Running head: KUDLER'S MARKETING PLAN
Kudler's Marketing Plan Kathy Kudler had an idea and transformed that idea into what is known today as Kudler Fine Foods. Starting up a business can be a difficult task and so can future growth of that same business. As of present, Kathy has again had an idea and started the transition to implement catering services. In an effort to make this business venture successful, Kathy has to consider several marketing strategies that not only benefits the company in the immediate but also creates future growth and stability of revenue in the long term. Three Pieces of Market Research Kudler Fine Foods (KFF) marketing strategy will require the ...view middle of the document...
The outcome of the survey relates back to their customers’ needs, wants, and satisfaction from a gourmet specialty store (University of Phoenix, 2010). Marketing Mix for New Catering Services The marketing mix consists of variables used as a framework in structuring what type of approach Kudler needs. Such variables include product, price, promotion, and place. For Kudler, once a market has been targeted the steps should be taken to satisfy the needs of customers. The marketing department manager “must take action and develop a complete marketing program to reach consumers by using a combination of four tools” (p. 14). The following table lists the tactics of KFF and their marketing mix variables. Four P’s Product Price Promotion Place Marketing Attributes Goods, services, and ideas that satisfy consumer’s needs. What is exchanged for the product. A means of communication between the seller and buyer. Placing the product into the hands of consumers. KFF Marketing Mix Tactics The frequent purchase program gives Kudler valuable data on consumer purchase patterns. Survey results of the frequent purchaser and cooking classes are self-funding using a costeffective pricing strategy by adding value. KFF uses direct mail promotional literature that entails information on products and services. Focus on the sales department for bonuses based on new customer programs. Plans include 100% revenue for cooking classes.
(Kerin, Hartly, Berkowitz, & Rudelius, 2006) Determining Products Kudler should use marketing research to determine what products and services to promote to current clientele. The figure below identifies the five-step approach to marketing research. Kudler has already identified the problem; the next step is to develop a research plan. Kudler needs to identify if there are any constraints (e.g. money or people availability) that
KUDLER'S MARKETING PLAN
hinder the final implementation of the product. The research plan must also include what data requirements and collection methods to employ to determine the best process to implement catering and in-service parties. Kudler needs to focus on collecting information from customer’s concerning in-service parties. After collecting data an analysis is necessary to determine if chosen ideas are feasible and profitable. Finally, Kudler needs to take action to implement new ideas if needed.
Step 5: Take Marketing Actions
Step 1: Define the Problem
Step 4: Develop Findings
Step 2: Develop the Research Plan
Step 3: Collect Relevant Data
Determining Pricing Kudler should implement a pricing strategy to determine the best price for their products. First, Kudler must determine current costs of catering to determine what price to charge customer for services. Next, determine price sensitivity. Returning customers decrease price sensitivity. Kudler can use competition to define boundaries and invent new opportunities. Last, know the life cycle of products; proactively price...