Royal Danish Bearings Marketing Key Terms

Royal Danish Bearings Marketing Key Terms phone line and Management Keyword Definition Relation to RDB Market Size The number of individuals in a certain commercialise who atomic number 18 potential buyers and/or sellers of a product or service. Companies are interested in knowing the marketplace size before launching a new product or service in an area. The crank bearings industry has a quite fully grown market size given the development of the automobile industry. Market bundle A percentage of total sales volume in a market captured by a injury, product, or company. RDBs market theatrical role in the business is quite large, justifying its great expansion and organic growth. Consumer needfully Problems that customers intend to solve with the purchase of a dear or service. verificatory consumers need automobiles, however automobile factories require ball bearings, resulting in RDBs business opportunity. Unique Selling Point Real or comprehend benefit of a good or service that differentiates it from the competing injurys and gives its buyer a logical reason to prefer it over other brands.USP is often a critical component of a promotional theme around which an advertize campaign is built. RDBs USP is its highly technologically advanced ball bearings, which are also environmentally comradely. Competitive Advantage A superiority gained by an organization when it can provide the same value as its competitors precisely at a lower price, or can charge higher(prenominal) prices by providing greater value through with(predicate) differentiation. Competitive advantage results from twinned 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 enquiry and Development department. Brand Loyalty The extent of the faithfulness of consumers to a exceptional brand, expressed through their repeat purchases, irrespective of the marketing pressure gene rated by the competing brands. Given logical 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 capacity to purchase it.The sum total quantity of a product or service estimated to be bought at a particular price. RDBs ball bearing demand is lessen in Europe, however increasing in Brazil, China and India. Marketing The focusing process through which goods and services move from concept to the customer. It includes the 4Ps Product, Price, Place and Promotion. RDB plans to wave their marketing reach with the use of modern and technologically advanced media, in order to reach new customers and create brand cognizance. Advertising The drill or profession of producing information for promoting the sale of commercial products or services. RDB is soon promoting their sales throughout their plans to expand into different countries with smaller environment ally friendly factories. Promotion The advancement of a product, idea, or point of view through publicity and/or advertising. RDB plans to advertise in a greater scale. ICT Stands for study and Communication Technologies. ICT refers to technologies that provide access to information through telecommunications. It is similar to teaching Technology (IT), but focuses primarily on communication technologies. This includes the Internet, wireless networks, cubicle 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. verbalised 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 cr eate brand 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.