MKT421 Wk 3 Marketing Research
MKT421 Wk 3 Marketing Research
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Date Created: 11/16/15
Marketing Research: Kudler Fine Foods Kathy Kudler’s passion about gourmet cooking forced her to start Kudler Fine Foods in 1998. Kudler Fine Foods is on the growing path since then and now has presence in La Jolla, Del Mar, and Encinitas. These outlets offer a wide variety ranging from seafood to bakery products and from meat to alcoholic drinks. Offered items are both domestic and imported. Currently, Kudler is trying to increase the sales by expanding offered services and increasing operational efficiency. Mission of Kudler Fine Foods is to “provide their customers with the finest selected foodstuff, wines, and related needs in an unparalleled consumer environment” (Kudler Fine Foods, 2008, ¶2). Marketing strategies will be used to promote the newly offered services. In this paper, we will discuss marketing techniques that can be used, explore areas that need further research and significance of competitive intelligence. Importance of Marketing Research Marketing research is of utmost importance when planning to launch new products or services. It involves information collection regarding potential customers, existing competitors and prevailing market conditions. This information is also essential for Kudler, as it will enable her to know the characteristics of target market. These characteristics can be location, age, sex, and income group. Marketing plan will be refined on the base of information and this will yield minimum mistake error with high profit chances. This information collection should continue throughout the product lifecycle because the company will be able to judge the changes in environment and manage the product accordingly by keeping close contact with the customers, identify hidden opportunities and judging the performance of the whole team. One important aspect of the marketing research is the constant contact with the customers. The benefit of good communication with the customers is twofold. Current customers can be contacted along with the old ones. Current customers can be asked about the current products and their views about it. They can tell how they see the company’s products and what improvements they want or suggest. In addition, they can tell how well their needs are being fulfilled by our company. Other benefit is that the customer feels good. He thinks that the company cares for his needs and comments. If his suggestions are implemented in one way or the other and then he is informed that his valuable feedback has resulted in some change in the company and the company is thankful for that, you can have a guaranteed loyal customer. Old customers can also be useful, as they will tell what complains they have with the product or service, and this can help rectify the issues. This research will also decrease the risk of launching and handling a new product in an inappropriate manner. The company can adjust the marketing plan of the new product. Some changes can be made to existing products keeping in mind the customers’ feedback. Marketing research has another benefit of meeting the people who have already made up their mind about the company’s product or services. The researcher gets a chance to clear things in their minds and attract them to the company’s products, or at least make them neutral to it. This will have a twofold affect too; one less dissatisfied or negative customer and secondly, their thinking can help refine the marketing strategy. Every business wants to measure its success in some way and a benchmark is the most common tool to be used. Market research can enable a business to set a standard or benchmark and then evaluate its performance against it. This benchmark will serve as a standard and the company will know where they are lacking and how it should be fixed. On the other hand, if the company decides not to go for market research then the outcomes will be unpredictable and much dangerous. Additional Market Research Needs Additional market research can unveil areas that are normally not taken notice of in normal marketing research. It can include identification of potential customers. It can also lead to a new target market or niche and it can even lead to unique sales and marketing ideas. Basic technique behind additional market research is to talk with people about their ideas, their demands and their wish lists. It is only way to know how to meet or exceed their expectations. They should be asked questions like; is there anything that you want and is not available here? In addition, how much are you willing to pay for that specific item? Moreover, how frequently do you purchase that item? One can easily get idea about demands of different things and customers’ thinking of that item. These surveys should be done at all target locations to get better results. If reasonable demand exists for some item, then that item can be provide at that outlet for making new customers and earning profits. These items may or may not be same for each location or stores but should be provided if profitable sale is anticipated. Another thing to be done is the comparisonshopping. Local gourmet grocery stores are visited to check their prices to get an idea of prevalent prices in the neighborhood. This will help the company in deciding the prices that will be competitive as well as profit yielding. If a nearby store is selling a brand that Kudler is also offering, then further analysis should be done about its cost and management expense and so on. After this, the management can decide if it wants to reduce that item’s price or sell it by investing a small amount in a campaign to highlight its presence at Kudler. Importance of Competitive Intelligence and Analysis Organized collection of commonly available information of competitors and the marketplace, and its analysis constitute the competitive intelligence and analysis. It is important to enhance decision making, following competitor’s activities, and for obtaining early signs of future opportunities and threats (Armstrong & Kotler, 2009). This information may be related to competitor’s products or their strategies, overall market changes, or customers. It will be used when planning will be done regarding marketing and other related activities. Sources of this information can both be internal or external. External sources include government data, websites, public forums and business libraries. A company planning a competitive strategy will utilize all the possible means of information collection to perfect their marketing strategy and become successful. Competitive intelligence is considered ethical and legal only when gathered through external sources like company websites and public forums. On the other hand, if a company tries to gather information through internal sources, say by using a spy, then it will be illegal and unethical. Market analysis shows that the type of store Kudler wants to open is a type of specialty store and is fast becoming popular. It means that they can face quite a few competitors in near future. Main advantage of Kudler will be its name as an already established company. For cashing this advantage, they need to have an extensive but planned marketing strategy. It should be designed to differentiate them from all other competitors. Kudler also needs to keep an eye on the competition by keeping in view their prices, their offerings and their marketing and promotion strategies. Information about above factors is vital for survival of Kudler as it will enable Kudler to match or exceed the experience that others are offering. This type of information comes only and only from competitive intelligence. Kudler has done an excellent job in keeping them ahead of the competitors through new and brilliant ideas. Constant analysis and readjustment are needed for a continued marketing strategy. Periodic surveys are the tools that are used to analyze how well a company, or marketing plan is doing. It also tells the marketers where they are lacking and what should be done to overcome it. Continuous adjustments according to the changing tastes and requirements of the customers will lead not only to retention of current customers but will also attract new customers as the word about their customer focus spreads. Kudler will remain the best outlet in San Diego area as long as they remain on the path of delivering according to customers expectations. Reference Armstrong, G. & Kotler, P. (2009). Marketing: An introduction (9th ed.). Upper Saddle River, NJ: Pearson Education. Perrault, W.D., Cannon, J.P., & McCarthy, E.J. Jr. (2009). Basic marketing: A globalmanagerial approach (17th ed.). New York: McGraw Hill. University of Phoenix. (2008). Kudler Fine Foods [Computer Software]. Retrieved from University of Phoenix, Simulation, MKT421 Marketing website.
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