MARK3001 Lecture 11 Outline of Last Lecture I. Product:a. DefinitionII. Service:a. Definition 1b. Definition 2c. Services are…i. Intangibleii. Inseparableiii. Perishableiv. HeterogeneousIII. Key dimensions of service qualitya. How consumers view quality:i. Reliability ii. Responsiveness iii. Assurance iv. Empathy v. Tangibles IV. Adjusting the marketing mixa. Basic marketing mix (4 P’s) is expandedb. Expanded 4 P’s of marketingi. Processes, Physical Evidence, and Peopleii. People:1. Explanation2. Exampleiii. Physical Evidence: 1. Definition2. “Serviscape”iv. Processes:1. Definitionc. The 4 Basic P’si. 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 imageryOutline of Current Lecture I. Product Issuesa. Types of productsb. Branding of productsc. Packaging of productsd. Number of productse. How are new products developed and managed?II. Types of consumer productsa. Classified by…b. Types of products: i. Convenienceii. Shopping iii. Specialty iv. UnsoughtIII. Brandinga. Brand: definitionb. Brand Name: definition (example)i. Lanham Actc. Brand Mark: definition (example)d. Global Brand: definitione. Brand Equity: definitioni. The true meaning ii. Top brandsf. Brand Love: definitioni. Lovemarksii. Exampleg. What a brand really is:i. A shortcut in buying. ii. A promise. Current LectureIV. Product Issuesa. Types of productsb. Branding of productsc. Packaging of productsd. Number of productse. How are new products developed and managed?V. Types of consumer productsa. Classified by search processb. Type is not inherent to the product categoryc. Types of products: convenience, shopping, specialty, unsoughti. Convenience – merits little shoppingii. Shopping – will compare several optionsiii. Specialty – will go out of the way to getiv. Unsought – unaware or unwantedVI. Brandinga. 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 genericallyii. Lanham Act allows brands to protect their colors, logo, and name from being used without their permissionc. 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 countrye. Brand Equity: the value of a company/brand namei. True meaning – the extra value that the brand name brings to the companyii. Top brands (as researched and reported by Interbrand):1. Apple - $98 billion2. Google - $93 billion3. Coca-Cola - $80 billion4. IBM - $78 billion5. Microsoft - $59 billionf. Brand Love: loyalty beyond reasoni. Lovemarks: we say we actually love the companyii. 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 brandii. A promise. A brand is a promise of performance and quality. The promise is created by the company as well as by other