SRCL marketing key terms

These are the key terms of the marketing section of the specification for the SRCL business functions paper.

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Business Revision ­ Marketing
Marketing Objectives: there are 4 types of marketing objectives:
Product differentiation .
Growth objectives.
Continuity objectives.
Innovation Objectives.
Examples of typical marketing objectives:
Target a new market.
Increase market share.
Improve customer perception of a product range.
Maintain market share.
Reposition a brand.
Market Analysis.
Customer orientation ­ is where a company organises products or services
around the needs and requirement of its customers.
Product orientation ­ Product orientation is where the main focus is the
product and not the market. A product is made so that it meets its own needs
and not that of the markets, the needs of the customers are secondary to that of
the products. A good example could be the buggati veyron, it was only created to
prove it could be done and the market is so small that looking at that is irrelevant.
Market segmentation ­is the process of dividing up a total market into
subgroups with similar characteristics such as ethnicity or gender.
Market share Market share is the percentage or proportion of the total
available market or market segment that is being serviced by a company.
It can be expressed as a company's sales revenue (from that market) divided by
the total sales revenue available in that market.
Market growth In general, when a company says there is "strong market
growth", they mean that the overall demand for the product they are selling has
increased.
Marketing Strategy.
Marketing Mix.
Product:
Price: SRCL has always competed on quality as opposed to price.
Place

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Channels of distribution.
Short channel routes ­ These are routes where the supplier reaches the
consumer either directly or through a retailer.
Long channel routes ­ These are routes where there is an intermediary
between the producer and the eventual consumers.
Promotion:
Direct marketing.
Public relations.
Sales Promotions.
Advertising.
Sponsorship.
Above the line promotion is advertising techniques using mass media to
promote brands such as TV or radio advertising.
Below the line methods of promotion are unconventional brand building
strategies such as direct mail.…read more

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