Kudler Fine Foods Table of Contents Market Research by Kudler Fine Foods 3 Additional Market Research Requirements 3 Competitive Intelligence Analysis 4 References 5 Market Research by Kudler Fine Foods Kudler Fine Foods is a gourmet grocery shop, which sells the finest bakery products, meat, sea food, wine, cheese and dairy products. The store was opened in the year 1998. Kudler Fine Foods wanted to expand their business, so an extensive market research was carried out by the owner to uncover their strengths and weaknesses. The survey has also helped Kudler to identify many new potential customer groups, and also formulate the marketing strategies to attract the new target group of customers (Kudler Fine Foods, 2012). The main objective of the company is to increase the customer loyalty as well as their profitability.
To achieve their objectives they conducted a survey in the year 2006 and 2007. Using survey as the means Kudler conducted an extensive research on various aspects of the store, which includes the store ambience, staff behavior, product pricing to over all shopping experience. This survey provided some really useful information to Kudler regarding their weakness and strength. It was found that about 30 percent (20 out of 50) customers were dissatisfied with their staff service.
The next year the number increased to about 37 percent (20 out of 55). Had this survey not been conducted, the owner of Kudler Fine Foods would have never realized the reason behind their decreasing sales figures. So the survey proved to be an eye opener to them. Additional Market Research Requirements Kudler Fine Foods is absolutely on right track, but there are other ways of conducting research too.
Kudler can use internet for conducting surveys. This survey can be done through the website of Kudler Fine Foods. It will help them to bring in more business and give them an edge over competitors. The online customer visit would increase, which would further increase the sales. Kudler decided to provide high margin services to its customers, but the customers are also dissatisfied with the pricing structure in the store. Kudler Fine Foods can conduct research on ways to decrease their internal cost such that they are able to reduce their price.
This will draw more customers to the shop. Low price will increase customer base, loyalty and customer satisfaction. Competitive Intelligence Analysis Kudler Fine Foods have to formulate a competitive intelligence plan in order to maintain a significant position in the market. The competitive intelligence will help Kudler to stay ahead of its competitors. The actions involved in it are: analyzing, gathering and applying the information regarding the customers, competitors, products and plan accordingly. The information can be easily availed by looking at the annual reports of the company or through personal survey.
Personal interview method could also be followed to gain knowledge on different marketing plans of the competitors. It is important to know the strategies of the competitors in order to formulate plans for greater market acquisition. Kudler would have to carefully follow its competitor’s promotional plans too. The product quality should be high and better than its competitors. According to the survey, customers’ dissatisfaction regarding the price should be kept in mind and price should not be increased. Instead, Kudler can reduce the cost and decrease prices by branding its store as a place of high quality products at affordable price.
The business should be taken to the next level through innovation and creativity (Summer Vacation Packages Europe, 2012). References Kudler Fine Foods. (2012). About Kudler. Retrieved from http: //kudlerfinefoods. info/about-kudler/. Summer Vacation Packages Europe. (2012). Kudler Fine Foods? Strategic Plan. Retrieved from http: //summervacationpackageseurope. cepresperu. org/306/kudler-fine-foods-strategic-plan-ny-essay/.