Foods has been a successful marketer f epicurean delights, successful marketing requires marketing research. Good marketers need insights to help them interpret past performance as well as plan future activities (Kettle & Keller, 2012). Due to marketing research Cuddle Fine Foods is the seller of choice for customers aspiring to purchase the finest epicurean delights. Success for new business’ or products is dependent upon the wants’ and needs of the consumer; market research helps shape the design of a product for both consumer and developer.
Cuddle Fine Foods must create a successful marketing treated that includes both a target market, “a fairly homogeneous (similar) group of customers to whom a company wishes to appeal” (Perpetuate, Cannon, & McCarthy, 2011, p. 3) and a marketing mix, “the controllable variables the company puts together to satisfy the target group” (Perpetuate, Cannon, & McCarthy, 2011, p. 3). Their mix must include the “Four AS” (Perpetuate, Cannon, & McCarthy, 2011, p. 7) to be successful.
These include: researching the market to see if they are developing the right product for the right market; the channels of distribution with which they will et their product to the marketplace, the method of promoting the product to the target market and channels of distribution, and deciding the right price. Good future activities [Kettle & Keller, 2009]. The marketing research for Cuddle Fine Foods provided valuable quantitative and qualitative research regarding the target population. The marketing research also provided information regarding competition for this target population.
Having information on the competition lets the developer determine how to make their product exclusive or unique compared to similar reduces. Marketing research will also reveal similar businesses or products that have failed. Knowing why others fail allows developers an edge on not making the same mistakes. Kathy Cuddle understood that marketing strategy and tactics are a part of the idea of the product life cycle; “the idea of the product life cycle that monitors products in the market, intending to discover when products outlive their usefulness in the market” [weeklies].
In order to sustain market growth Cuddle Fine Foods must: Improve product quality, add new features, and improve styling Add efferent sizes and flavors Increase new distribution coverage, enter new distribution channels Lower prices to attract next layer of price sensitive buyers These are changes that must come in improvement, promotion, and distribution, a business can capture a dominant position; “it trades off maximum current profit for high market share and the hope of greater profits in the next stage” [Perpetuate, Cannon, & McCarthy, 2011, p. 313].
In order to understand consumers and other companies Cuddle Fine Foods has performed marketing research. The marketing research helps Cuddle Fine Foods covers the best ways to connect with customers to provide the products their customers will buy. Marketing research involves evaluating the current marketing being done for that product, or similar products that are created by the same company, and determining how well the campaigns are working (weeklies, website). In marketing research you must also evaluate the marketing techniques of your competitors.
Marketing research usually starts with a question such as; why are these products doing so well and these products are not? Marketing research is reformed to answer these types of questions and many more. Marketing research is something that a business needs to continue throughout its years of operation. Marketing allows an organization/business to get the word (out) on their product or service, increases its chances for revenue, increases an organization’s reputation, and it fosters competitive pricing in the industry.
Marketing helps an organization and an industry grow by encouraging research and the development of new ideas, goods, and services (Kettle & Keller, 2012). Without a successful marketing strategy, a equines will not be able to reach its potential customers. Kathy Cuddle reached her potential customers at an amazing pace; Cuddle Fine Foods broke even after nine months of opening its doors. Two years later they open a new store at a new location, three years later another new store in another location.
Kathy Cuddle was aware of the importance of competitive intelligence and analysis before opening Cuddle Fine Foods. In order to analyze economic forecasts for Cuddle Fine Foods it was imperative to perform competitive intelligence and analysis.. Competitive intelligence is a racketing tool used to track the profits and behaviors of other businesses in the same industry. Cuddle Fine Foods needs to be aware of market changes, with competitive intelligence, and analysis.
Cuddle’ will be aware of economic forecasting, marketing tactics of other businesses, and how to best set their own prices and products. Competitive intelligence will also pave the way for increasing stores as it did for Cuddle Fine Foods. Continued marketing research for Cuddle Fine Foods would be the survey they offer to their customers, this is called primary research. The survey should be updated to include the products sold and not Just the services the customers receive.
Primary research gives you direct contact with your clients, and because you design the survey you get information specific to your needs. Competitive intelligence and analysis marketing strategies will continue to be utilized to forecast economic trends, and keep up with strategic marketing of like businesses. Competitive intelligence and analysis will provide information on how much to spend on market expansion. Competitive intelligence ND analysis also helps business owners perform necessary risk management.