Learning objectives
Explain the four elements of the marketing mix — product, price, promotion and place — and why they must be consistent with one another.
Distinguish goods from services and the tangible features of a product from intangible ones such as image, and explain why firms keep developing products.
Explain product differentiation and the value of a unique selling point (USP).
Analyse the stages of the product life cycle and evaluate extension strategies for a product in maturity.
Apply the Boston Matrix (stars, cash cows, question marks and dogs) to a product portfolio and assess how portfolio analysis informs marketing decisions.
Continue with a revision plan
These learning objectives are available to everyone. Sign in with an eligible plan to read the full note and worked examples.