Marketing research is the process of defining a marketing problem and opportunities, systematically collecting and analyzing information, and recommending actions (Kerin, Hartley and Berkowitz, 2009). Marketing research helps assess market potential, gives insight to into customer motivation, purchase behavior and consumer satisfaction. The purpose of marketing research is to gather, analyze, and interpret data related to the company’s market, competitors, marketing objectives, and customer demands.
Kudler Fine Foods is a gourmet grocery store that has experienced significant growth, and is now focused on expanding its services, improving the efficiency of its operations, and increasing the consumer purchase cycle as a mean to increasing the loyalty and profitability of its consumers. The organizations strategic objective is to increase loyalty and profitability of consumers. To meet the objective, the business focus includes expanding services, offering a frequent shopper program, and increased business efficiency.
Through market research the organization can obtain information needed to make reasonable estimates about what consumers will or won’t buy. The objective when research is performed is to reach a deep understanding of customers and their emotional connections to the products they buy and use. The marketing objectives Kudler Fine Foods outline begin with gathering information of their customers, competitors, suppliers, and other market forces. Once the information is gathered they must use the information to gain customer and market insight. The organizations strategic objective is to increase loyalty and profitability of consumers. To meet the objective, the business focus includes expanding ser...
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...ditional resource such as ACNielsen combined with internal data can enhance consumer analysis with detailed consumer profiles to assess the demographics, psychographics, behaviors, and geographical considerations.
Marketing research is not complete until the information is presented in a form which is valuable to making decisions. To analyze primary data the organization is best served to acquire or develop software of a customer relationship management system. Kudler Fine Foods can customize reports for marketing, purchasing, accounting and utilize the Intranet to facilitate access to the reports among the organization’s management.
Through marketing research Kudler Fine Foods can achieve a better understanding of their current and target consumers, show them they know what they demand, and showcase those products and services through efficient business practices.
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