Marketing Research Paper Rubric
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Marketing Research Paper Rubric
Introduction
Kudler Fine foods is a gourmet grocery store that is now undertaking expansion of its services
and making its operations more efficient, as a result of the significant growth it has been
experiencing. It is a food store with a large retail space stocked with domestic and other
imported produce. The following paper therefore justifies the need for marketing research in the
development of the store’s marketing strategies and the importance of additional market
research. The importance of competitive intelligence has also been analyzed regarding the
development of the store’s marketing strategies and tactics (Mcquarrie, 2005).
Importance of marketing research
Marketing research in kudler Fine Foods is important because it would mean matching the
needs of the consumers with the products of the company. This would maintain a positive
relationship between the consumers and the company. Kudler Fine Foods therefore needs to
make use of entire aspects in order to succeed in determining the services to offer and on
whom to offer them. Among the areas that require consideration on how to obtain best results,
include market research, technology, and good control of market factors and integration of its
products. Marketing research, as a function of the company, must enhance creating and
communicating values to customers and manage its relationship with the customers in order to
benefit as an organization and to benefit its stakeholders (Spaeth, 2000).
Research has shown that marketing, in any business, is not a choice but an essential part to be
incorporated in all the operations. Before the company introduces a new product in a market, it
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Marketing Research Paper Rubric
is always good for a market research to be performed. In market research, data and information
are gathered and analyzed in order to define various problems as well as opportunities that are
linked to the introduction of the product. Kudler Fine Foods has established customer surveys in
determination of opportunities and in addition to this; they are planning implementation of a
system to help tracking customer purchases. The company also performs studies on the size of
the markets and trends in food marketing as well as services benchmarking. So far, KFF has
conducted two surveys about customers; one conducted in 2006 and the other in 2007. The
company has used these surveys as an avenue to data collection as one of the steps to carry
out market research. During data collection, questionnaires comprising of alternative questions
are used to give the respondents an opportunity to rate areas, using a scale with short
descriptive adjectives. There are 10 questions in total with a range between ‘strongly agree’ and
‘strongly disagree’. The two surveys are potentially high in their value because they give the
company a direct view about the feeling of customers about its services and products. This
helps the company to analyze how efficient it is in the operations (Rudelius, 2006).
Market research is therefore important because it helps the company to gather and record data
in a systematic way for analyzes about its clients and rivals in the market. When market
research is well conducted, it leads to creation of business plans that are long term and helps in
launching of new services and products, fine tune those products that are already in the market
and expand market boundaries. The company can therefore determine the part of the
population in the market that is likely to purchase the new products and services. Market
research would help the company to improve efficiency in its operations and enhance customer
purchase cycle; loyalty of its consumers is increased. When market research is conducted
carefully, Kudler Fine Foods marketing strategy and tactics would yield projected results;
expanding its services. This would help the company maintain its competitive advantage as well
as its uniqueness and therefore earn more money than it spends. The research would help
increasing the quality of the company’s products and increase revenue instead of a loss (Mcqua
rrie, 2005)
.
Areas where additional market research is needed
Additional market research such as establishing competitive intelligence profiles that are
accurate is needed, in order to come up with more appropriate decisions in regard to the growth
of the its markets. The company currently is lacking a policy that governs the contracts between
the company and its suppliers. The founder of the company, Kathy and her assistants design
generic forms that serve as agreements between the company and the current suppliers.
Organic producers require an implementation of contract in order for them to develop certainty
about the market of their produce. It is also important for the company to consider that, a
contract should be regarded with a lot of weight because it is an agreement that is legally
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Marketing Research Paper Rubric
binding between the company and the local organic growers. Another area that requires
additional market research regards pricing of the products. This is because it is risky to charge
consumers for cooking classes unless Kudler Fine Foods guarantees its consumers of
efficiency by its services and products. However, if the company fails charging for the cooking
classes, it would be hard to make profit; the classes follow a plan that is self-funded and there
are several unforeseen costs such as cost of hiring celebrities and renowned chefs to teach the
classes. It is also important for the company to conduct research to ensure that it produces high
quality products and services and ensure increase in revenue in carrying out this program to
avoid making losses. Price is an issue to the customers of the company. It is therefore not wise
for the company to introduce high profit margin merchandise through its promotions. Currently,
Kudler targets high-class consumers who are ready to spend extra money for its fine foods. It is
therefore advisable for the company to conduct additional market research in the field of pricing
because although the company is located in an area where the resident earn high income, the
customers may not indefinitely be associating the extra cost of the company’s product with high
value of the products (Spaeth, 2000).
Conclusion
Kudler Fine Foods Company anticipates increased rate of high margin food as well as
beverages by its customers in order to get its customers forming a social network that spends
more time at Kudler. More time in the store will result to increase in revenue and frequency at
which the customers visit the company. Consumers would contest for more high-ticket items
and even bring more friends to the evening parties. Although the company prefers having
evening parties combined with classes in the firm to having them outside, the firm also
organizes cooking classes for its guest at their homes for an extra cost. The importance of such
programs is that they encourage marketing by word of mouth and consumer’s loyalty. It is
therefore justifiable that marketing research is necessary for Kudler Fine Foods in the
development of the store’s marketing strategies
(Albaum, 2004)
.
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