University of PhoenixJune 22, 2009MKT/421IntroductionIn 1998 Kathy Kudler is a passionate gourmet chef with the strong ambition to do great things, so she opened her first store, and in 2000 approximately two years later she expanded and opened a second store and in 2003, which was three years later she opened a third store. Kudler Fine Foods main point of focus is expanding in to a grocery store chain unlike no other that provides the finest in gourmet products. The following paper will discuss why marketing strategy and marketing research plays a vital role in the development and the expansion of Kudler Fine Foods, as well as providing a complete analyzation competitive intelligence.
The Importance of Market ResearchKerin(2006) stated," Marketing research is the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions" and according to Clearlybusiness (2004), having the best product is not the best, without having enough information on your customers and their behavior, you will face certain failure.
This is why gaining and maintaining knowledge of the market in you plan to market you products or services in is very important. And one of the best ways to gather that information is through rigorous market research" Clearlybusiness (2004).
Market research is one of the main components of a company's strategy of expansion. Since Kathy Kudler Fine Foods is expanding her stores then she needs to know about her competitors. Market research will help Kathy Kudler in determining her position next to her competitors. Market research will help identify Kudler's market share. Kathy Kudler of Kudler Fine Foods will be able to identify the areas where her stores are stronger than the competitors and then work on improving on the strengths of Kudler Fine Foods to tackle a strategy against the competition.