What you’ll learn6 learning objectivesChoose one objective for a focused lesson, or study the complete topic.3.3.1Marketing mix elements• The elements of the marketing mix (the 4Ps)- the 4Ps: Product, Price, Promotion, Place (distribution channels)Syllabus objective3.3.2Product• Product- the difference between goods and services- tangible and intangible attributes of products- the importance of product development- product differentiation and unique selling point (USP)Syllabus objective3.3.3Product portfolio analysis• Product portfolio analysis- product life cycle and decisions about extension strategies- Boston Matrix analysis and its uses- impact of product portfolio analysis on marketing decisionsSyllabus objective3.3.4Pricing methods• Pricing methods- objectives and usefulness of different pricing methods: competitive, penetration, skimming, price discrimination, dynamic, cost-based and psychologicalSyllabus objective3.3.5Promotion methods• Promotion methods- the objectives and usefulness of different promotion methods- advertising promotion- sales promotion- direct promotion- developments in digital promotion- the role of packaging in promotion- the role of branding in promotionSyllabus objective3.3.6Place and distribution• Place (channels of distribution)- the objectives and usefulness of different channels of distribution- digital and physical distributionSyllabus objective