Marketing Objectives of Kudler Fine Foods - Essay Example

? Marketing Research Paper Table of Contents Kudler Fine Foods: Current situation and status 3 Recommended solutions with reasons 4 Focus areas of additional market research 5 Importance of competitive intelligence and analysis of marketing strategy developments and tactics 5 References 7 Kudler Fine Foods: Current situation and status Kudler Fine Foods is named after its owner Kathy Kudler who had a passion for foods and also had the willingness and desire to serve gourmet food to her customers. The company is based out of South California in the metropolitan area of San Diego. The initiative of starting the company was taken by its owner when she found during shopping there is a demand for fresh ingredients among the buyers in the market. Kudler Fine Foods keep ingredients afresh in their stores and provides the buyers with fresh ingredients to their satisfaction at competitive affordable prices. Affordability and convenience to meet customer demands lie in the core mission of Kudler Fine Foods. The retail space of the shop of Kudler Fine Foods is quite spacious and stores fresh ingredients of domestic and imported food items. The company is thinking of new initiative to add to serving their customers needs in a far better way. Kudler Fine Foods is planning to undertake a catering service to meet the demands of their customers. Kudler Fine Foods after achieving significant growth in their gourmet grocery food section are planning to increase the cycle of purchasing activity, improve their operating efficiency and expand its services to more number of customers. Thus Kudler Fine Foods has been providing its customers with fresh and finest bakery products, meat, and cheese, dairy and also finest imported wines. The company wants to further target high-income customers who are not concerned about price but needs quality and uniqueness in the food products. As an initiative to this objective, Kudler Fine Foods has opened a website which offers a list of grocery and food items available and also provides with the opportunity of e-commerce (Kudler Fine Foods, 2013). Recommended solutions with reasons Kudler Fine Foods after achieving considerable growth is focusing in expanding its services and at the same time increase its revenues with lower costs. There are several ways which can be recommended to fulfill the company’s objectives. The cost differentiation is not the only factor that draws customers to Kudler Fine Foods. On the other hand, their customers are more interested in receiving unique food product with freshness and also uniqueness in the service of the shop. Thus, it is recommended that that Kudler Fine Foods should focus at expanding their catering services to add to the convenience of their customers. As per marketing theory, the recommendations to Kudler Fine Foods can be broadly classified under adopting strategies for cost leadership, differentiation and focus strategies. By cost leadership, Kudler Fine Foods will be able to produce food products which are cheapest in the industry. For this Kudler Fine Foods would have to develop alliances with companies that support their inventory management by transaction through computers. By adopting differentiation strategy, Kudler Fine Foods would be able to move ahead of its competitors by providing quality fresh foods and beverages to its customers. For this Kudler Fine Foods would have focus of proper maintenance of its storage and management of its inventory. Focus strategy can also be recommended for Kudler Fine Foods to identify their market segments or customers who can be targeted. Kudler Fine Foods can offer reward programs in order to draw the target customers and maintain their data in a database. Thus by studying the customer behavior pattern and bridging the gaps between the supply and demand, Kudler Fine Foods can plan for growth through alliance, innovation, internal efficiency and customer orientation. The other recommendations include holding cooking demonstration in their retail space, hiring a business manager for specialized focus on the storage and catering of their quality food products. Focus areas of additional market research Kudler Fine Foods has achieved sustainable market growth and popularity over the years. Following this is a need for additional market research on focus areas that would help the company to expand its services. The market research would be conducted on the data available for its customers, competitors and the market. The focus areas of additional market research with respect to Kudler Fine Foods would involve analysis of profitability of launching new products, launching new services, targeting new market segment, diversification of business, analysis and forecast future market trends and thereby make necessary adjustments of the risk and investments. Additional market research on these focus areas would enable Kudler Fine Foods to identify potential customers, potential products, identify future trends and anticipate the moves of their competitors in the market. Thus additional market research would help Kudler Fine Foods to strategically plan for growth in the future and sustain their market share growth and profit in the long run (Kolb, 2008). Importance of competitive intelligence and analysis of marketing strategy developments and tactics Kudler Fine Foods have attained growth, profits and popularity need to keep them updated about information on their competitors, their moves and the market response to their competitors. All these information about their competitors can be gathered and analyzed by Kudler Fine Foods by resorting to competitive intelligence (West, 2001). Competitive intelligence of Kudler Fine Foods would include information on markets, technologies and the government’s policies that would affect the operation of Kudler Fine Foods. Competitive intelligence along with an analysis of the current developments of the marketing strategy of Kudler Fine Foods would help the company in many ways to better understand its current strategic position in the market with respect to its competitors, the modification and strategic changes that need to be made in order to survive and come up to leadership positions in the industry and also in preparing a long-term plan of sustaining growth of its market share, revenues and operating profits. The information on competitive intelligence can be accessed by Kudler Fine Foods by use of advanced information technology software which provides an analysis of their internal performance measure and also a comparative measure of its position in the industry. With the help of analysis on its marketing strategy developments and competitive intelligence, Kudler Fine Foods would able to retain its popularity and goodwill in the food industry (Rogers, 2001). References Kolb, B. (2008). Marketing Research: A Practical Approach. Great Britain: SAGE. Kudler Fine Foods. (2013). Welcome to Kudler Fine Foods. Retrieved from: http://kudlerfinefoods.info/. Rogers, S. C. (2001). Marketing Strategies, Tactics, and Techniques: A Handbook for Practitioners. USA: Greenwood Publishing Group. West, C. (2001). Competitive Intelligence. Great Britain: Palgrave Macmillan. Read More