Royal Danish Bearings Marketing Key Terms

Royal Danish Bearings foodstuffing Key Terms Business and Management Keyword Definition Relation to RDB Market Size The number of individuals in a certain market who ar authorisation buyers and/or sellers of a harvesting or service. Companies are interested in knowing the market coat before launching a natural product or service in an area. The ball bearings industry has a quite large market size given the development of the automobile industry. Market Share A percentage of total sales book of account in a market captured by a notice, product, or company. RDBs market share in the business is quite large, justifying its great expansion and organic growth. Consumer Needs Problems that customers intend to solve with the purchase of a total or service. Indirect consumers need automobiles, however automobile factories require ball bearings, resulting in RDBs business opportunity. Unique Selling Point Real or perceived benefit of a good or service that differentiates it fro m the competing brands and gives its buyer a logical reason to prefer it over other brands.USP is a great deal a critical component of a promotional theme around which an advertising campaign is built. RDBs USP is its amplyly technologically advanced ball bearings, which are also environmentally friendly. Competitive Advantage A superiority gained by an organization when it can provide the same value as its competitors but at a lower price, or can charge higher prices by providing greater value through and through differentiation. Competitive advantage results from matching core competencies to the opportunities. RDBs competitive advantage is that they are an already globally known company and they are about to invest in their Research and Development department. Brand faithfulness The extent of the faithfulness of consumers to a particular brand, expressed through their repeat purchases, irrespective of the marketing blackmail generated by the competing brands. Given logica l assumptions, automobile factories and companies remain loyal to RDBs ball bearings, given their high quality product. Demand Desire for certain good or service supported by the contentedness to purchase it.The aggregate quantity of a product or service estimated to be bought at a particular price. RDBs ball bearing demand is decreasing in Europe, however increasing in Brazil, China and India. Marketing The management process through which goods and services move from concept to the customer. It includes the 4Ps Product, Price, Place and Promotion. RDB plans to stretch out their marketing reach with the use of modern and technologically advanced media, in order to reach new customers and arrive at brand awareness. Advertising The activity or profession of producing information for promoting the sale of commercial products or services. RDB is before long promoting their sales throughout their plans to expand into different countries with smaller environmentally friendly fac tories. Promotion The promotional material of a product, idea, or point of view through publicity and/or advertising. RDB plans to advertise in a greater scale. ICT Stands for Information and Communication Technologies. ICT refers to technologies that provide access to information through telecommunications. It is similar to Information engineering (IT), but focuses primarily on communication technologies. This includes the Internet, wireless networks, cell phones, and other communication mediums. This company is currently planning to establish a higher range of their information and communications technologies given that they require a higher advertising range. Brand Awareness Extent to which a brand is recognized by potential customers, and is correctly associated with a particular product. Expressed usually as a percentage of target market, brand awareness is the primary goal of advertising in the early months or years of a products introduction. RDB has managed to create br and awareness, given that they have been in the market for quite a while. They are old occupants of the market niche and their brand awareness is high.