Kudler Fine Foods, a gourmet grocery store has been significantly growing in the past few years and the aim of the company is to further expand its operations by bringing in improvements in its operations. The company primarily aims to bring improvement in the services it provides to its customers in order to attain their higher sales by increasing customer purchase cycles. However, to come up with a good marketing strategy, Kudler Fine Foods must focus on marketing research since it is extremely important for the company as it can greatly help the company in achieving its targets.
Other tactics such as competitive intelligence and analysis are important for Kudler Fine Foods to further develop the company. Company Overview Kudler Fine Foods mainly operates in three locations in San Diego and it is based on Southern California. The gourmet store targets primarily the upscale customers who wish to make all the purchases in one go and at the same outlet. Kathy Kudler founded Kudler Fine Foods because she was of the opinion that travelling outside the town only to purchase the ingredients used in foods is tiring.
Therefore, to crater to this problem, Kathy introduced the idea of one stop shopping. The five main departments the store is divided into are mentioned below.
1. Fresh bakery and pastries
2. Fresh produce
3. Fresh meat and seafood
4. Condiments and packaged foods
5. Cheeses and specialty dairy products
Not only does Kudler Fine Foods sell the ingredients that are being used for cooking meals but home cooked meals are also sold at the store for the purpose of making cooking easy and to further expand its operations, Kudler Fine Foods use marketing research as a very strong tool (University of Phoenix, 2007).
Domains for marketing research
There are certain areas in which Kudler Fine Foods has to be more specific and these areas require marketing research that should be conducted by the company for future success. However, the three main areas that require marketing research to be conducted are mentioned below.
• Growing services
• Creating brand loyalty so that the first time buyers can turn out into frequent buyers and brand loyal customers.
• Increasing efficiency
Significance of marketing research
Before opting for a strategy, it is always wise for every company to conduct proper marketing research since research greatly helps in minimizing the number of risks that are involved in decision making. Since Kudler Fine Foods is serving a niche market, it is prone to face direct as well as indirect competition from external sources. Therefore, Kudler Fine Foods must focus on the changing needs of the customers and on the customer preferences for which marketing research is highly important. Moreover, globalization is also serving as a threat for Kudler Fine Foods and this makes the need for marketing research mandatory.
For the business to do well, it is essential for it to develop a competitive edge as this provides the company an advantage over the other competitors. The competitive edge of Kudler Fine Foods over its competitors is that the company provides both the tools for cooking as well as home cooked meals that help them in broadening their target market. Since the people have very busy lives today, the always look for convenience for themselves and for this, they are also willing to pay a price to avail it.
Catalogues are provided by the businesses to their customers in order to provide the customers the convenience to let them choose their desired product. Moreover, the facility of placing the order online is also provided to the customers by some companies after which the product is delivered to the customers but Kudler Fine Foods is currently not offering this facility due to which their sales are being affected negatively. However, cooking classes are offered to the customers by Kudler Fine Foods but this idea is not much successful since people do not have much time to take these classes.
Conducting marketing research Due to some problems that are being faced by Kudler Fine Foods, it has become essential for the company to focus on growing its services, creating brand loyalty and to increase efficiency. It is always a wise idea to retain the customers than to attract new customers and the value customers look for should be provided to them. Only if the customers are satisfied do they make repeat purchases and this leads to brand resonance. Kudler Fine Foods must add some more features to boost their sales and programs to develop brand loyalty must also be introduced.
For customer retention, the frequent buyers should be given incentives such as discounts, free gifts on purchase of a certain amount and free home delivery of goods. Not just should Kudler Fine Foods focus on enhancing efficiency but improvements should also be made on the basis of the shopping experiences of the customers that they should be asked for. Lastly, the company must also learn the tactics that are being used by the competitors in accordance to which the company should make its strategies and marketing campaigns. Competitive intelligence and analysis Every company faces some kind of competition and so does Kudler Fine Foods.
Therefore, it is important for Kudler Fine Foods to closely monitor the activities of the competitors and then make their own strategies. However, failing to do so can affect the company negatively and can also cause the company to go bankrupt. A strict check should therefore be kept on the move of the competitors as keeping a close eye on their moves can help them in predicting the future moves of the competitors based on which the company can make strategies and improve its market share. Once information gathering is done, Kudler Fine Foods must conduct an analysis and then implement the strategies.
(Appolo Group, Inc. , 2007).
A business can greatly grow if it is able to satisfy its customers and this can only be done by providing customer value. The aim of every business is to earn high profits and to minimize its operational costs for which they keep on improving their technology. Moreover, it is also important for Kudler Fine Foods to improve the customer base because satisfied customers always refer the product to the other people and say positive things about the product through word of mouth which serves as a very effective marketing tool.
Marketing research greatly helps the company in coming up with new strategies, however the company must also review its strategies to ensure its effectiveness before they are thoroughly implemented.
Reference Appolo Group, Inc. (2007).
Kudler Fine Foods: 2009 Marketing Survey. August 14th, 2010. Retrieved from: https://ecampus.phoenix. edu/secure/aapd/cist/vop/Business/Kudler/Sales/KudlerSM003. h tm University of Phoenix. (2007).
Kudler Fine Foods. August 14th, 2010. Retrieved from: https://ecampus.phoenix. edu/secure/aapd/CIST/VOP/Business/Kudler/Internet/Index. htm