Kudler Fine Foods’ Marketing
Consumers are one of the driving forces for one business and the challenge for a company is to research and satisfy their needs. “The term market research encompasses a number of activities that are designed to connect marketers to consumers through information gathering and evaluation“(Hillstrom & Hillstrom, 2002, p.716). “Although market research can be costly, it is often even more costly to make erroneous decisions based upon bad or inadequate information” (Hillstrom & Hillstrom, 2002, p.716). However, the results followed this research may create new opportunities or may lead to failure.
The focus point in a marketing research is gathering information about what consumers need and want and how to satisfy these demands. There is a difference between needs and wants, but a good business marketing strategy would be when consumers are satisfied in both aspects. The needs appear when the people are willing to buy food, clothes, place to live. When personal preferences depend on consumers’ personality, knowledge and culture, the subject is “wants”. If a company is able to differentiate these two sides of the demand, the outcomes would be positive. Kudler Fine Foods has created its own market structure including strategies directed to increase customers’ loyalty. First of all, the company uses benchmarking to understand competitors’ strategies. For instance, Kathy Kudler is benchmarking Nordstrom department stores in terms how to improve delivering increased value to the customers. KFF creates plans for introducing diverse organic products, promotions, Frequent Shopper Program, and expanding services such as culinary classes and catering. As much as the company is serving day-to-day consumers’ needs, it also intends to develop ne ...