Marketing_Research

Market Research Marketing research is an important part of every companies marketing strategies and tactics. It is used to help identify what products will sell in a specific market or location and will help companies focus on making a profit instead of wasting time and money on products that are not in demand. Kudler has very specific goals in their marketing plan. They are to increase loyalty and profitability of consumers by expanding services, implementing a frequent shopper program, and to increase efficiency in order to reduce costs (Sales and Marketing: Marketing Overview, 2013). In this paper we will take a look the importance of research for Kudler Fine Foods, look for places where improvements can be made, and analyze competitive intelligence. Importance of Marketing Research Its purpose is to help a company to understand the market it is in by knowing its competitors, spotting industry trends, and identifying opportunities (Perreault, Cannon, & McCarthy, 2011). There are many ways that marketing research is conducted. Surveys are an effective way to collect data from consumers and can be done via mail, email, telephone, or in person. Simple observation of customers and their habits and characteristics is also a simple and easy way to gather information about the shopping habits of customers (Perreault, Cannon, & McCarthy, 2011). It takes time and money to gather information and it is important that small businesses like Kudler Fine Foods get creative and find the most cost effective ways to gather data. Marketing research will help Kudler Fine Foods focus on what will help their company grow and continue to expand as well as give them a strong competitive advantage over other stores in their area. It will help Kudler Fine Foods to identify and define any problems they may face. Once this step is complete, the can begin to analyze the situation by conducting Internet searches and contacting those who are familiar with the grocery industry. This is also the time to look at secondary research, or research that has already been conducted by others. This will help to save time and money by showing researchers a direction to focus the next step of their research on. The next step is to gather data that is specific to the problem that was defined. One way to do this is through qualitative research which gathers thoughts and feelings on the subject from the chosen sample being surveyed. Qualitative research will provide ideas and help researchers form a hypothesis. Quantitative research gathers responses to research questions and summarizes them with numbers such as a percentage, average, or a statistic (Perreault, Cannon, & McCarthy, 2011). The next step is to interpret the data gathered from the sample of participants representing the target market. It is within this step that researchers will be able to find answers to the problems and question posed in earlier steps. The final step is to solve the problem by applying the findings to the planning strategies already in place (Perreault, Cannon, & McCarthy, 2011). Recommendations Based on Past Surveys Kudler Fine Foods is very focused on their customers and the needs, wants, and desires of those customers. Their goal is to provide an enjoyable shopping trip for the customer by providing a selection of the finest domestic and imported foods and staffing knowledgeable and courteous staff to guide them in their product selections. In a review of surveys conducted of customers that shop Kudler Fine Foods, it was found that most found the selection of products to be good, were satisfied with the products offered, and felt that the staff was knowledgeable, however, they did feel that the staff could be a little more courteous (Administration Survey Results, 2013). These results tell Kathy Kudler that there needs to be more focus on teaching employees how to treat and talk to customers, sharing their knowledge and expertise in the nicest way possible. One other negative result from the surveys was that the merchandise sold is not the best value for the money they are spending (Administration Survey Results, 2013). This tells Kudler Fine Foods that they need to look at their pricing strategies and see where they can cut costs, therefore lowering the price of their products. Competitive Intelligence Competitive intelligence is the organized collection and analysis of the information gathered by market researchers about consumers, competitors, and developments within the market place (Armstrong & Kotler, 2011). It is done with the goal to improve strategic decisions by providing an understanding of the consumer environment, assessing and tracking the actions of their competitors and providing early warnings of threats and opportunities (Armstrong & Kotler, 2011). Kudler Fine Foods can use competitive intelligence to their advantage by observing their customers and seeing their comfort level within the store. They also need to talk to employees and gather feedback from them about customer reactions, requests, and comments. This will help them to gain insight into how the consumers feel about the store and the products offered and in what areas they can improve or provide more product or service. Another way that competitive intelligence can help Kudler Fine Foods is by providing feedback on their competitors located within the same markets as they are. Knowing what is offered by their competition and how the customer feels about them will help them understand what it is that they need to do to attract customer’s attention but more importantly to retain the customer’s business. Marketing research plays such an important part in the success of every business. It is how Kudler Fine Foods will know what products will sell and what will not and which markets they will be able to penetrate and be successful in. It will take their marketing plan and help them find successful ideas and avoid ones that may not be profitable. By paying close attention to this, they will continue to grow, expand, and make a profit. References Administration Survey Results. (2013). Retrieved from https://ecampus.phoenix.edu/secure/aapd/cist/vop/Business/Kudler2/intranet/survey- results.asp Armstrong, G. & Kotler, P. (2011). Marketing: An Introduction (10th ed.). Upper Saddle River, NJ: Prentice Hall. Perreault, W.D. Jr., Cannon, J.P., & McCarthy, E.J. (2011). Basic Marketing: A Marketing Strategy Planning Approach (18th ed.) New York, NY: McGraw-Hill Irwin. Sales and Marketing: Marketing Overview. (2013). Retrieved from https://ecampus.phoenix.edu/secure/aapd/cist/vop/Business/Kudler2/intranet/marketing- overview.asp.