For marketing strategy research homework help, our marketing homework help experts selected the Kudler Fine Foods Virtual Organization and explained the importance of marketing research in developing Kudler Fine Foods’ marketing strategy
Marketing strategy is a process by which an organization wants to achieve its marketing objectives and targets. Kudler Fine Food is a gourmet food shop that uses marketing research to develop marketing strategy and tactics. This paper also discusses about some areas that requires additional market research for developing marketing research. The first step of marketing research is to originate effective marketing strategies and tactics. The marketing research is an important factor to achieve marketing objectives. The importance of competitive intelligence and marketing strategy in Kudler Fine Food will be also conversed.
Importance of Marketing Research
Marketing research is important to develop the marketing strategy and tactics for any organization. It defines marketing problems that is faced by a firm during marketing activities. It is a systematic process of collecting and analyzing the information for taking corrective actions to solve them. The marketing research is conducted by the firm to achieve its main objectives and to be successful in the market. The main objective of Kudler Fine Foods is to provide well targeted products and services to its consumers. Marketing research is also an effective process that is helpful to minimize the risk and to expand the business process, if its business process decisions are based on it.
At the same time our marketing plan homework help experts says that, Kudler Fine Foods can also use marketing research to communicate in the effective way with its existing customers. Marketing research supports to collect valuable information about the products and services from its regular consumers. These consumers provide the information about their shopping experience and the ways by which shopping experience make better. Market research is important for Kudler Fine Foods to determine opportunities from the market as well as to reduce risk. The firm can enhance the understandings about the attitude of consumers before introducing a new product and service with the help of market research.
In addition, marketing research supports Kudler to shape a new product and service and also help to understand about the change that are required for new product. These changes would be effective to develop the focus of the consumer in the new product. Marketing research also plays a significant role in development of marketing strategy and tactics that are appropriate to enhance the sales and customer services of Kudler. In addition, it is also good for Kudler to evaluate that whether strategies of firm are performing well and contributing in the success of the organization.
Areas for Additional Marketing Research
There are some additional areas found in the Kudler Fine Foods, where marketing research is needed for organizational development. It has been experienced an effective growth in improving the efficiency and consumer purchase cycle. In addition, loyalty and probability of the consumers also increased by the firm. Opening new stores for food services is an area in which additional marketing research is required. It is because; this area will be helpful to increase the revenue and marketing research will be helpful in expansion process of Kudler and its success. There is continues growth in the consumers of this firm, but it requires an area that is needed development. Additionally, this area is related to cost of its carries items. It can decrease the cost of its most expansive items to increase the consumer satisfaction.
Kudler would be able to make an expansion strategy through conducting an effective marketing research. It can also use the SWOT analysis to find out the strengths, weaknesses, opportunities, threats and market trends that are available at present to the firm. This strategy will make it able to be aware about the needs of the consumers and to attract more consumers. Additional market research also needed in the management team of the firm that makes them able to analyze the competitive position into the market.
At the same time, promotion is another area that also requires a marketing research. The marketing research will help Kudler to find out the most effective way of promotion of its stores and products. There are several ways by which it can promote its stores and food products such as advertising through radio, newspaper, internet and television. Some other ways of promotion are also available for Kudler such as self-promotion, events, and sponsorships. For example, it can use the TV commercial for its food products, when women television serials are playing. At the same time, it can also participate in different restaurant trade shows at both local and national level.
Analysis of Importance of Competitive Intelligence
Competitive intelligence is an essential thing to be considered in the marketing strategy and tactics of any company. Kudler comes with the marketing ideas for keeping consumer base and meeting needs of consumers by providing the products. These ideas require development in marketing strategy and tactics that have positive impact on the firm. There is a need to be more strategic in ensuring about prices of catering services in competitive firms. In addition, it should also ensure about the quality of services that it renders to its consumers. It is also an important area in which it should implement an effective strategy. Kudler should make an effective and user friendly website that also is important to provide information about its products to its consumers. It will also show the competitive intelligence of Kudler in being a leader in the competitive environment. The competitive intelligence is also important to firm for updating the database.
In conclusion, Kudler Fine Foods is a leading food organization that attained powerful consumer base by carrying out market research. The market research helped Kudler Fine Foods in findings different areas that are needed to improve and correct them. It also improved consumer satisfaction level through marketing research and carried out the new training program and new software system. These programs contributed in enhancing customer satisfaction. Kudler also used competitive intelligence for continued growth and success in the rapid competition.
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