Marketing research entails embarking on a fact-finding mission. Marketing research enables an organization to understand what is going on in the market. This is because the organization will get feedback from customers and use the same facts to identify areas that need to be improved. This following paragraphs focus on the significance of marketing research to Kudler Fine Foods.
Kathy Kudler established Kudler Fine Foods in 1998. It is important to note that Kathy was able to venture into this business by utilizing her experience with the military contractor.
In fact, it would have been difficult for her if she did not know what this kind of business entails, but fortunately, fate was on her side because a few years later she was able to open three more branches in Santiago. Kudler Fine Foods is a unique food store where one can shop for various food items including pastry products, seafood, dairy products and vegetables among others.
Studies from marketing indicate that opportunities are always there, but the problem is how to identify them (Perreault, Cannon, & McCarthy, 2009). Kathy was able to scan the environment in Santiago and identified a vacuum that she could fill to earn her daily bread.
Now that she managed to overcome the financial obstacle, that is not the end because there will always be challenges to be overcome. By conducting marketing research, Kudler would make wise decisions because the organization will refer to the findings of the research. Kudler foods will then be able to understand its market share in Santiago and this is because it not the only food store in this location.
During the marketing research, the company will analyze the information provided by the public to understand what the competitors do. For instance, the sales records can be used to analyze the sales trend of every individual item. Besides that, the organisation can use the same information to gauge the demand for a given product. If customers are fond of purchasing seafood from Kudler, then the stock for that commodity should be increased to meet the increasing demand.
Without marketing research, an organization would think that it is able to satisfy the needs of its customers while in the real sense it is not even close to that. Kudler foods should therefore interact with the public and allow the consumers to express themselves. It is said that information is power and so is criticism.
This is because it helps an organization to understand its weaknesses and strengths, and use them to its advantage. Stevens and Loudon (2005) argue that marketing research should be conducted with a lot of caution so that there are no faults in it because the data have to be right and if not so, the information could be misleading.
In light of this, there are several methods of conducting marketing research. They include questionnaires and surveys. Since Kudler Fine Foods has an Internet portal, it should use this web platform to obtain information from the customers. This kind of research is reliable because it cannot miss the intended target owing to the fact that potential shoppers visit the site. Moreover, Bhasin (2011) points out that marketing research should be carried out on the ground.
This is because there are still people who are not conversant with the Internet or they avoid sharing information because of privacy issues. By using multiple streams to gather information, the organization will be able to achieve its goals by adjusting itself to meet the needs of its customers.
In conclusion, more efforts should be diverted towards marketing research. Kudler Fine Foods has the potential to grow, but it can realize this ability by being more knowledgeable about the market needs. By carrying out marketing research, the organisation will be able to foresee future changes and make adjustments to cope with oncoming challenges. The organization must also use the research findings to understand the strengths and weaknesses of its competitors and capitalize on the rival’s weaknesses.
Bhasin, H. (2011, June). The Increasing Importance of Marketing. Retrieved from http://www.marketing91.com/the-increasing-importance-of-marketing/
Perreault, W. D., Cannon, J. P., & McCarthy, E. J., Jr. (2009). Basic Marketing: A Marketing Strategy Planning Approach (17th ed.). New York, NY: McGraw Hill.
Stevens, E. R. & Loudon, D. (2005). Marketing Planning Guide. New York: The Harworth Press Inc.