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i. Introduction to Marketing
ii. Relative values of market value
iii. Market mix in Kudler's catering service
iv. Determining product and price in relation to other catering services
v. Place and Promotion in relation to catering
vi. Using technology in targeting customers
vii. Decision to create a catering service in relation to local organic growers.
Introduction to Marketing
"Marketing as the name implies is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in a way that benefit the organization and its stakeholders", according to Kerin (2006). From this definition it shows that it is the vehicle that businesses rides upon such that they can connect to the consumers, their intended target. Also, it is evident that marketing seeks to find the needs and wants of individuals in relation to satisfying them. In the market model in which this exist, the buyer seeks to buy that which is good, quality and improved, but in return the seller seeks to have customers who are loyal to their products, purchase them and enjoy that which they have produced.
Kudler kinds of opportunities in it marketing mix can be assessed in relation the products in which it offers, location in which the products or services is being rendered at, the promotion of the products and services and price as crucial factor in relation to the purchasing powers of the buyers or consumers. The need to have new ideas in relation to the products from time to time can be considered crucial for the survival of various business organizations in alignment with sound business principle.
Relative values of market value
"Market research is the process of defining a market problem and opportunity, systematically collecting and analyzing information, and recommending actions", according to Kerin (2006). The intentions of the Kudler's organization to open up it's own catering service must look at relative value of market research. Kudler needs to identify the marketing problems and opportunities and to generate and improve marketing actions.
The marketing problems that it needs to look at is, is there a customer base for this catering service? Do people generally cook at home for their families or eat out? How often do people eat out and when? This kind of questions needs to be answered prior to embarking on such projects.
The opportunities that come along with the catering service: One there an increase in the awareness of Kudler's food in the community that they are located in.
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The need to improve and generate marketing actions suitable now that there original mission and to now incorporate catering into it is crucial. Marketing research has a goal to minimize risk in any business, so if the tools is employed this needs to be evident in it.
Market mix in Kudler's catering service
The market mix for Kudler in terms of the products they offer are quite unique in their small way. The stores are stocked with the very best domestic and imported foodstuffs
and divided into the following departments:
· Fresh Bakery and Pastries
· Fresh Produce
· Fresh Meat & Seafood
· Condiments and Packaged Foods
· Cheese's and Specialty Dairy Products
The written marketing budget is primarily comprised of new initiatives, marketing communications, and marketing research. The new initiatives according to Kudler are
· Research, development, and rollout of new programs
· Cooking Classes
· Frequent buyer points program
· Supplier relations program Marketing Communications activities include and in other to be effective it its catering service, word of mouth needs to be added. The promotion method that was employed by Kudler in his target mix tools in the bag.
· Radio, Newspaper and Television advertising
· Public relations, events, and sponsorships
Marketing Research expenditures include:
· Market size / opportunity studies
· Food marketing trends studies
From the above data from (Kudler), the food marketing trends needs to looked at and what effect would it have on the new catering service it intends to open, what is the response of their initial customer to it. The market size must be examined to see if there will be growth in this line of business especially among the younger generations that tends to eat out. Location of the three stores are also crucial to the business and the failure of the store rests on Kudler ability to take a risk regardless on that which you see daily.
Determining product and price in relation to other catering services
Kudler needs to define the products it intends to offer on the customer base it has and what they happen to like. Also to win over new customer base, Kudler research team needs to evaluate the environment they live in relation to that which they are trying to do. Catering is a specialty service that requires improved food knowledge, skills and the price is also crucial. The price have to be right to win the customer based and in doing so, they become loyal to Kudler when tough times was around the corner from it. They need to also understand their consumer, and how they respond to change. The price set for the foods at the catering service should be relatively low initially to attract customers or awareness. The product to be served includes cooked food that needs to also be sold in the grocery section of the store.
Place and Promotion in relation to catering
Real estate agent generally use this catch phrase all the time, it states, "location, location and location". The promotion of the catering service have to be by word of mouth, this was considered the least expensive looking at the overall cost. This can be considered expanding services(Revenue Increase). Kudler is offering parties in the store to show customers how to prepare specialty foods. The draw for the consumers is to be trained by world-renowned chefs, local celebrities, other food experts, and even Kathy Kudler herself, and to be invited to exclusive, upscale events. The anticipated outcomes will be to increase the customer purchase rate of high margin food and beverage items and to get consumer to make an evening at Kudler Fine Foods part of their social network. This increased time in the store will increase the overall revenue per visit and increase the frequency of visits to the store. Consumers will receive multiple entries in high-ticket item contests by bringing a friend to the parties. While the firm's preference is to have the events in-store, guests can have Kudler cooking classes at their home for a price premium. Programs such as this encourage consumer loyalty and word-of mouth marketing.
Using technology in targeting customers
The technology can be used as a tool by which orders can be placed within the online community close to the store . Orders can be placed ahead of the time initially at a certain time for a pick up with the location of the catering business. Frequent customer program can be initiated or a direct response when their food is ready for pick up must also be used to encourage internet order placing. The frequent customer program would be used as an incentive for consumers who will totally depend on this service of catering for them. Direct mail promotional literature will be sent to high-income zip codes to solicit customers. These pieces will contain information about the array of products and services offered by Kudler. Kudler will be positioned as a place to interact with others interested in exceptional quality foods for entertaining and everyday use. This will also be done via emails to the various clients that provided their email address for various recipes from Kudler.
Decision to create a catering service in relation to local organic growers.
The need to use the local organic growers in relation to the catering service seems like a good combination, but how much should they purchase if they intend to run the catering service. Some of the items they will purchase for sale can in turn be converted quickly to a ready made meals that can be sold that day, which reduces the rate at which vegetables can decay but makes more food available on the catering side of the business. The catering business also can reduce the number of inventory of items for sale but lack of customer turn out for the food prepared for that day unless prepare to order for pick can also be employed. "Pacing as it is defined as the movement of items through a process that is coordinated through a timed mechanism", according to Chase (2006). In application the number of request to the local growers in relation to their sales should match each other for any to be really left unless planned to be left so as to use for other food preparation.
The need to market her products is crucial for Kudler and failure to not do so, can be devastating. The Era we know lives in the consumer era, such that Kudler must seek to satisfy all its customers. Satisfaction lies in the heart of the customer who enjoy the services that Kudler renders- Catering. The is a general saying that the window to the soul is food, so in catering, one can conclude it will get to places that the other parts of Kudler's business never gotten to.
Chase, R. B, Jacobs, F. B & Aquilano, N. J. (2006). Operations Management for competitive advantage (11th ed.), (pp 1-11). The McGraw-Hill Companies.
Kerin, Roger A, Hartley, Steven W & Berkowitz, William R. (2006). Marketing .(pp 1-38). The McGraw-Hill Companies.
Kudler Fine Foods accessed through the University of Phoenix website: