The topic being researched is how Kudler Fine Foods can improve the success of the business by preparing for possible competition, and streamlining expansion procedures. The sources used are the Kudler Fine Foods Strategic Plan, and The University of Phoenix online databases. Findings suggest that implementing a research and market analysis plan, as well as an effective risk management plan will ensure successful expansion and growth of Kudler Fine Foods. A risk management plan and market analysis of new locations, will allow Kudler to acknowledge potential problems and pre pare for them. The following is a problem statement explaining what is currently wrong with Kudlers plans on expansion, and how they can improve these
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Management should also look to see where people are purchasing food in the community and what types of food and products are selling at the local grocery. If there are gourmet products selling out of the supermarket than that is a factor that needs to be accounted for. Once the market research is done Kudlers management can the focus on a risk management plan. Before a risk management plan can be established they must know what risk are out there and the market analysis and research will help the company determine what risk and challenges they face. Risk management is a part of a basic business plan, I see where threats are outlined in the strategic plan but there are no alternative plans to minimize each threat nor are there any plans for how to be competitive should a competitor arise. Kudler only considers other gourmet shops as competition they should also consider, grocery stores that sell gourmet foods a competitor. Then they should focus on how to maintain their existing book of business. If Kudler developed their website so customers could place orders online that would give them a way to expand while working on the risk management plans and the online based business would also help with the market research. A high concentration of orders coming from a specific location may be an indicator used to determine where to open a new store.