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Marketing research involves understanding the significance of demographic and psychographic data, which a researcher gathers from the fundamental research methods (Apollo Group, 2004). A researcher evaluates the data in order to apply its results because of a number of reasons. These include bettering the existing business strategies in an aggressive manner; formulating business decisions concerning supply, demand, or consumer demographics and psychographics; preventing irregularities that occur amongst competitors or within the company; predict accurate probabilities based on the validity or reliability; and determining the strategic costs that are practical to an organization. Because marketing research calls for substantial resources such as time and money, prior to making costly Integrated Marketing Communication Plans and marketing decisions, it is necessary to consider the potentially negative and positive impacts, and buyers and consumers, which may result in controlling the strategic marketing approaches (Apollo Group, 2004). Moreover, initial research may help mend the present challenges and define future initiatives, future objectives, and marketing budgets. In addition, this initial research may help focus budgets on a marketing phase and the focus of how each phase can make use of managing systems on different marketing research methods.
Kudler Fine Foods Analysis and Areas that require Marketing Research
Conducting a basic research and analysis allows a research consultant to observe main areas, which will affect the development of the Integrated Marketing Communications strategy and plan of Kudler Fine Foods. Therefore, in depth understanding of the characteristics of the internal controls and transition of monies from product and service to clients can assist to recognize how Kudler will flourish and which marketing plans are sufficient and healthy for the company to employ. In addition, basic research will allow the research consultant to determine whether current resources can embrace an Integrated Marketing Communications Plan in order to increase the consumer base, on top of current goals and operational plans of Kudler while tackling current challenges at the same time (Apollo Group, 2004).
Kudler Fine Foods does not have financial statements from 2004 to 2005, which makes it had to determine if assets, capital, liabilities, net income, or net operating income have decreased or increased. Thus, the income statement sheet and balance of Kudler for the year ending December 31, 2003, will significantly assist in analyzing future strategic initiatives as well as the key to developing marketing approach (Apollo Group, 2004). Financial statements depict the health of an organization and illustrate how organization utilizes its resources and spends money to support, sustain, or grow business consumers and operations (Apollo Group, 2004).Want an expert to write a paper for you Talk to an operator now
Kudler Fine Foods has plans to increase revenues and decrease costs by employing new strategic objectives and a sales plan. Aside from offering frequent shopper programs that focus on consumer loyalty with awards, in store classes for teaching clients on how to prepare specialty foods, and establishing a 2004 Information Technology budget, significant departmental monetary budgets should undergo identification that is Marketing and Sales (Apollo Group, 2004).
According to the income statement, Kudler spent $263,000 on advertising efforts. The CEO organizes all advertising initiatives as well as coordinating which items should undergo advertisement in newsprint media with department managers. Because an advertising task can be disproportionate to the tasks of a CEO, advertising and marketing department should be aware of managing advertising dollars in a better way (Apollo Group, 2004).
The CEO conducts marketing research by recognizing new gourmet items and keeping up to date with ensuring that new items are available (Apollo Group, 2004). In addition, Kathy Kudler monitors what the competitors of his company offer as well as their selling prices for various commodities by observing advertisements in gourmet magazines, websites, and conventions. Subsequent to her research, Kathy Kudler obtains a small amount and introduces the items at meetings for managers to sample items and provide feedback. Therefore, Kathy Kudler and her managers adjust prices of different items based on competition (Apollo Group, 2004).
Demographics and Psychographics
Determining budgets, costs, and other factors to finances will enable a research consultant to analyze the resources Kudler Fine Foods can employ to further research a variety of consumer demographics and psychographics. This can also assist in determining if an Integrated Marketing Communications Plan is a helpful strategy to implement. Kudler can make use of demographic profiles and their variables, such as age, sex, and status of various consumers to determine the products to incorporate into the campaign of advertising and marketing. Demographics are significant factors that establish clarity on the consumers to focus on, for example, female or male, or both; their income, based on how they purchase items; and the generation consumers, by age group, provide stronger revenues over other consumers. Following the narrowing of the different consumers, psychographics can be helpful in magnifying the group of consumers' behavior or lifestyle, that is, physically active or not, vegetarian or vegan, and healthy or unhealthy (Apollo Group, 2004).
In order to maximize the long-term benefits of Kudler Fine Foods and its clients, and better forecast objectives and challenges, an initial analysis of the current structure of resources, operations, and how the organization utilizes costs, is vital. Furthermore, while knowledge of what history forecasts toward supply and demand trends is beneficial, incorporating competitive intelligence and analysis on how consumers behave with respect to Kudler's competition, may authenticate the underlying factors influencing inventory issues and management. In addition, suitable marketing research methods and preparations by determining and analyzing psychographic and demographic data identify where additional marketing focus is necessary. Overall, initial marketing research calls for an understanding of costs and time (Apollo Group, 2004).
There are many influential factors contained in the business' operations that influence the development of a practicable Integrated Marketing Communication Plan in Kudler Fine Foods. The marketing overview provided in detail what the company aspires to develop in order to increase consumer loyalty, decrease costs, increase profitability, start further, expansion and growth. However, with scores of questions and factors combined, the Integrated Marketing Communication Plan seems to be a costly proposal that Kudler Fine Foods should not implement. As the Research Consultant, I recommend centering on current clients, instead of expanding the consumer base; and centering on current internal issues that Kudler experiences. This will increase the likelihood of saving money and time, which may influence and determine a beneficial marketing approach in the next year or quarter (Apollo Group, 2004).