Mkt 421 Week 3 Kudler Paper
October 1, 2012
Marketing Research: Kudler Fine Foods In order to succeed, it is fundamental that businesses satisfy consumers’ needs (and desires) for goods and services. Appropriate market research provides the data necessary to understand those needs and respond to them effectively and profitably. Kudler Fine Foods (KFF) has performed market research in the past. Some of that research has been helpful; some has not. Additional market research is needed for KFF to reach a larger share of the market and increase profitability. Kudler Fine Foods is a gourmet grocery store. KFF sells meat, produce, cheese, and wine. They also provide catering services. KFF …show more content…
* What do they want over the holiday season? Or during the summer versus the winter? * Where / how do they want it delivered? * Do they want to shop for it and prepare it themselves? If so, do they want to be able to shop on-line? * Do they want to attend classes to learn how to use the products? * Are they interested in on-line tutorials? * How much do they want the product to cost? (Note: Based on answers to KFF’s 2011 Customer Survey, price is one area where additional research is vital. More than 50% of respondents did not feel the merchandise was a “good value for the money” (Kudler Fine Foods, 2011, 2011 Market Survey webpage). * What do they expect to pay? * What are they willing to pay?
Additional research is needed to more effectively reach KFF’s other target market, high income consumers. Currently KFF segments this market geographically based on zip code areas determined by various factors to be “higher-income” areas (based on real estate prices, for example). Although somewhat targeted, this promotional method uses the “shotgun” approach: direct mail is “blasted” over an area in hopes of reaching the target (Response Targeted Marketing, 2010). Past sales data (information on customers who spent over a certain amount or purchased large quantities) can be mined to determine where they live and how much they make. This