs of the target market, the industry, and the competition the business will face (Entrepreneur Media, Inc., 2011). After a visit to the Kudler website, it has been determined that further research is needed to determine a new course of action for the organization. The surveys currently offered at the store provide some information, but they do not give enough information to adequately chart a new marketing plan. This means that further research must be conducted to determine the organizations appropriate course of action. Defining the marketing problem. At the present it seems that not enough information has been gathered to analyze the marketing problem. Kudlers needs information, which will help them to determine what is needed to expand the catering service, instore cooking events, and the organic food lines, which they already offer in all locations. The company needs a plan, which will help them to track the effectiveness of their decisions. This can be accomplished by tracking the sales or events they KUDLER FINE FOODS MARKETING RESEARCH 3 plan to kick off and what they expect out of these actions and the consumers reactions to these sales or events. Additionally, the introduction of a frequent shoppers program will assist with the market research. Gathering, analyzing, and interpreting marketing research. As more consumers become interested in their health, they will be looking at alternatives food sources. Kudlers already offers a fine selection of organic food products; however, they need to place more attention to these products. This can be done by introducing these products during an instore cooking event. This will give the store an opportunity to introduce the products as locally grown and introduce the benefits of eating organic foods. This would also be a wonderful time to introduce new products, which is a great way to advertise with no additionally cost involved. Plus, the consumers will be more interested in purchasing the product once they have seen the introduction of the new product in the onsite event. This time is more than just a sale opportunity; it is also an excellent time to gather information from the customers. Feedback from the customers will help the company to increase the services they offer and provide the products the customers are looking for. This will help to ensure customer loyalty, which in turn ensures customer satisfaction for Kudler. Using the current inventory process and the introduction of the frequent shopper program Kudlers will be able to determine which food items are most popular. Making note of the items used at onsite events will be another way of tracking customer preference. The customers who attend these events would be a great place to start surveying the potential for a catering business. After all these individuals have a passion for food, and they would give a more honest answer concerning their thoughts on the catering business. After all, they would probably be the first KUDLER FINE FOODS MARKETING RESEARCH 4 ones to use such a service because they already know the quality of the food prepared by Kudlers, and they would be sure to recommend it to their friends. Another factor to consider is the cost and selection of items offered through the catering business. Kudlers customers already know that quality gourmet items are slightly higher, so that will not be a major issue; however, Kudlers must stay in line with their competition if they what to succeed. One way to entice more customers to the catering services is to offer an open menu based on the customers desires and needs for each event. To accomplish this each member of the catering business will need to be equipped with the knowledge of the products offered and have options available to assist a customer who is just not sure what he or she would like to service at the event. This would be an excellent opportunity to introduce products which are in season. Products which are in season, cost less and the saving could be passed on to the customer as another way of ensuring customer satisfaction when it comes time for the catering bill. By offering an open menu, introducing products that are in season, and providing excellent customer service Kudlers will be on their way to a successful catering business. At the beginning of this new endeavor, Kudlers should use the current store locations as a place to start. This will save the company money and give them time to identify potential clients. Promotional offers can be displayed in the store for everyone to see. This is also an opportunity to introduce new recipes at the instore events, which could be used in a catering event. This is sure to bring in new clientele for the catering business. Another way of introducing the catering business could be by placing brochures in the customer’s bag as the customer checks out. Expanding the customer’s survey’s to include questions concerning the catering business and what customers want to see in this service would be another way of gathering information to KUDLER FINE FOODS MARKETING RESEARCH 5 ensure the success of the business. Further promotion of the catering business can be done through the organic producers not only would it be beneficial for Kudlers it would be beneficial for the organic producers as well. The main priority for Kudlers success is customer satisfaction. As time goes by and the stores and catering business become more successful more concentration will need to be placed on technology. New technology will increase efficiency, cut costs, and labor while providing an increased bottom line for the organization. Longterm strategic planning and goals must be put into place as well as the implementation of shortterm goals. Once the implementation phase has passed a review must be conducted to ensure that the results desired were achieved and if the processes were beneficial for the entire organization. KUDLER FINE FOODS MARKETING RESEARCH 6 References Entrepreneur Media, Inc.. (2011). Entrepreneur. Retrieved from http://www.entrepreneur.com/encyclopedia/term/82436.html Apollo Group, Inc.. (2009). Kudler fine foods. Retrieved from Apollo Group, Inc., MKT421 website.
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