Kudler Fine FoodsThis print version free essay Kudler Fine Foods.
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Kudler Fine Foods Marketing Strategy and Tactics Paper
June 17, 2010
Kudler Fine Foods Marketing Strategy and Tactics Paper
Kudler Fine Foods is a gourmet food shop that was started in 1998 by owner, Kathy Kudler. Kathy started her gourmet food shops with just an idea to create a store that would not only stock the freshest ingredient for the customers but also provide the finest cooking tools to enable anyone to cook a gourmet meal. Kathy now has three locations and is committed to continue to provide the people that shop there the finest selection of food and wines. Kudler Fine Foods has experienced significant growth in the last several years. Kudler's continues to look for ways to expand its services, improve the operations efficiency, and increase the number of repeat customers that frequent the store. It is her dedication to her employees and customers as well as her commitment to providing outstanding products and services that has made her business a success. Kathy knows, however, that to remain successful it is going to be necessary to develop effective marketing strategies and tactics and that the first step is to incorporate marketing research. Through the course of this paper the importance of marketing research will be addressed. An analysis of the importance of competitive intelligence and marketing strategy and tactics for Kudler Fine Foods will also be discussed.
Importance of Marketing Research
Marketing research is defining a marketing problem then systematically collecting and analyzing information and finally recommending actions (Day, 2005). Marketing research is essential to the success of any business whose main objective is, like Kudler's Fine Foods, to offer products or services that are well targeted (Day, 2005). When making business decisions based on market research, risk can be minimized and the business process is likely to thrive (Day, 2005). Market research helps organizations like Kudler‘s Fine Foods communicate better with current customers by gathering valuable information about products and service from them. Regular customers can provide the organization with valuable information about the shopping experience as well as what would make that shopping experience better (Day, 2005). If Kudler's Fine Foods asks the customers opinion, it shows them that not only do they care about their opinion and helps to increase the level of customer service they provide. Market research is a good way for Kudler's Fine Foods to identify opportunities and minimize risk. Before offering a new service Kudler's can find out what the preconceived attitudes are about the new service through the process of market research. This process can also help shape the new product or service by identifying what Kudler's will need and ensure that the development will be focused towards demand. Benchmarks that market research creates can help Kudler's measure its progress (Day, 2005). By continuing to conduct market research Kudler's can develop marketing strategies and tactics that will increase sales and continue to help Kudler's provide their customers with the best food and wine available. Market research can also help Kudler's continue to measure how well the strategies are performing.
Areas Where Additional Marketing Research is Needed
Every organization has additional areas where marketing research is needed. Kudler's Fine Foods is no exception. Although Kudler's is doing well and there are plans to open more stores, there are areas where marketing research could help ensure success throughout the expansion process. Although Kudler's continuously exceeds customer satisfaction in most areas, there is one area that needs improvement according to a recent market survey is the cost of the items Kudler's carries. Kudler's will be able to increase customer satisfaction in this area by finding ways to reduce the cost of the most expensive merchandise.
Market research will help Kudler's create a strategy for expansion which will be successful if market research is used effectively. One way to do this is by conducting a SWOTT analysis to break down the strengths, weaknesses, opportunities, threats, and trends that currently exist. With their idea to expand the services they offer their customers, Kudler's will need to be aware of the strategies of their direct competitors. Kathy and her management team will need to use marketing research be able to gauge where they are competitively in comparison to the competition. The SWOTT analysis will help Kudler's with these comparisons and make their marketing research more effective.
Analysis of Importance of Competitive Intelligence
Competitive intelligence is defined as monitoring a company's competitors purposefully, wherever they happen to be within the marketplace they are located and determining what they are going to do before they do it (Johnson, 2008). Kudler's competitors would be the other stores that are considered the organizations rivals in the industry (Johnson, 2008). These are those who are competing with Kudler's for market share (Johnson, 2008). Kudler's needs to know and understand what the mission statement of the organization is and how to effectively and efficiently implement that mission. Competitive intelligence is an important marketing strategy that can help Kudler's implement their mission by helping them stay informed of the competitors marketing strategies. One way for Kudler's to do this is to visit online sites, searching databases, and actually going into a competitor and speaking to people that work there.
Analysis of Development of Kudler Fine Foods Marketing Strategy and Tactics
Although Kudler's has come up with marketing ideas to maintain their customers base and continue to provide products that meet the customers' needs, it is necessary that they carefully analyze and develop their marketing strategy and tactics carefully. Kudler's has come up with several new ideas for products and services that could positively impact the company. One of these services is a catering service. Kudler's will need to be very strategic when implementing this new service to ensure the price is competitive with other catering services within the communities Kudler's operates. Kudler's will also need to research the need for this service and if implemented, ensure that the quality of this service exceeds that of any other catering service in the area. This marketing idea will need careful analysis and a strong marketing strategy to introduce it to the customer.
One way to start would be to examine the database needs of Kudler's currently and if necessary have it revised. Currently Kudler's has a website that is extremely user friendly. However, to make it even better, Kudler's should be more specific about the products and services available at Kudler's and what the prices are for these products and services. Kudler's will also need to update the database to effectively track the new catering services to track how well it is received by the customer and what the profitability is over a specified period of time.
Kudler's Fine Foods is growing rapidly and owner, Kathy Kudler, knows that an effective marketing strategy along with the implementation of that strategy is of utmost importance if Kudler's is going to stay ahead of the competition. The ideas for expansion and implementation of new services, like the catering service, are necessary to keep Kudler's in that number one spot. Kathy Kudler and her marketing team know, however, if they do not increase their marketing strategy and effectively provide customers with what they want, they will not be able to survive. Marketing and the strategies and tactics that go with it are some of the most important ingredients for an organization like Kudler's Fine foods to use and continue to implement. The marketing team, along with Kathy Kudler, will need to look at all aspects of the marketing strategy that they have developed as well as any new advertising that needs to be in place to ensure that not only are customers needs met but also that Kudler's is on the right track with the new services being offered and with the expansion of the company. It is important that Kudler's is setting themselves apart from the competition for continued success.