The thing that really stands out to me is that Judder Fine Foods says that their mission is to “provide their customers with the finest selected foods, wines, and related needs in an unparalleled consumer environment (University of Phoenix, 2008). I strongly believe that market research will help Kathy find the right marketing strategy to help her business do even better. Importance of Marketing Research Identical to Kathy, a few individuals who start their own businesses “need information in order to produce products and services that create value in the mind of the customer (Internet Center for Management and Business Administration, 2010). ” In my opinion market research considers the CSS which are the company, their customers, and their competitors.
Before expansion is made a final decision, Judder Fine Foods needs to do some marketing studies to ensure that they will have all of the information necessary about their targeted market and the opposition. When market research is done correctly, businesses minimize their risk. Market research entails five phases, the first would be defining the problem, then evaluate their condition, find facts particular to the problem, read between the lines of these statistics, and then decipher the problem.
In which all of these steps will in no doubt apply to Judder Fine Foods Company. This company wants to grow into the main stream markets, and to also like a chance at making the most of this type of opportunity, and market research can help them. How to Apply the “Five Steps” Judder Fine Foods greatest concern is with the aspect of beginning some form of expansion. They would like to be able to open a fourth store, but the idea is that the usual customer base or foundation might not exist in that selected area and a new foundation might need to be refined in that area.
Kidder’s “issue” in the beginning phase is that they must examine the market to identify that this area would support their newest store. If this is not done correctly their new store might not be profitable and will create future hardships for the company. The second phase is to evaluate the overall situation. “A situation analysis is an informal study of what information is already available in the problem area. William D. Perpetual, 2009). ” The induction of situation analysis could be considered a search on the internet or a conversation.
Judder Foods will start with this informal research to locate a new place for their branch. These consist of using the internet to check on other companies that are local to the area and the types of consumers they assist, or chatting with individuals who already know something about Kidder’s business. Other subordinate facts might assist, such as whether or not Kidder’s opposition has flourished or failed in the area. In the third phase, Judder Foods will attempt to get information that is specific o their possible expansion.
Also within this stage of data collection, the examiners will try to find out what consumers do about particular topics or how the consumers feel. As it concerns Judder Foods, this phase of marketing research could contain a study that asks inquiries of possible customers in a potential location for expansion. It would not be a good business choice to expand into a location that lacks customers who would shop at Judder Foods. Assessments would make available qualitative research and a “snapshot” of what customers would think of a potential gourmet food shop in their location.
This assessment would ask inquiries about how clients feel about things such as epicurean foods and products related to that area. The assessments can be completed on the phone by email, in person, in the mail, or they could have faith in a sample population. Phase four is significant to Judder Foods’ new expansion, because it evaluates the material found in the statistics acquisition phase. During this phase, Kathy and her specialists would use statistics to bring together the general implication of the information from the residents’ sample.
The data from this step will tell hem what customers think about epicurean food and a epicurean food shop in this objective area, and it will tell Kathy if this area is a viable location for another shop. Phase five of this is the process of solving the problem that is the subject of the marketing study process. “In the problem solution step, managers use the research results to make marketing decisions. Some researchers, and some managers, are fascinated by the interesting tidbits of information that come from the research process.
They are excited if the research reveals something they didn’t know before. But if research doesn’t have action implications, it has little alee and suggests poor planning by the researcher and the manager (William D. Perpetual, 2009). ” At this juncture Kathy Judder and her acquaintances will choose whether they will expand into a new site centered on the marketing research that has been shown about this area. Why Competitive Intelligence and Analysis is Important Competitive intelligence is researching and analyzing unrestricted data about possible marketplace antagonism.
Industrialized reconnaissance is both unethical and unlawful, but competitive intelligence or the use of public data is usually done ethically, and legally. Competitive intelligence are important to al companies today because it lets businesses do in advance what is believed that their opposition will do and it allows them to see when chances and dangers arise. Competitive intelligence is essential when a business decides on marketing strategies and potential tactics.
Judder Foods needs to keep in mind that they are not and will not be the only company that is involved in selling epicurean food. Competitive intelligence will also allow Judder to check on what their competition is doing this way Judder Foods can provide the products and service that are superior. Although Judder has what would be considered an advantage in that they are a well-known brand name but it is imperative that Kathy and her group use this benefit to stay ahead and remain cautious about the maneuvers that the opposition was using.
Conclusion Judder has had triumph before now and they want to spread out their progression by opening another store. If they use vigilant marketing researching accompanied with proper development they could be guaranteed success, also combining the right place for their new location. Using competitive intelligence and their established brand will help them stay successful.