Marketing Research: Kudler Fine FoodsKudler Fine Foods has continual growth and is now on the brink of making considerable in-house changes to augment revenue and consumer happiness. Kudler Fine Foods is a gourmet grocery retailer and current market surveys have revealed they have been persistant at exceeding customer's satisfaction in every area except one: the cost of merchandise. By exploring ways to decrease costs Kudler Fine Foods will enhance customer satisfaction.
The Importance of Marketing ResearchMarket research plays is imperative in the function of every facet of an organization's strategy to expand and diversify. Since Kudler Fine Foods is increasing services then the organization needs to be familiar with their competitors. Market research will assist Kudler Fine Foods management in determining there position in relation to the organizations competitors. Research will also help identify Kudler's market share. Using this information, Kudler Fine Foods will be able to recognize where it is stronger than its competitors are and then build upon its strength to enhance its lead over their rivals.
Similarly, market research can help it discover their potentially weak areas and formulate ways to surmount them, thus gaining on any rivals who do extremely well in such areas.
Three main areas that a person should keep in mind are:1) First, when doing research "it is to play a critical role in developing strategy; research helps you make budget and strategy decisions." (Crouch, 2004)2) Secondly, if there is inaccuracy in planning then "you need to go back and understand why and what happened, the research [is] your fallback point and baseline." (Crouch, 2004)3) "Finally, budgets, plans and strategies need to be defended. At an executive level, research helps build business plans to get financing, sell a board of directors on a program or make the crucial multi-million dollar decision...