Marketing research is important in developing Kudler Fine Food’s marketing strategy and tactics. This is practical because through marketing research, Kudler Fine Foods will be in a position to identify, establish, maintain, enhance, modify, and terminate relationships with customers in order to create profits while generating value for its esteemed customers. This will be achieved through a number of relational exchanges that contain not only a history, but also a future. These relationships are with both its competitors and its customers (Secker, 2011).
In addition to that, through research, Kudler Fine Foods will be able to perceive relational exchanges of its products through the social exchange and cost analysis theories depending on the context in which they relate with its competitor’s products. Through marketing research, Kudler Fine Foods will be able to effectively build trust with its customers, guide its customers through moments of truths, comprehend the consumer psyche, and protect emotional wellbeing (Porter, 2010).
The Areas Where Additional Market Research Is Needed
Kudler Fine Foods hotel needs to expound its research in areas concerning how it can achieve a sustainable competitive advantage over its rivals in the market, and in the end enhance its business performance. This is because the key principle behind marketing strategies is to support the long-term strategic goals of a business through the direction of sustainable competitive advantages (SCA). Research should be instigated to ensure that it gains the characters that can make its business portfolio be classified amongst the SCA types of businesses. These characters entail that it must be imperfectly imitable, it should be valuable, and there should not be any strategic substitutes or equivalents for its resources/skills (Secker, 2011).
The Importance of Competitive Intelligence and Analysis Regarding the Development of Kudler Fine Foods’ Marketing Strategy and Tactics
Competitive intelligence and analysis is very important to the development of Kudler Fine Foods marketing strategy and tactics. This is because it will enable the business to come up with the right and most effective marketing mix, value chain, marketing segmentation, Placement, Marketing strategy, Pricing, and Market research which are very critical as far as the attainment of its strategic goals are concerned (Stauffer, 2012). The seven elements and how they can impact the hotel through competitive intelligence and analysis are further discussed below.
Market Segmentation
For Kudler Fine Foods to come up with an effective marketing strategy, it will have to carry out a market segmentation analysis in order to manage its strategic process of development while ensuring it maintains its success and effectiveness. This will only be possible through applying competitive intelligence and analysis (Vessenes, 2009).
Through market segmentation, Kudler Fine Foods will be able to take a broad overview of its market in terms of place, product, price and promotion and perceive it in the form of smaller and more controllable pieces. Instead of taking a one-size fits-all strategy, Kudler Fine Foods’ can make a profile of its entire market and segment into small but focused parts. It could use the marketing mix element of place to locate its leisure and travel component where there are fundamental tourist attractions. By using the marketing mix strategy of price, it can locate its budget priced component in places that appeal to families (Vessenes, 2009).
Marketing Strategy
For Kudler Fine Foods’ to build a durable and strong house, it is critical that it creates blue prints. Similarly, to ensure that its business is profitable and strong, it is essential that it comes up with an effective marketing strategy. With this kind of strategy, Kudler Fine Foods’ will be able to direct actions that are consistent with the hotel’s long-term strategic goals. At the same time, the hotel would be able, through the marketing mix strategy of promotion, to wisely spend its revenues in order to create the highest possible return on investment (Porter, 2010).
Competitive intelligence and Market Research
Kudler Fine Foods’ will be able to meticulously comprehend what is happening in the hotel industry through the use of market research and competitive intelligence. This will in the end be invaluable to the restaurant in terms of knowing the market trends and the actions taken by its competitors to stay afloat (Stauffer, 2012).
Market research would be critical in enabling Kudler Fine Foods to make the right decisions as far as its marketing mix of place, product, price and promotion are concerned. Since marketing is where the hotel’s resources in terms of the marketing mix of product are focused in ensuring their customers’ needs are fully satisfied, research on marketing will enable the hotel to deliver the needs most efficiently. In addition to that, research will ensure that the hotel effectively monitors and modifies its marketing strategy elements (Secker, 2011).
Pricing
Kudler Fine Foods will create value when it sells its products at particular prices. This is true because value is the estimate made by its customers that the hotel’s products have the capacity to satisfy their needs. If they happen to place a high value on the hotel’s products, it means they would have attained satisfaction. Consumers tend to be knowledgeable and are likely to choose a level of satisfaction that corresponds with their price. For example, if Coke was to go for $4 per liter, they would rather do with Pepsi at $2. In the long run, Coke’s sales are likely to decline (Secker, 2011).
Price as an element of the marketing mix is what the hotel’s customers would be ready to trade in exchange for the hotel’s products and services. Overly, a quality/price relationship is in existent where the higher the quality of the product/service the higher the price. The hotel’s customers will look forward to an elevated level of service, particularly in cases of personal services where the fee associated with the services is found to be higher than what is charged by the hotel’s competitors (Porter, 2010).
Placement
Kudler Fine Foods customers will not buy the hotel’s products unless they are easily accessed. The hotel’s placement could be anything to do with a candy bar sitting, a magazine, or a checkout counter at the supermarket. The hotel’s placements would enhance their customers purchasing process by making it more convenient and easier for them (Secker, 2011).
The term distribution is interchangeably used in the hotel’s placement element of its marketing strategy. It includes the decisions the hotel must make to guarantee its connection with its clients. Placement is how the hotel hooks up its products and services with its customers. Therefore, the more accessible and more convenient the hotel’s products or services could be, the more its customers are likely to purchase their products or services. However, all these marketing plan, parts cannot be effectively carried out effectively without all components of the value chain working jointly (Stauffer, 2012).
References
Porter, Michael. (2010) “Competition Shapes Strategy.” Harvard Business Review.
Secker, Russell.(2011). “10 Key Sources of Competitive Data.” SCIP.online 1, no. 14
Stauffer, David. (2012). The Power of Competitive Intelligence. Cambridge: Harvard Business School Publishing.
Vessenes, Peter. (2009) “Cash Is King, but Marketing Is Everything.” Journal of Financial Planning 16, no. 12.
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