Kudler Fine Foods, like any other firm that wishes to succeed in its area of operation, has to adopt a sound mechanism, whereby it would be easier for it to make viable marketing strategies and tactics on how to maintain a firm competitive position in the market. With the current technological dynamism, consumers’ needs and expectations are constantly changing, therefore, firms have to strategize well to meet their prospects. All these strategies can only be achieved with the help of reliable market researches which should enable a firm to identify those areas in its business that need to be adjusted through effective marketing strategies. Market research helps a firm to gather adequate information about the market to aid in the management’s decision making. It helps the firm to identify how consumers feel about their products, what techniques to make the products known, and the extent of competition in the market.
Kudler Fine Foods is firm that offers food services and products and it seeks to have competitive advantage. As such, for the firm to develop beyond its current stature, its management has to carry out various market researches to help in making effective marketing strategies and tactics to boost its operations. The importance of the firm carrying out marketing researches is that it will be able to make risk-free marketing decisions on whether to introduce new products into the market and also help in comparing its products’ performance to those of its competitors. Moreover, market research will help Kudler Fine Foods to understand its competitors better, and, therefore, analyze their strengths and weaknesses. This would place the firm in a good position to make feasible strategies that would help to maintain its competitive advantage (Bradley, 2007).
There are various areas where the firm has to undertake thorough market research to aid in making its marketing strategies and tactics to facilitate its growth. To begin with, market research should be done frequently in order to identify the ever changing consumer needs and expectations. For this firm to succeed, consumer expectations have to be met since its field is characterized by consumer sovereignty. Other area where adequate market research has to be done is on their products’ performance in the market and the frequency by which new firms enter or leave the market. Therefore, prioritizing on these areas would help the firm’s management to make helpful marketing strategies (Kotler &Armstrong, 2007). Kudler Fine Foods should also be in a position to identify and understand the extent of competition in the market to make it more competitive. Competitive intelligence and analysis put the firm in a position to recognize the main competitors and therefore understand their strengths and weaknesses. Understanding competitors’ capabilities would help the firm to make viable marketing strategies that benefit Kudler Fine Foods and its clients. For instance, the firm would be better placed to discover new opportunities by understanding its competitors’ weaknesses. This would include their ability to come up with new products that meet the constantly changing consumer needs and also improve their quality delivery. On the other hand, knowing competitors’ strengths will help the firm to implement new strategies in order to counter the threats posed by the other firms’ supremacy in the market.
In conclusion, market research is very important for firms, because it helps them to make effective marketing strategies. Market research will enable Kudler Fine Foods to gain important knowledge about the market to help in making sound decisions. The research will help the firm to know consumers feelings about the products and services they offer, besides helping in devising methods of promotion as well as becoming aware of the competition. By practicing market research, Kudler Fine Foods will be able to make decisions that improve its position in the market thereby boosting its sales.