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Marketing Research Paper for Kudler Fine Foods
Charmaine DuBray
University of Phoenix
Marketing MKT/421
Larry Rine
May 03, 2010
Kathy Kudler utilized gourmet cooking as a means to alleviate stress. However, upon realizing that sourcing the necessary ingredients involved visiting multiple locations, Kathy made the decision to establish her own boutique grocery store. This store aimed to offer the convenience of one-stop shopping for gourmet cooking ingredients, all at an affordable price.
This paper discusses the importance of marketing research in the development of Kudler Fine Food’s marketing plan and tactics. It also identifies areas in need of additional research and analyzes the importance of competitive information and analysis in relation to the development of Kudler Fine Food’s marketing plan and tactics. According to Kudler Fine Food’s Vision Statement, (Strategic Plan, 2003 “p. “1) “Kudler Fine Foods will be the premier gourmet grocery store for savvy shoppers seeking the finest meats, produce, cheeses, and wines. Kudler Fine Foods aims to offer its customers the freshest baked goods, produce, meats, seafood, cheeses, specialty dairy products, and wines. Kathy Kudler’s goal is to be the go-to specialty food store for gourmet cooks looking for ingredients for their culinary creations. Their first store, opened in 1998, was an immediate success, and Kathy has since opened two more locations. Marketing research’s prominent goal is identifying and defining marketing problems and opportunities, as well as improving and developing marketing actions.
Kudler Fine Foods performed a SWOT Analysis to assess its strengths, weaknesses, opportunities, and threats. The identified strengths are: 1) Having the advantage of being a small organization allows KFF to maintain constant control and supervision over all store operations. 2) KFF has a distinctive edge as there are no other gourmet stores nearby. 3) KFF provides customers with an extensive selection of produce, fruits, wines, and cheeses that cannot be matched by other local grocery stores. 4) Customer satisfaction is a top priority for KFF, reflected in their friendly staff.
At KFF, employees are committed to delivering exceptional customer service and going the extra mile to help customers. The company carefully chooses affluent locations where customers are willing to pay higher prices for gourmet foods. Kathy, the owner, provides personalized guidance and support to the staff. This has led to a solid reputation in the community and a loyal customer base. According to the SWOT analysis on page 8, one of KFF’s primary weaknesses is the risk of perishable goods spoiling.
Constant monitoring of produce levels and customer buying habits is necessary to minimize inventory and avoid waste at KFF, as the store primarily deals in perishable goods. Additionally, the store’s high wage expense is a weakness due to its specialty nature. To address this, the management team, burdened with multiple responsibilities, needs to delegate some of their tasks. The Del Mar location issues and geographic expansion limitations must be resolved for the company to move forward (p. ). The SWOT analysis highlights various opportunities, such as expanding into other regions within and outside of California. However, further research is required to understand the demographics and psychographics of these areas. Lastly, delegating inventory purchasing responsibilities to an experienced individual who can dedicate more time to this process is crucial for reducing management stress. Another growth opportunity for the company lies in offering more catering services.
As Kudler Fine Foods continues to grow, there is a chance that it could be acquired (p. 10). The SWOT analysis reveals potential threats such as competition from gourmet shops and the impact of the economy. Since Kudler Fine Foods’ products are priced higher than regular items, the management is concerned that during economic decline, customers may not be willing to pay the premium prices. KFF does not perceive the local traditional supermarkets as threats but acknowledges emerging international food stores as direct competition.
KFF does not consider health food stores as direct competitors. Despite their regular customers not having health consciousness, they prioritize the best quality in food and service and are ready to pay higher prices. KFF must acknowledge their competitors’ offerings to understand what actions are needed to attract and retain their customer base and avoid losing customers to other fine food suppliers. Conducting research can provide KFF with the competitive intelligence required to stay ahead of the competition.
By utilizing product differentiation to stay ahead of competitors, KFF can sustain growth and expansion (p. 13). Conclusively, the SWOT analysis highlights the necessity for additional research. To ensure continued progress and expansion, marketing research can identify challenges and uncover opportunities as a means to achieve objectives. The significance of competitive intelligence is pervasive and plays a crucial role in maintaining Kudler Fine Foods as a leading gourmet food store.
Further research can help management to lessen its responsibilities and take some of the pressure off the owner. As the company continues to grow, Kathy Kudler will not be able to control every location by herself and needs to implement a plan to delegate some of her responsibilities for purchasing inventory to someone who is experienced in this type of inventory and who has the time needed for this process. Furthermore, the marketing strategy and tactics used by Kathy Kudler can be enhanced to get her products out to the people in larger capacity. Therefore, her marketing plan needs to include better advertising.
Kudler Fine Foods aims to become the premier gourmet food store that Kathy Kudler envisioned in 1998. By increasing their marketing efforts and reaching a wider audience, Kudler Fine Foods can turn Kathy Kudler’s dream into reality.
References:
Kudler, K. (2003). Strategic Plan 2003. Retrieved May 3, 2010, from University of Phoenix Student Webpage/Virtual Organizations. http://www.ecampus/phoenix.edu/secure/aapd/cist/vop/Business/Kudlerfinefoods
