Due to its recent growth, the gourmet grocery store of Kudler Fine Foods needs to expand the services it offers, improve operating efficacy, and increase its purchase cycle. Marketing research in developing Kudler’s marketing strategy and tactics is essential to their success. Opportunities for growth in marketing research (and other issues affecting such research at Kudler Fine Foods, include advertising methods) consumer buying behaviors and demographics, funding, branding strategies and competition aspects. Knowing Kudler’s competition and the market environment is essential to their marketing plan and methods of ...view middle of the document...
Reducing operating costs while increasing revenue is an issue that will need to be resolved so that Kudler can perform effective market research. In order to grow, the company must be aggressive in using its funds to reach a larger target market.
Another issue important to marketing research is gaining a better understanding consumer buying behaviors. Kudler executives may have a certain perception about the their customers, but research data could prove different. Kudler’s ability to develop and implement an integrated system of tracking customer purchases and preferences, using customer relationship management (CRM) software, will help the company personalize loyalty programs, marketing campaigns, which will result in a loyal customer base.
Starting out as a small store, Kudler has experienced rapid growth. Their growth will be slowed if adequate advertising is not utilized. New customers should be obtained to continue growth. Social networking and word-of-mouth are excellent growth strategies, however, other avenues, such as television, radio, internet, and print advertisements should be explored to reach a larger customer base.
Research into Kudler’s customer base is needed. What is Kudler’s target market and what are they concerned about? Do they value pricing over quality? And can both be achieved? What demographic groups do Kudler’s customers belong? What products and services do the customers want? How do Kudler customers interact? Kudler’s existing stores are currently located in upscale neighborhoods and shopping centers, implying well-compensated customers that are accustomed to indulgence.
Market research will be needed in the control, monitoring, feedback and evaluation of the Kudler brand and its products as well. Researching opportunities for consumers to think of
Kudler first in gourmet and fine foods will be needed in order for the marketing strategy to be successful. Kudler’s products must be considered more distinct in the eyes of the public. Considering the right price, placement and promotions for the gourmet grocery store is essential for gaining an advantage over its competition.
The fine foods and gourmet grocery store market has intense competition. Competitors range from other fine foods stores, such as Corti Brothers, to organic grocery stores, such as Whole Foods, to regular chain grocery stores, such as Winn-Dixie, Publix, and Sweetbay. Each company deals in the grocery store industry, but target slightly different markets.
General grocery stores offer typical grocery products but are...