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Mkt 421 Week 3

In: Business and Management

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In this paper I will review and analyze the importance of marketing research for Kudler Fine Foods; also will identify areas where additional market research is needed, analyze the importance of competitive intelligence and finally evaluate the development of Kudler Fine Food’s marketing strategy and tactics. Marketing research is defined by Entrepreneur Encyclopedia as the process of gathering, analyzing and interpreting information about a market, about a product or service to be offered for sale in that market, and about the past, present and potential customers for the product or service; research into the characteristics, spending habits, location and needs of your business's target market, the industry as a whole, and the particular competitors you face. (Entrepreneur 2012) Kudler Fine Foods is located in San Diego, California and is an upscale local specialty food store. The founder of the company is Kathy Kudler and the first food store was opened in 1998. There are now a total of three stores. The mission statement of the Kudler Fine Foods is “our selections, coupled with our experienced, helpful and knowledgeable staff, merge to offer each customer a delightful and pleasing shopping outing.”(Virtual Organizations Portal) It is fair to state the marketing strategy is to present consumers with the best gourmet and quality foods or products which may be imported or domestic. Additionally, to create a loyalty or frequent shoppers program which will provide consumers with perks such as discounts, sales announcements, newsletter, and certain cooking classes. Understanding the importance of customer loyalty with the frequent shoppers program places the importance of a market research into perspective. This is how the consumers are analyzed and data is collected to cater accordingly while the company remains true to its mission statement and to its...

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