MKT 421 Week 3 Individual Assignment - Marketing Research

MKT 421 Week 3 Individual Assignment - Marketing Research -...

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Marketing Research 1 Running head: MARKETING RESEARCH Marketing Research University of Phoenix MKT/421 - Marketing
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Marketing Research 2 Marketing Research: Kudler Fine Foods Kathy Kudler, passionate about gourmet cooking, founded Kudler Fine Foods in 1998. Since 1998, Kudler has grown and boasts three locations in La Jolla, Del Mar, and Encinitas. The Kudler locations offer their customers imported and domestic products from the bakery, meat & seafood, produce, cheese & dairy, and wine departments. Experiencing a significant growth, Kudler is focused upon expanding service offered, operations efficiency, and increasing consumer purchasing. Kudler Fine Food’s mission is to “provide their customers with the finest selected foodstuff, wines, and related needs in an unparalleled consumer environment” (Kudler Fine Foods, 2008, ¶2). In order to reach their goals, Kudler must recognize the marketing strategies and tactics needed to promote the company’s new services. We will examine the marketing strategies and tactics, additional areas of needed marketing research, and identify the importance of competitive intelligence. Importance of Marketing Research Marketing research in the development of Kudler Fine Food’s marketing strategy and tactics is very important when creating a business plan for new products and services. Marketing research is the gathering of information on customers, competitors, and the product market. The information gathered is invaluable to Kudler in that it will identify the company’s overall target market characteristics like age, location, gender, and income level. Once a company decides to develop or launch a new product or service it is essential that they conduct a thorough and focused marketing research. If this is done any decisions that are based upon the marketing research plan will minimize the risks involved as well as pay dividends. As the business continues to thrive with the new product it is essential for the company to conduct follow up marketing research on their product throughout the lifecycle of the product it will assist the
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Marketing Research 3 company if better communication with customers, minimize the company’s risk, identify opportunities, and create a standard to measure progress of the service. When a business conducts a thorough market research for the duration of the service, the
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MKT 421 Week 3 Individual Assignment - Marketing Research -...

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