Explore BrainMass
Share

importance of market research

This content was STOLEN from BrainMass.com - View the original, and get the already-completed solution here!

Prepare in 1,050 words justifying the importance of market research in the development of the marketing plan of Kudler Foods, one of the virtual organizations.

Using Kudler Food's Marketing Overview as a guide, justify the importance of marketing research in the development of Kudler Fine Food's marketing strategy and tactics, and identify the areas where additional market research is needed. Also, analyze the importance of competitive intelligence and analysis in regards to the development of Kudler Fine Food's marketing strategy and tactics.

Marketing Budget
The marketing budget is primarily comprised of new initiatives, marketing communications, and marketing research.

New Initiatives
· Research, development, and rollout of new programs
· Cooking Classes
· Frequent buyer points program
· Supplier relations program
Marketing Communications activities include
· Radio, Newspaper and Television advertising
· Public relations, events, and sponsorships
Marketing Research expenditures include:
· Market size / opportunity studies
· Food marketing trends studies
· Services benchmarking study

Growth Strategy
Within the next 12 months, Kudler plans to increase customer loyalty by offering added high-margin services, leveraging the firm's better understanding of customer purchase patterns, and providing more efficient operations. Profitability will also be increased by cost reductions accomplished through supplier partnering programs. New customers will be acquired through social network marketing and word of mouth.

© BrainMass Inc. brainmass.com October 25, 2018, 12:53 am ad1c9bdddf
https://brainmass.com/business/marketing/importance-of-market-research-244471

Solution Preview

Marketing research is extremely important for the success of the overall corporate and marketing strategy of Kudler Fine Foods. Marketing research is an inherent component of the overall strategic and marketing plan as it lays the foundation for the development of marketing strategy and tactics of the organization.

As Kudler fine foods plans to roll out its marketing initiatives, it is extremely important for the organization to decide on the right marketing mix, right set of marketing tactics and programs to make the strategy as effective as possible in terms of attaining its desired objectives. Such decisions cannot be effectively taken without a sound information base derived after completing extensive marketing research.

Marketing research will provide a strong background information about the target market, consumer's taste and preference, competitive scenario, consumer's needs and wants and will provide strong cues about the strategy, tactics and marketing mix elements that would work best for the company.

Let us see the importance of marketing research in the different initiatives of the organization. The rollout of new programs will depend on the outcome of the marketing research as research will indicate which new programs will be most preferred or liked by the target customers of the organization. Similarly, the components of the cooking classes will be decided on the marketing research as well as ...

Solution Summary

Prepare in 1,050 words justifying the importance of market research in the development of the marketing plan of Kudler Foods, one of the virtual organizations.

$2.19
See Also This Related BrainMass Solution

Shaping the market offering with price sensitivity

The online market for travel services will reach $63 billion within a few years, and Priceline.com aims to capture a significant share; already, it is high on the top-ten list of travel Web sites. After a brief period of diversification into name-your-price sales of groceries and gasoline, the company has refocused on its core travel and financial services offerings, including airline tickets, hotel rooms, rental cars, and mortgage loans. The company guarantees that a Priceline.com mortgage is the "lowest-cost loan on the market" and backs this up by paying $300 to any customer who finds a better price.

Use the Internet sources, to see how the Priceline system works. At the Priceline website, follow the link marked 'HOW IT WORKS" to read about the name-your-price process. Then return to the home page and follow several of the links promoting discounted offerings.

1. Define price sensitivity. PROVIDE RELEVANT EXAMPLES

2. What can you say about the price sensitivity of Priceline's customers?

3. What effect would Priceline's prices be likely to have on the reference prices customers bear in mind for travel and mortgage services?

4. How does the company's lowest-cost loan guarantee affect a customer's perception of the product's value?

View Full Posting Details