Written by Miles Media on May 7, Posted in Small Business Marketing. Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
Please assist with the following so that I can complete the assignment: Kudler is interested in expanding its service offering to add a catering service in addition to the in-store parties that it currently offers.
Specifically, do the following: Assess the relative value of the three pieces of market research. Explain how Kudler should determine the products it wants to offer. Explain how Kudler should determine what its pricing should be relative to other catering companies.
In terms of a catering service, explain what the term place means. Explain how Kudler might go about promoting the catering service. If Kudler does decide to go with a catering service, explain how this decision will mesh with its decision to use local organic growers.
Larry Prusak, Executive Director - The Institute for Knowledge Management A successful organization constantly redefines their methods of creativity and problem solving. For any high performance organization, knowledge management is the central pillar in its strategic plans.
For this Marketing research plays an important role in collecting and interpreting the market information relevant to the organization. Research is the search for and retrieval of existing, or discovery of new, information for a specific purpose.
Research has many categories, from medical research to literary research. Marketing research also called consumer research is a form of business research.
It is a form of applied sociology, which concentrates on understanding the behaviours, whims and preferences, of consumers in a market-based economy. Hence marketing research is an important prerequisite to develop the marketing strategy of an Organization.
Forecasting and business trend research It will help in knowing the growth rate of the food industry.
It is mainly secondary research as past data has to be gathered to find out the previous trends. Market share and market potential Market Share: The share of existing players in the industry.
It will be known by secondary research primarily by industry reports, annual report and trade magazines. The phrase for a given environment is crucial in the concept of marketing potential.
It will be done on the basis of secondary sources such as economic data of the country. Segmentation and marketing mix research The marketing mix approach to marketing is one model of creating and implementing marketing strategies.
It stresses the "mixing" of various decision factors in such a way that both organizational and consumer objectives are attained. The most common variables used in constructing a marketing mix are price, promotion, product and distribution also called placement.
Segmentation involves classifying the market on various parameters such as flavor, age, region etc. It will be mix of both primary and secondary research.
The primary research has to be carried out to know the customer attitude, tastes and needs. Various trade journals, industry reports should also be referred as secondary source. Image and market characteristic research It has to be mix of both primary and secondary. Primary research is to be done to know the customer perception about the image of the company and the nature of market competition.
Our Marketing mix will be based on our vision and strategic objectives: Providing customers innovative solutions byAs part of the marketing mix, promotion includes all activities that involve communicating with the customer about the product and its benefits and features.
Once a company has worked on the product and price elements, it is time to start a conversation with the consumer about the product. This includes raising awareness through different mediums to increase sales, as well as to create and.
Product is the service or good desired by a target group of consumers, price is the cost of the product to a customer, place is how the product is transferred to the customer, promotion is how the customer and the seller communicate about the product.4/4(1).
In this article we will look at 1) role of promotion in the marketing mix, 2) objectives of promotional activities, 3) major targets of promotional campaigns, 4) the promotional mix, 5) types of promotional strategies, 6) managing promotion through the product life cycle, and 7) an example of the promotion mix .
University of Phoenix Online Kudler Fine Foods adding on a catering service Kudler Fine Foods is looking to expand into the catering business.
How will they need to understand their marketing mix of product, place, price and promotion? Will the new service of catering need to provide an adequate pricing structure so that it will be able to. Jun 22, · Kudler Fine Food. mix by Kudler Fine Foods.
I will begin by assessing the relative value of the two pieces of market research. I will then explain the components of the marketing mix for Kudler’s new catering service. At Kudler Fine Foods (KFF), the marketing mix of product, price, place and promotion has the capability of creating new opportunities for the new catering service they .