Kathy Kudler is the owner of Kudler Fine Foods, which is a gourmet grocery store that has experienced significant growth and constantly focuses on expanding its services, improving the efficiency of its operations, and increasing the consumer purchase cycle. This paper will justify the importance of marketing research in the development of Kudler Fine Food's marketing strategy and tactics, and identify the areas where Kudler requires additional market research. It will also analyze the importance of competitive intelligence and analysis in regards to the development of Kudler Fine Foods marketing strategy and tactics.
The Importance of Market Research
"Marketing research is the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions" (Kerin, et. al., 2006, p. 205). According to the Clearlybusiness website, "You can have the best product in the world but, without extensive information on your customers and their behavior, your chances of succeeding will be slim.
This is why knowledge of the market in which your products or services sold is so crucial. And one of the best ways to gather that information is through rigorous market research" (2004).
Market research plays an important role in every aspect of an organization's strategy of expansion and diversification. Since Kudler Fine Foods is expanding its services then it needs to know about its competitors. Market research helps in determining its position next to its competitors. Market research will help identify Kudler's market share. Kudler Fine Foods will be able to identify the areas where it is stronger than its competitors and then work on its strengths to tackle a strategy against its rivals. Similarly, the five steps of marketing research outlined below can help identify its potentially weak areas and devise ways to overcome its rivals.
Additional Market Research
"Kudler Fine Foods...