MARK3001 Lecture 11 Outline of Last Lecture I Product a Definition II Service a Definition 1 b Definition 2 c Services are i Intangible ii Inseparable iii Perishable iv Heterogeneous III Key dimensions of service quality a How consumers view quality i Reliability ii Responsiveness iii Assurance iv Empathy v Tangibles IV Adjusting the marketing mix a Basic marketing mix 4 P s is expanded b Expanded 4 P s of marketing i Processes Physical Evidence and People ii People 1 Explanation 2 Example iii Physical Evidence 1 Definition 2 Serviscape iv Processes 1 Definition c The 4 Basic P s i Product ii Place iii Price iv Promotion These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute Interactive imagery Outline of Current Lecture I Product Issues a Types of products b Branding of products c Packaging of products d Number of products e How are new products developed and managed II Types of consumer products a Classified by b Types of products i Convenience ii Shopping iii Specialty iv Unsought III Branding a Brand definition b Brand Name definition example i Lanham Act c Brand Mark definition example d Global Brand definition e Brand Equity definition i The true meaning ii Top brands f Brand Love definition i Lovemarks ii Example g What a brand really is i A shortcut in buying ii A promise Current Lecture IV V Product Issues a Types of products b Branding of products c Packaging of products d Number of products e How are new products developed and managed Types of consumer products a Classified by search process b Type is not inherent to the product category c Types of products convenience shopping specialty unsought i ii iii iv VI Convenience merits little shopping Shopping will compare several options Specialty will go out of the way to get Unsought unaware or unwanted Branding a Brand identification of the seller s product of who made the product b Brand Name part that can be spoken ex Nike i A company has to protect its brand name so that it doesn t become used generically ii Lanham Act allows brands to protect their colors logo and name from being used without their permission c Brand Mark part that cannot be spoken ex Nike swoosh symbol d Global Brand a brand where at least 33 of the product is sold outside of its home country e Brand Equity the value of a company brand name i True meaning the extra value that the brand name brings to the company ii Top brands as researched and reported by Interbrand 1 Apple 98 billion 2 Google 93 billion 3 Coca Cola 80 billion 4 IBM 78 billion 5 Microsoft 59 billion f Brand Love loyalty beyond reason i Lovemarks we say we actually love the company ii Ex Chick fil a people dress up on cow day like cows and go to chick fil a because they love it that much g What a brand really is i A shortcut in buying It reduces the time spent by the consumer choosing which product to buy and reduces the level of risk if the consumer is familiar with the brand ii A promise A brand is a promise of performance and quality The promise is created by the company as well as by other customers