Task:
Prepare in 1,050 words justifying the importance of market research in the development of the marketing plan of Kudler Foods, one of the virtual organizations.
Using Kudler Food's Marketing Overview as a guide, justify the importance of marketing research in the development of Kudler Fine Food's marketing strategy and tactics, and identify the areas where additional market research is needed. Also, analyze the importance of competitive intelligence and analysis in regards to the development of Kudler Fine Food's marketing strategy and tactics.
Marketing Budget:
The marketing budget is primarily comprised of new initiatives, marketing communications, and marketing research.
New Initiatives:
· Research, development, and rollout of new programs
· Cooking Classes
· Frequent buyer points program
· Supplier relations program
Marketing Communications activities include:
· Radio, Newspaper and Television advertising
· Public relations, events, and sponsorships
Marketing Research expenditures include:
· Market size/opportunity studies
· Food marketing trends studies
· Services benchmarking study
Growth Strategy:
Within the next 12 months, Kudler plans to increase customer loyalty by offering added high-margin services, leveraging the firm's better understanding of customer purchase patterns, and providing more efficient operations. Profitability will also be increased by cost reductions accomplished through supplier partnering programs. New customers will be acquired through social network marketing and word of mouth.