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The American Marketing Association defines marketing as "an organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders". (2005) Simply put, marketing is the process by which businesses assess the needs and desires of consumers in order to provide products and/or services 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.
Market research "is the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions?market research seeks to reduce risk and uncertainty to improve decisions made by marketing managers". (Kerin, Hartley, Berkowitz, Rudelius, 2006). In this paper, the author will assess the relative value of two pieces of market research done Kudler Fine Foods in addition to evaluating components of the marketing mix for Kudler's new catering service.
Kudler Fine Foods is a specialty gourmet store with three locations in La Jolla, Del Mar and Encinitas, California. The company prides its self on providing premium gourmet food items to its customers and they operate on the premise that their target customers are willing to pay a premium for premium goods and quality service. With this in mind, Kudler has initiated some key strategic strategies to promote their services and build relationships with their customer base. These strategies include: (1). offe ...