Marketing plan of Kudler Foods
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.
The marketing budget is primarily comprised of new initiatives, marketing communications, and marketing research.
· 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
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.
... will indicate the dishes or cuisine most preferred by target customers.
The elements of the integrated marketing communications will also require extensive market research in terms of identifying the most effective message to be focused, most effective channels of communication, etc. Marketing research will indicate the right set of messages and right mix of channels for communication with the target customers. Research will indicate how Kudler should spend its advertising and marketing budget on different channels, based on the channels most preferred by the target customers of the organization and their respective costs.
Marketing research will also be very helpful in deciding on the most appropriate promotion mix, based on the sales promotion tactics most preferred by the customers and most successful in the past. A mix of secondary and primary research here will indicate the perfect promotion mix for the organization.
Marketing research will also provide good insight on the current brand positioning and awareness, perception of the company's brand and products among the consumers and competitive positioning. This will help in deciding the right set of marketing strategies to enhance brand awareness and reputation, achieve desired positioning and capture market share from competitors. Competitor's intelligence and analysis will be extremely helpful in developing competitive corporate level and marketing ...