Marketing Research Essay

1219 words - 5 pages

Abstract
Marketing research is vital to the success of any company’s marketing strategy. Marketing research provides a company with an insight into any changes that need to be made to its marketing strategy. Kudler Foods is a company founded on the idea of meeting the needs of the customer. The company has proven successful. In order for this success to continue, Kudler Foods needs to perform further marketing research into the competitive aspect of the business. Today’s business world is full of competition. Marketing research will enable the company to maintain its continued success while also staying competitive in the industry. A successful company is based on a successful marketing ...view middle of the document...

A company can also measure the effectiveness of pricing, product, distribution, and promotion aspects. Kudler Foods needs to use marketing research to develop a marketing strategy that is tailored to suit the needs of the company as well as the customers.
Marketing research involves four steps. The first step is to define the problem and research the objectives. The second step is to develop a research plan. The next step is to implement the research plan, and the final step is to interpret and report the findings of the research. These four steps are vital to marketing research. Kudler Foods needs to base its marketing research on these four basic steps.
The company is planning on opening more stores. The location of these stores is vital to the success of the stores. This also depends on the competition in the area. Marketing research will enable the company to choose locations that will best suit the needs of the company and the customers. The research will also enable the company to evaluate the competition and implement changes to the marketing strategy to stay competitive in the industry.
Competitive Intelligence
Kudler Foods is a small company. Therefore, funds are limited. The marketing research should be based on secondary data as it is less costly. Secondary sources can sometimes provide data an individual company cannot collect on its own—information that either is not directly available or would be too expensive to collect (Armstrong & Kotler, 2009). The company can buy secondary data reports from outside suppliers or use the Internet to find the information on the competition. It is extremely important for a company to know what its competitors are offering on the same products. This enables the company to alter prices and products to stay competitive in the industry. If a company chooses not to gain information about the competition, the company could lose business due to lack of knowledge. It is always better to have the knowledge rather than being left in the dark.
Analysis of Changes
With the creation of the Internet, companies now have access to a variety of information with just a click of the mouse. The Internet is also used to gather information with the use of surveys and online experiments. Two-thirds of all Americans now have access to the Web, making it a fertile channel for reaching a broad cross section of consumers (Armstrong & Kotler, 2009). Kudler Foods can benefit greatly by implementing the use of the internet through online research, surveys, and online experiments. Online research costs less than research done through phone, mail, or in person. Internet surveys typically cost 15 to 20 percent less than mail surveys and 30 percent less than phone surveys (Armstrong & Kotler, 2009). Implementing the use of the internet for marketing research will save the company money while also allowing...

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