Mkt421 Week 3 Assignment Essay

Submitted By sherellworthy
Words: 1163
Pages: 5

Kudler Fine Foods Virtual Organization Marketing research is imperative for any firm to be successful in the industry in which they operate. Detailed analysis of the industry and market that a company competes in can provide the business with useful information that can help direct the company in the proper direction by fine-tuning some of the company decisions for implementing a successful marketing plan (Perreault, Cannon, & McCarthy, 2011). Developing a marketing plan will involve the market researchers and management improving or implementing a marketing mix for their customers and targeting a segment of the industry and market that want to capture. Kudler Fine Foods is an excellent example of a company that should focus on improving their company’s customer base and expanding customer awareness about the company. Marketing research is vital in this company’s success and longevity in the food industry that they compete in. With such a wide variety of chooses that the customers in the food industry have to choice from, this upscale specialty food store will need the information for marketing research to help determine the next steps that this business should take. Marketing research can also help decide what edge the firm needs to take to remain competitive in their market. This discussion will identify the areas where additional marketing research is needed for Kudler Fine Foods, analyze the importance of competitive intelligence as well as analyze information regarding the development of Kudler Fine Foods’ marketing strategy and tactics.
Additional Market Research

Kudler Fine Foods has an excellent business concept to provide organic and non-organic foods as well as wine, meats, and cheese to the customers. The company’s website stands out and has compliments the idea and feel of the upscale business the firm is trying to promote. However, additional marketing research could be implemented to select a submarket for the firm’s products and obtain a deeper analysis of customer needs. Kudler Fine Foods should do further market research to identify a submarket for the products that they offer. The information provided shows that they offer many of the same things that a regular supermarket has to offer. Though the products the company offers are great for diversity, they should still offer all their current product listings, but focus on specializing in one category to make their company stand out. For instance, Kudler Fine Foods could provide their customers with the current products they offer but emphasize in their marketing strategy that they offer every type of wine for all places in the world. They can focus on ensuring they can get any wine that their customers may want, even products often known to be hard to acquire. By doing this, they can move from the typical grocery store in the local area to a upscale firm that can provide its customers with delectable that other competitors lack product in. The company can also do additional market research to asset what their customers are in need of. Customers make the market and their point of view on products and services can help direct the business in implementing or refining their market strategy and tactics. Kudler Fine Foods would not want to offer a special emphasis on wine if the customer base does not call for a high-demand in wine. With additional research the business may find the area is lacking the product of a variety of meats and seafood.
Competitive Intelligence and Strategy Tactics
A great way to use competitive intelligence is to evaluate the different kinds of competitive situations that the firm has to encounter. Different kinds of competition will affect a company’s strategy planning in different ways, this evaluation is vital to devising strategies and tactics that will benefit the firm. Competitive intelligence is when a company gathers information and data and analyzes the findings on the competitors and the market to help make sound…