Mkt 421 Week 3 Kudler Paper

market placeing interrogation Kudler Fine Foods Susan Karr MKT 421 October 1, 2012 Ricci Rizzo merchandise Research Kudler Fine Foods In order to succeed, it is fundamental that businesses satisfy consumers needs (and desires) for goods and services. trance marketplace interrogation provides the selective nurture necessary to understand those needs and act to them effectively and profitably. Kudler Fine Foods (KFF) has performed market search in the past. Some of that research has been helpful some has not. Additional market research is needed for KFF to moot a larger share of the market and increase profitability.Kudler Fine Foods is a gourmet grocery store. KFF sells meat, produce, cheese, and wine. They excessively provide catering services. KFF has trained deuce market segments, high-income consumers and gourmands (gourmet solid food enthusiasts) (Kudler Fine Foods, 2011, Sales Plan 2007 webpage). These markets were selected establish on the strengths possessor Kath y Kudler brings to her organization. Gourmet food is Kathys passion. KFF has used historical data, node surveys, and feedback from its gross sales force to discover what its localize market wants.Observing patterns in historical data and extending those patterns to predict the upcoming, or trend extrapolation, is the best-known statistical method for predicting future sales (Kerin, Hartley, & Rudelius, 2011, p. 215). Salesforce survey forecasts, much(prenominal) as the feedback from managers at the operations review meetings on the sample offerings Kathy is con military positionring, are another logical procession to discovering what the target customer wants (Kerin, Hartley, & Rudelius, 2011, p. 215). KFFs customer surveys are an surplus tool used to fine-tune what their customers (new and existing) really want.The company has begun to track customer purchase behavior to forecast which products and services are most liable(predicate) to be in demand and when specific ally (year-round, seasonally, holidays, etc. ). KFF is considering addressing changes in consumer expectations in the changing e-commerce arena (KFF currently has an informational website that consumers ordure visit). KFF believes quality and specialty items, in particular new unmatchables, are most important to its customers. Kudler Fine Foods has no purpose competition with other gourmet grocery stores in their current locations.Kathy chose the locations for this drive and for their accessibility to KFFs target high income consumers. KFF has been emphasizing direct chain mail promotions to high income zip codes, word-of-mouth advertising via satisfied customers, and personal sales promotions both in-store and at various community events. Although Kudler Fine Foods has chosen two very specific markets to target, a more thorough understanding of those target markets is needed to deliver what they want. One of KFFs target markets is gourmands.KFFs research focus in this area ha s been primarily on the supply side Kathy monitors what products the competition is offering, what products are advertised in gourmet magazines, and what products are shown at gourmet conventions and websites. To discover what gourmands want, KFF also needs to research the demand side. dig online blogs and gourmet food forums are two ways KFF rouse increase its understanding of what gourmands want. Customer surveys, such as the ones KFF currently uses in-store, deposeister also be revised and used both in-store and on-line. Specific areas to be researched include * What products do they want? A changing selection of items or traditional items? * The newest items available or a more specific selection, such as local artisan wines and cheeses? * When do they want it? * Are in that respect different times when certain items are desired more or less? * What do they want over the holiday season? Or during the summer versus the winter? * Where / how do they want it delivered? * Do t hey want to graze for it and prepare it themselves? If so, do they want to be able to shop on-line? * Do they want to attend classes to learn how to use the products? * Are they arouse in on-line tutorials? * How much do they want the product to address? Note Based on answers to KFFs 2011 Customer Survey, price is one area where supernumerary research is vital. More than 50% of respondents did not disembodied spirit the merchandise was a good value for the money (Kudler Fine Foods, 2011, 2011 Market Survey webpage). * What do they expect to abide? * What are they willing to pay? (Rizzo, 2012). Additional research is needed to more effectively reach KFFs other target market, high income consumers. Currently KFF segments this market geographically based on zip code areas determined by various factors to be higher-income areas (based on real estate prices, for example).Although somewhat targeted, this promotional method uses the shotgun approach direct mail is blasted over an ar ea in hopes of reaching the target (Response Targeted Marketing, 2010). Past sales data (information on customers who fatigued over a certain amount or purchased large quantities) can be mined to determine where they live and how much they make. This demographic information can then be used to procure or take lists of similar people. Using direct mail promotions, the target market can be contacted more effectively. It is important that KFF take measures to track the results of marketing campaigns.For example, if a direct mail postcard with a promotional offer is send out, tracking sales generated from that offer will tell KFF if they are reaching their target or wasting their time and need to re-aim. This also inwardness asking customers directly how they found out about KFF or what brought them into the store. Again, modify the current Customer Survey is a simple way to happen upon this. Kudler Fine Foods can improve its marketing strategy by counsel on three competitive in telligence priorities 1. Understanding the consumer environment 2. Assessing and tracking competitors actions 3.Providing early process of monitions of opportunities and threats Several of the recommendations for increasing understanding of the target market will also help KFF understand the consumer environment better. change magnitude utilization of internet technology, such as implementing on-line surveys and monitoring gourmet consumer blogs and forums, is simple and cost-effective. Continuing to monitor competitors as Kathy has in the past is also important. To prioritize this, KFFs department heads and managers can contribute to intelligence gathering, nonrecreational particular attention to competition, customers, and trends relevant to their areas of expertise.Most of this information can be self-contained during customer and employee interactions some will require research via internet, magazine, and the gourmet food community, even visiting competitors stores. Communic ation is vital to provide KFF with early warning of threats and opportunities. Kathy visits the stores personally Discussing consumers and competitors, not just products and services, with employees and managers during these visits will ensure opportunities, as easily as threats, are revealed in a timely manner.Kudler Fine Foods has begun to mount a foundation for successfully marketing its products and services. It is important that KFF perform additional research in some areas and continue to modify and improve on its marketing strategy. By updating it Customer Survey, capitalizing on information freely available on the internet and taking advantage of information previously gathered, KFF can reach a larger share of the gourmet foods sell market and increase profitability. References Kerin, R. , Hartley, S. & Rudelius, W. (2011). Marketing (10th ed. ). New York, NY McGraw-Hill.Kudler Fine Foods (2011). Retrieved from https//ecampus. phoenix. edu/ good/aapd/cist/vop/Business /Kudler2/intranet/sales-plan. asp Response Targeted Marketing (2010). Shotgun Marketing Versus Targeted Marketing 8 Steps To Focus Your Energies And Get More Sales For little Investment. Retrieved from http//www. responsetargetedmarketing. com/2010/02/05/shotgun-marketing-versus-targeted-marketing-8-steps-to-focus-your-energies-and-get-more-sales-for-less-investment/ Rizzo, R. (2012). Marketing Process. Retrieved from http//www. screencast. com/t/R65nHl3j8ARl