Mkt/421 Week 3 Individual Assignment- Marketing Research Analysis: Kudler Fine Foods
MKT/421
Marketing Research Analysis: Kudler Fine Foods
Name
Date
Instructor
Marketing Research Analysis: Kudler Fine Foods
Passionate about gourmet food and cooking, Kathy Kudler founded Kudler Fine Foods in 1998. Since then, Kathy’s store has successfully expanded into three locations in Del Mar, La Jolla, and Encinitas. Kudler Fine foods offer gourmet quality imported and domestic food products including bakery items, meat and sea food, produce, cheese and diary, and wine. The Kudler Fine Food operation is experiencing great success and opportunities for further growth are abound. Kathy is currently focusing on expanding her organization, and is seeking a suitable spot for her next shop. The Kudler Fine Foods mission statement is to “provide their customers with the finest selected foodstuff, wines, and related needs in an unparalleled consumer environment (University of Phoenix, 2008).” Marketing research will aid Kathy in developing marketing tactics that will help grow her organization.
Importance of Marketing Research
Entrepreneurs like Kathy “need information in order to produce products and services that create value in the mind of the customer (Internet Center for Management and Business Administration, 2010).” Marketing research links the marketer, the competition, and the consumer by means of gathering information. Previous to expansion, it is important that Kudler Fine Foods performs marketing research in order to acquire information regarding the competition and target market characteristics. When performed successfully, marketing research will minimize risk potential.
The formal process of marketing research is conducted in five steps. The steps are: define the problem, analyze the situation, acquire problem specific data, interpret the data, and solve the problem. Kudler Fine Foods may appear to have no specific “problem” per se, but the five steps can be applied in a general sense. The company does wish to expand into new
Marketing Research Analysis: Kudler Fine Foods
Name
Date
Instructor
Marketing Research Analysis: Kudler Fine Foods
Passionate about gourmet food and cooking, Kathy Kudler founded Kudler Fine Foods in 1998. Since then, Kathy’s store has successfully expanded into three locations in Del Mar, La Jolla, and Encinitas. Kudler Fine foods offer gourmet quality imported and domestic food products including bakery items, meat and sea food, produce, cheese and diary, and wine. The Kudler Fine Food operation is experiencing great success and opportunities for further growth are abound. Kathy is currently focusing on expanding her organization, and is seeking a suitable spot for her next shop. The Kudler Fine Foods mission statement is to “provide their customers with the finest selected foodstuff, wines, and related needs in an unparalleled consumer environment (University of Phoenix, 2008).” Marketing research will aid Kathy in developing marketing tactics that will help grow her organization.
Importance of Marketing Research
Entrepreneurs like Kathy “need information in order to produce products and services that create value in the mind of the customer (Internet Center for Management and Business Administration, 2010).” Marketing research links the marketer, the competition, and the consumer by means of gathering information. Previous to expansion, it is important that Kudler Fine Foods performs marketing research in order to acquire information regarding the competition and target market characteristics. When performed successfully, marketing research will minimize risk potential.
The formal process of marketing research is conducted in five steps. The steps are: define the problem, analyze the situation, acquire problem specific data, interpret the data, and solve the problem. Kudler Fine Foods may appear to have no specific “problem” per se, but the five steps can be applied in a general sense. The company does wish to expand into new
References: Internet Center for Management and Business Administration. (2010). Marketing Research. Retrieved May 10th, 2010, from QuickMBA: http://www.quickmba.com/marketing/research/ Kotler, P. & Keller, K. L. (2012). Marketing management (14th ed.).Upper Saddle River, NJ: Prentice Hall. Perreault, W. D. Jr., Cannon, J. P., & McCarthy, E. J. (2011).Basic marketing: A marketing strategy planning approach (18th ed.). New York, NY: McGraw-Hill Irwin. University of Phoenix. (2013). Kudler Fine Foods Marketing Simulation. Retrieved March 10th, 2013, from University of Phoenix ECampus: https://ecampus.phoenix.edu/secure/aapd/cist/vop/index.html