Marketing Research

Essay by sleliaA-, June 2007

download word file, 5 pages 3.7

Grow business…improve operational efficiencies…increase customer loyalty… These are just a few strategic initiatives companies may align with their operations. Initiatives of this nature require a great deal of thought, defining, planning, analysis, and a myriad of additional processes to be successful. Collectively, these processes are considered marketing research. By definition, marketing research is as follows:The process of gathering, analyzing and interpreting information about a market, about a product or service to be offered for sale in that market, and about the past, present and potential customers for the product or service; research into the characteristics, spending habits, location and needs of your business's target market, the industry as a whole, and the particular competitors you face. (, Inc., n.d.)Kudler Fine Foods (Kudler) is an example of a company that has aligned strategic initiatives with changes requiring marketing research. Kudler is a gourmet grocery store that has experienced significant growth and is now focusing efforts on expanding its services, improving operational efficiencies, and increasing the consumer purchase cycle.

The following assessment will justify the importance of marketing research in the development of Kudler's marketing strategy and tactics, identify areas where additional market research is needed, and analyze the importance of competitive intelligence and analysis in regards to the development of Kudler's marketing strategy and tactics.

Kudler Fine Foods' Marketing Strategy and TacticsA marketing strategy is critical to the success of new products or service initiatives. A marketing strategy is "a set of specific ideas and actions that outline and guide decisions on the best or chosen way to create, distribute, promote, and price a product or service (manage the marketing mix variables)" (Dolak, n.d.). Kudler's plans and budget focus primarily on "new initiatives, marketing communications, and marketing research" (Apollo Group, Inc., n.d.). The new initiatives Kudler is proposing, the...