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Marketing

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Submitted By neicy1979g
Words 1308
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Marketing Research Paper
Denise Guerrero
MKT/421
Monday, October 5, 2012
Sheryl Joyner

Marketing Research Paper To establish a successful business in a competitive market, a company must have an effective marketing team. The marketing segment of an organization is responsible for development and execution of a strategic business plan for future business opportunities. A constant essential in the appropriate development of a marketing strategy is marketing research. Kudler Fine Foods is an organization successful in the gourmet grocery industry in California however there are some marketing research needs that can enhance the success of the business. To fully understand the needs of Kudler Fine Foods marketing needs, it is essential to understand the importance of marketing research and competitive intelligence analysis in developing Kudler Fine Foods marketing strategy and tactics as well as identifying areas where additional market research is needed that may aid in the development of strategic planning for the organization. Understanding each element is crucial to provide a concise evaluation of the marketing needs for Kudler Fine Foods. Marketing research is the ability to identify customer needs and evaluate a company's success in satisfying those needs (Perreault, Cannon, & McCarthy, 2011). The business study incorporated in marketing research allows companies to build a strategic business plan, implement a new product or service as well as improve upon current products, and it also provides support to venture into new industry markets. Marketing research finds the characteristics of target markets and plays an important part in an organization’s strategy of expansion (Armstrong & Kotler, 2011). The use of information such as age, gender, and location to identify the demographic most appropriate for a product or service as well as the preferences a local demographic has to enhance execution. Marketing research works in conjunction with competitive intelligence to enhance the level of strategic marketing planning that goes into product development and execution. Competitive intelligence is the effort a company puts in to gather information about consumers and competitors to maintain a competitive edge on the business. Competitive intelligence allows business leaders to make appropriate business decisions to ensure the company maintains a place in a competitive market. Maintaining competitive intelligence also assists in identifying and executing appropriate marketing strategies to address the competitive market. The use of marketing research and competitive intelligence provides an advantage to the marketing team and business leaders in developing an organizational plan to enhance the business. In today's business market it is important to maintain the competitive advantage to have a signal of when to launch new products, what kind of products consumers want, and how much emphasis is needed. The opportunity for that advantage is a result of great analysis skills by the marketing team that can drive strategic marketing plans and set company goals. Kudler Fine Foods has established itself as a competitor in the California gourmet grocery industry offering organic and gourmet cuisine products. The company has experienced significant growth over the last few years and is concentrating strategic planning efforts on consumer loyalty. Kudler has developed a marketing strategy to enhance consumer participation that hopes to drive revenue and allow for additional store expansion. However there are some areas where additional marketing research and competitive intelligence can enhance the marketing approach. Using these enhancements can help develop the organization to meet the needs of the consumer and allow for the substantial growth of the business.
Drive Internet Usage Internet has made a break through for marketing research. While Kudler Fine Foods has an Internet site available for customers to view the gourmet products and ingredients, the website does not offer customer interaction. As a part of marketing research strategies, Kudler Fine Foods can enhance the website to inform, interact, and maintain relationships with consumers. The Internet allows for real-time access and feedback which assists in efficient marketing research. Developing the website to allow for blogs and chef posts for daily recipes can engage customers with the store. As customers begin to utilize the website, customers can contribute their feedback on product effectiveness or additional components that they are interested in that can drive marketing research. Having the primary source of marketing research through the Internet cuts cost for a company as it saves on additional human resource to survey or prompt consumers on how they feel about the company and their needs. Internet allows for customers to sign in to an account which can help validate the user to avoid false feedback. If customer feedback provided on the Internet site show unfavorable responses then the marketing research team can easily identify the areas where improvement is required and build effective strategies to regain that consumer relationship.
Improve Marketing Surveys Kudler Fine Foods developed marketing surveys to promote customer feedback in 2010 and 2011. These surveys provided essential information in assisting Kudler Fine Foods in improving and sustaining consumers. While the surveys are effective in addressing current customer needs, they can also be used to gather marketing research information and drive competitive intelligence. Kudler Fine Foods can improve the marketing surveys to include questions pertaining to location preference that can align the organizations efforts for expansion. The survey can help identify if consumer demographic is in a predominant area of the state and additional opportunities for prime locations. The survey can also include questions pertaining to consumer use of grocery competitors. By identifying which competitor consumers utilize, marketing research can be done to establish what the Kudler competitor does successfully. Conducting a SWOT analysis on competitors promotes competitive intelligence in understanding the competition and how they affect Kudler Fine Foods consumers. The marketing surveys should also include demographic questions that outline age, gender, and diversity to assist the marketing segment in creating effective and appropriate marketing strategies.
In-Store Promotions Part of the strategic plan for Kudler Fine Foods is to build new customer focused programs. The organization plans to conduct specialty cooking classes to increase consumption of high-end items and build awareness for customers. In addition Kudler Fine Foods is implementing a tracking purchase system to identify consumer purchases that will help refine inventory. While these efforts will improve the consumer experience with Kudler Fine Foods with additional marketing research the results can be more beneficial. Kudler should establish in-store weekly promotions that involve products and ingredients based on a specific recipe. Many shoppers gravitate toward a structured approach that provides a level of guidance and convenience as they acclimate themselves to gourmet cooking. These promotions will also benefit marketing research in identifying products and ingredients that the store will be success in maintaining. That form of knowledge is beneficial for not only Kudler Fine Foods in sustaining effective inventory but also for understanding consumer interest. While Kudler Fine Foods is a successful gourmet grocery organization, there are elements of the business that display opportunities for improvement. The business shows tremendous potential for success with the continued support of an effective marketing strategy. The basis for Kudler’s marketing strategies is consistent with customer satisfaction and business growth however an enhanced emphasis on marketing research and competitive intelligence is needed. With the true understanding of marketing research and competitive intelligence it is easy to see the importance both elements provide in the identification of marketing needs and the development of marketing strategies for Kudler Fine Foods. These opportunities definitely solidify the necessity for marketing research in creating an effective marketing strategy as it identifies where the objectives and goals of the company should be.
References
Armstrong, G., & Kotler, P. (2011). Marketing: An introduction (10th ed.). Upper Saddle River, NJ: Prentice Hall.
Kudler Fine Foods. (2011). Sales & Marketing. Retrieved from https://ecampus.phoenix.edu/secure/aapd/cist/vop/Business/Kudler2/intranet/sales-plan.asp#1
Perreault, W. D., Cannon, J. P., & McCarthy, J. (2011). Basic Marketing: A marketing strategy planning approach (18th ed.). New York, NY: McGraw-Hill.

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