Kudler Fine Foods Market Research
Introduction
Market research is vital for an organization to know what type of products or services will be profitable to introduce to a market. In this paper I will be justifying the importance of marketing research, identifying areas where additional market research is needed, and also analyzing the importance of competitive intelligence by using the Kudler Fine Food’s company as an example. Kudler Fine Foods is a specialty food store that specializes in providing their customers with high quality foods and products. The company is located in San Diego and has three locations. However, the importance of marketing research in developing Kudler Fine Foods is to focus on expanding to more locations in addition to making sure that their condition of functioning is top notch and in order to increase the consumer purchasing cycle.
Market Research
Affordability and convenience have been the secrets to success for Kudler Fine Foods. The company is currently conducting market research in their continued dedication to satisfy their consumer needs to become successful in the market. However, Kudler Fine Foods conducts market research in order to gather information about the market, their competitors, and consumers. The information is gathered through surveys, focus groups, customer feedback, and industry research. The information is organized and variables such as income level, location, and age are identified to determine the target market. Kudler Fine Foods uses research to identify weaknesses, threats, opportunities, and strengths of the organization. The information that is analyzed is used to target new market areas, customers, and develop strategic marketing strategies.
Kudler Fine Foods need to understand the tactics and strategies of competing organizations within the same industry in order to understand the competition; the organization must make observations of the competing stores closest to their locations. When evaluating the competition the observer must classify the competitor as a direct or indirect competitor. Through careful observation of the competition the observer should be able to identify the strengths and weaknesses of the organization. The observer must identify the differences between the competition and Kudler Fine Foods. From there a summary is then created to identify the name of the competitor, advertising, promotional samples, and strategies that were observed. The summary should be accompanied with