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...