Marketing Assignment
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Running head: MARKETING ASSIGNMENT
Marketing Assignment
Lynette Jones
University of Phoenix
MBA 502
Facilitator: Dave Warren
Marketing Assignment
In 1998 Kathy Kudler came up with an innovative marketing idea for her community, she created Kudler Fine Foods. Kathy created this one stop gourmet shop to alleviate the frustration of her fellow gourmet cooks who like her were tired of going from place to place to find special ingredients. The marketing approach she took was to do more than offer these ingredients to her future customers; she marketed herself as offering the freshest and finest ingredients available. Kathy also aimed to appeal to her customers with an environment that could network, exchange ideas and learn from each other.
Kudler Fine Foods is now interested in further expanding the services they offer. In addition to the organic produce, fine ingredients and in store parties they would like to add catering. This paper will address the opportunities that they have in their marketing mix (product, price, promotion and place) for its new catering company. The paper will also discuss and assess the relative value of the two types of marketing research, explain components of the new marketing mix of Kudlers new catering service and explain how Kudler should determine the products they want to offer. Kudler will have to take steps such as determining pricing, how they will place catering and promote in addition to evaluating how the target market affects its use of technology. Kudler will have decide if adding a catering service will be mesh with itĂ²Ăââ˘s decision to use local organic produce growers and they will have to determine if this will add to their success or hinder it.
The Relative Value of Market Research
Marketing is described as an organizational function and a set of processes for creating, communicating, and delivering, value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. ( Berkowitz, Hartley & Kerin, 2006)
One must truly understand the relative value of market research. Market research is the process of defining a specific marketing problem and identifying opportunities them collecting and analyzing information to enable an organization to make recommendations. ( Berkowitz, Hartley & Kerin, 2006)
Marketing research seeks to do to two things. The first is to reduce risk and uncertainty and the second objective is to improve decisions made by marketing managers. (Berkowitz, Hartley & Kerin, 2006) .KFF will have to do a few things in their process of research. It is important that they evaluate the opportunities in their market for catering. Are there other gourmet caterers and if there are what can Kudler do to stand out above them? Kathy Kudler may also determine who would benefit from the service, small parties, major business, event catering or something different. In her research she may want to identify if this is something her target market would be interested in by doing surveys at the networking events. Kathy needs to consult with her marketing team to ensure that they are clearly defining the problem and developing and effective research plan. Upon the results she can determine what actions are best for the company.
Marketing Mix Components
There are four components in the marketing mix. The four components that KFF will have to address are product, price, promotion and place. These components are designed to address the needs of the consumer. Kudler has an advantage with these because these are considered their controllable factors. Their marketing department can control these elements. It is important however that the marketing team meets the overall goals of the company. KudlerĂ²Ăââ˘s goals are to create customer loyalty as well as offering them everything they need in gourmet services. Kathy has to use her marketing expertise to determine how the marketing mix will not only benefit the consumer, but be profitable for KFF as well.
Product Offering
Kathy has to decide exactly what products she will be offering. Will she have a set menu or will clients of her catering company be able to customize requests based on what is available in her store. Will she hold the same standards of qualities with her catering service in regards to the fresh organic produce or will the cost not allow her to do that? Kathy implemented the frequent purchaser program which she used as an effective tool to monitor purchasing patterns, how will she implement a plan to determine what catering services she should provide.
Cost will probably be a huge determining factor in what she will and will not offer. However in determining whatĂ²Ăââ˘s best for KFF she has to keep in mind that she stated her company was dedicated to delivering quality products. Her ingredients she uses will have to be just as fresh as the ones she sells. Kathy will have to research popular catered gourmet dishes to determine what may be successful. She will also have to decide how extensive she wants her product offering to be. Kathy will need to determine what size jobs she can accept before introducing the service to the community. Starting a catering service will require hiring more employees, and specialized individuals to deliver the final product. Will the company decide to start off small and expand as the need for business expands or will Kathy jump right in assuming the catering division of her company will be just as successful as the retail division?
Pricing
In regards to pricing once Kathy has decided what products to provide she will have to determine what the costs of the catered items should be. The standard has not been primarily cost for her, but quality. How will she implement a catering company that may have to be more expensive than standard due to costs that can not be avoided? She will also have to implement prices that will absorb the fees for quality chefs to prepare and deliver food to the requested