The Importance of Market Research: Whole Foods Marketing research is invaluable to an organization. The information that is gathered from marketing research allows the management team to make educated decisions. Market research tools are chosen for various reasons, it may be a financially feasible choice for the organization or the organization may be graced with the capability to use many different tools. This paper discusses market research and lists a few tools used by one of the world's largest retailers of natural and organic foods, Whole Foods. Marketing research is the collection and analysis of data relevant to a particular market and the “communication of this analysis to management” (McDaniel, 2006).
For a business to thrive well, they should invest in proper marketing. Since there is very high competition in the market, a business ought to make sure that they are well known within and beyond their market region. Many firms do survive in the market. However, “The firms that gain loyal customers by providing unique value is the essence of successful marketing” (Kerin et al., Chapter 1, pg 14). Kudler fine Foods have a well strategized plan aimed at boosting customer loyalty and gaining profitability.
a. Statement of the Problem This study is designed to investigate the feasibility of conducting food-sampling of the various international brands of food products that Jason’s the Gourmet Grocer has to offer and determine if it has a strong co-relation with the sales of their products. b. Significance of the Problem The reason behind exploring the food-sampling market in Jason’s is because it is every business’s responsibility to explore methods that will help improve sales and increase revenue. c. Purpose The goal of this research project is to: • To have a better understanding of consumer behaviour, attitudes, needs & wants.
Customer satisfaction is the overriding factor for the successful operation. Sales of the supermarket can grow when it makes its customers satisfied with the goods or services by best policy to fit customers’ requirement. So, it can be told that customer satisfaction is followed by customer revisiting or repurchasing. They can also tell their acquaintances about products or services as good. Customer satisfaction and sales might be linked directly, companies have to check the factors periodically such as quality, schedule, layout, inventory and so on to lift customer satisfaction because even small factors that employees didn’t recognize can affect consumer satisfaction enormously.
Additional Market Research The best market research strategy for Kudler would be to search for opportunities by understanding its business. They need to find out what the needs of their customers are and why they are willing to exchange something of values. Kudler needs to focus their strategy on segmentation and positioning when researching their market. It is important for Kudler Fine Foods does not focus on their product and to take opportunities as the needs of their customers change. Kudler’s business is a generic one since they offer various products to their customers.
The consumer purchase behaviour research performed at the individual customer level through direct purchase activity gains insight of consumer buying habits. The organization’s internal marketing data base serves as a valuable asset to access consumer information, indentify marketing opportunities, problems, demographics, psychographics, and buying behaviours. Research specifics revealed through primary data collection are demographics, economics, and lifestyle characteristics of current and potential Kudler Fine Foods consumers; characteristics and usage patterns of current and proposed products; and forecasting sales of current and new products. A secondary data gathering, marketing intelligence is also a valuable tool for Kubler Fine Foods to analyze public information about new consumers, competitors, and developments in the market place. The goal of gathering marking intelligence is to improve strategic decision making by understanding the consumer environment, assessing and tracking competitor’s actions, and providing early warnings of opportunities and threats (Armstrong & Kotler, 2009).
The market research the department carries out helps to determine what their objectives ar... ... middle of paper ... ...blend of the marketing mix will persuade a customer to buy the product and stay loyal to the business. It is also important that the business has a specific blend just for them because of their aims and objectives as a business, for example a supermarket needs to keep a different blend to a fast food chain as their targeted customers have different needs. Overall the marketing in a business plays a very important role in how successful a product and therefore a business will be, as a good marketing strategy will attract more customers and gain more profit for the business. The marketing department mainly relies on help from other departments and the marketing mix (it is important to have the right blend). If the business uses the right strategies to fit the product/service they provide then they will be successful in achieving their aims and objectives.
Kudler is able to increase their profitability by using operational strategies such as establishing contracts with local producers of organic produce, creating a purchasing department, and through the use of marketing tools. The purpose of this paper is to identify the business opportunities created due to the changes in the use of technology. Additionally this paper will show the generic strategy of Kudler Fine Foods, how to implement it, and the role the management team will have in keeping Kudler Fine Foods competitive in the fine foods industry. Changes in technology In today’s world technology never seems to stop changing. This technology can be beneficial to Kudler Fine Foods and it can help elevate their company to the next level.
The primary goals for Business-to-Business marketing are to create value for consumers and build an effective business relationship with their customers. The best way to achieve those goals are through the processes of segmentation, targeting, differentiation, and positioning for competitive advantage. The author of the textbook affirms, “In the marketplace, customers seek solutions, not technologies or products.” (Vitale 174). So how do we determine what the customers consider valuable or in this case, a solution? This is where the strategic market segmentation and targeting come into place.
Providing a good service to one’s customer is the first step in generating consumer loyalty. Not providing a good service to a customer will only lead the latter to look elsewhere with his purchase. Customer satisfaction is a key component in having a customer that will return for future purchases. The organization need to research on its market and adapt to its demands. They need to investigate into the purchasing behavior of their audience.