Market Research Because Expansion Is Research Paper

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Currently, Kudler has an Asian specialty produce department and a European-style bakery at all of its stores. After reviewing demographic data, Kudler may discover that a location under consideration has a large ethnic population and can use this information to revise the products it stocks to cater to unique ethnic food preferences in the community which may not necessarily be Asian or European.

In Kudler Fine Food's current situation, it already has three successful locations, La JaJolla, DelMar and Encinitas. In addition to looking at completely new tows, Kudler ought to explore whether or not these existing locations can support another gourmet food shop. It needs to consider the demand at its current stores and the potential demand of the entire town, once again based on demographics and competitive analysis. It may be possible to operate a new store in the same town without taking market share away from the existing location.

With demographic and competitive intelligence and analysis, Kudler Fine Foods is well on its way to understanding whether or not a location is desirable. Even so, the gourmet food chain should try to develop an even greater understanding at the customer level by understanding unique psychographics and buying behavior. This can be accomplished through local customer surveys and focus groups to gather information such as their lifestyles, shopping habits, food preferences and price sensitivities.

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This information will be invaluable in formulating the right product lines and services, prices and promotions for its anticipated shoppers. Kudler Fine Foods may find that it needs to fine tune its hours of operations, its access to parking or its promotions techniques for the unique community it is trying to serve. For example, a certain community may prefer to sample wine during the evening as opposed to Saturday morning or a community with a large number of working mothers may require later hours of operation than Kudler's current 6:00 closing time.

In summary, every town is a local market that has its own unique demographic characteristics and a different mix of competitors. Likewise, there is no one single voice of the customer. Customer voices are diverse across geographic locations. In consumer markets, there are a variety of different needs. Market research and analysis of demographic, competitive and customer data is necessary to understand all of these differences. While presenting greater upfront investment costs, market research will ultimately lead to greater sales and profits for Kudler Fine….....

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