Marketing markets, target markets and the needs
Marketing Research In the area of marketing and research development it is important to understand what goes into the process. “Companies today recognize that they cannot appeal to all buyers in the marketplace or at least not to all buyers in the same way (Armstrong and Kotler, 2009)”. Every buyer has there own specific needs and buying practices, so it is important to try to reach them all.In this essay Kudler Fine Foods will be discussed, their marketing strategy and tactics, identifying the area where additional market research is needed, analyze the importance of competitive intelligence and analysis in regards to the development of Kudler’s marketing strategy and tactics. Kudler Fine Foods was founded in 1998 by Kathy Kudler (owner), the store carters to local specialty foods.
The first store is located in San Diego metropolitan are and currently have three other locations in La Jolla, Del Mar, and Encinitas (all in California).Kudler’s mission is “Our selections, coupled with our experienced, helpful and knowledgeable staff, merge to offer each customer a delightful and pleasing shopping outing (Kudler Foods, 2011). ” This is part of the mission from Kudler’s which it goes on to say they purchase the finest of products and are selective, so that the customer can receive the finest epicurean delights. The current marketing strategy that Kudler Fine Foods uses is currently through the internet and word of mouth.The website currently has a survey that customers can take about shopping hours, store astrosphere and decor, selection, merchandise and customer service representatives. This is a good way to keep up with the current opinions of what people think of this establishment.
The internet allows the customer to explore the bakery, meat and seafood, produce, cheese and dairy, and wine. Each of these sections gives a brief description of what the store has to offer and the benefits of shopping at Kudler. “Markets consist of buyers, and buyers differ in one or more ways (Armstrong and Kotler, 2009). Kudler Fine Foods has to find out information about markets, target markets and the needs of competitors, market trends, customer satisfaction with the current products that are sold. For example, the survey could be more detailed and maybe if the survey is taken online there could be a reward of 10 percent off the next purchase. There could also be an acentitive to buying from Kudler, such as having a wine punch card, where you could earn so much of your 10th bottle of wine.
These are things that keep a customer coming back. Placing coupons in the paper or on the website would be a great outlet to getting new customers.The importance of competitive intelligence (CI) in a business is to coordinate monitoring of your competitors within the market place. The competitors for example, Whole Foods Market, has a great section of everything the Kudler Fine Foods but they are a much bigger store. They have weekly emails and daily deals which the customer can always keep track of what is going on with the store. Whole Foods Market is more personal with the customers by letting them provide feedback and also giving them health tips and recipes from foods used in there store.
This is way it is important to gain CI as a determining factor of what your business will be doing and you can capitalize on a gain of doing it first. With Kudler Fine Foods being a small company they have to think big, because the financial system, offering, distribution and support systems are the offering are what the larger companies can easily afford. “A SWOT Analysis is an instrument used to asses the Strengths, Weaknesses, Opportunities, and Threats in the process of a project or in a business venture or in any other situation obliging a decision in strategic planning (mirum. et).
” The goal of the competitor analysis is to develop a profile of the nature of strategy changes that the competitor might make and the response range of likely strategic moves other firms could make. Kudler Fine Foods have to develop the strategies and tactics necessary form a more strategic framework. The development of marketing strategies for Kudler Fine Foods is to get more of an up to date system and get out into the community more. Kudler has to focus on the tactics that will sell and the strategy of what the store is offering.Once a solid marketing strategy is developed and the tactics are part of the launch, a comprehensive marketing plan is next.
A good marketing plan should translate the goals which are outlined in the strategy of the plan which will deliver results. For example, the sales tools and positioning documents such as the web site, testimonials, brochures, and sales presentations will be clear, and there will be expected results for each campaign time line with a targeted account of development.Another way to focus on the companies marketing strategies would be the four P’s (Product, Place, Price, and Promotion).
There is an importance of understanding the marketing mix to sell more products as well. Developing an effective and successful marketing mix takes more of an experimentation and following up the process to determine the most effective method of marketing of a product or service for the customers. In conclusion, it can be difficult to develop and provide a quality service without doing at least some basic research about the different marketing resources.There are some companies that believe that research can generate lots of useless data which are rarely read, which can be a misunderstanding. In business there is always going to be a bigger company, one that has more advantages with money, and one that values the products that it sales but not the service it provides; that is why it is important to get a solid marketing plan that will draw in customers. It is important to also keep the goals and vision of the company as well in order to succeed.
ReferencesArmstrong, G. and Kotler, P. (2009). Marketing: An Introduction.
Retrieved October 2011 from University of Phoenix Library. Kudler Fine Foods (2010). Shopping the World for the Finest Foods. Retrieved October 2011 from University of Phoenix Library. mirum. net (2011).
SWOT Analysis – Strengths, Weaknesses, Opportunities, Threats. Retrieved October 16, 2011 from http://competitive-intelligence. mirum. net/competitive-intelligence-methods/swot-analysis-strengths-weaknesses-opportunities-threats. html