The marketing strategies and tactics businesses utilize to assess the needs and desires of consumers in order to provide products and/or services can be quite creative.
This is especially common in core processes of construction to meet those needs in the most efficient and cost effective manner. Truly effective marketers do market research in an effort to understand their target market and create marketing strategies based on the characterization of those in the target area.Kudler Fine Foods is a gourmet grocery store and recent market surveys have shown they have continued to exceed customer's satisfaction in every area except one: the cost of merchandise. By exploring ways to reduce costs Kudler Fine Foods will experience an increase in customer satisfaction.
Marketing Research Market research plays an important role in every aspect of an organization's strategy of expansion and diversification. Since Kudler Fine Foods is expanding services then it needs to know about their competitors. Market research aides Kudler Fine Food’s management in determination of standing in respect of contrast with competitors.This research will also aid e in the identification of Kudler's market share.
Utilizing this information, Kudler Fine Foods will be able to identify strengths of competitors than its competitors and then build upon its strength to increase its lead over their rivals. Similarly, market research can help it to identify their potentially weak areas and devise ways to overcome them, thus gaining on any rivals who excel in such areas. Additional Marketing Research Cost cutting is a primary concern of the customers in the vast economical times of today.One of the survey questions regarding the merchandise sold being a “good value” could be more specific.
This could be easily done additional research, going into more specific detail determining the products consumers are targeting in response to this question. Sample questions such as: -Which one product do you feel is the least value for your money? -How much would you be willing to pay for this product? -How often do you purchase this product? The answers to these questions may just lead to see that it is one specific brand, product, or the entire store that customers are unhappy with.At that time a marketing program highlighting the benefits of gourmet items over common or generic items may be necessary. Additional market research may also be needed in areas such as the identification of potential target customers, new territorial areas and new marketing and sales promotions.
Taking the time to investigate what people want is vital to meeting their expectations. Additional sample that lead to that are questions such as: -What one item is not in stock that you would like to see? -How much would you pay for that one item? -How often would you purchase that item?These questions lead shoppers to ask what is it they want and need that we cannot provide. Knowing this for each location can target those specific stores and their clientele. The quantifiable need has to be there in order to undertake such a venture, but it will allow managers and purchasing agents to see what it is that their customers want.
These items may not be the same for each location. Thorough analysis needs to be done at both the store and company levels to determine the scope of the initiative. Comparison shopping of other stores is also critical.This will allow management to determine the best prices to compete with local chain stores while not compromising on the overall quality of the items.
If another store carries a brand Kudler's carries then it should be tracked for movement and cost. This will help management determine if the item should have a price reduction or even a small ad campaign showcasing it to the local consumers. Competitive Intelligence and Analysis Utilizing the benchmark process to determine best practices will help key decision makers in developing streamlined production processes.Competitive intelligence and analysis will help it to formulate ways to stay ahead of its competitors.
Again utilizing benchmarked data, Kudler Fine Foods can make minor reductions in the costs of ordering foods and minimize the amount of food to be stored, while implementing a supplier relations program with some type of incentive. These initiatives will reduce Kudler Fine Foods' internal costs which can be passed on to the consumers. Considering customers over a two year period feel that their purchases are not worth what they are paying, this should be an item of concern.More value for the dollar is what consumers want in harsh economical times. While this is difficult in the gourmet industry, those that shop gourmet foods should be aware they are getting a superior or utter most unique and unusual item. Kudler Fine Foods has experienced growth in all areas except customer satisfaction with their pricing.
By focusing on ways to reduce internal costs then product costs can be lowered enough to appease current customers and attract new ones. The culminating effect of this one action will generate an increase in sales, customer returns, and the overall shopping experience.
