14.09  Elements of Marketing of Mix

. Elements of Marketing of Mix Markeng Mix PRODUCT Channel Inventory Distribuon Logiscs List Price Discount Terms & Condions Adversment Promoon Sales Force Packaging Future Brand Service Innovaon Style & Image PROMOTION PLACE PRICE Let us discuss these elements of marketing mix in detail. i. Product Product is the main element of marketing. Without a product, there can be no marketing. ii. Price Price is the value of a product expressed in monetary terms. It is the amount charged for the product. iii. Place (Physical Distribution) An excellent quality product, with a competitive price structure, backed up by efficient promotional activities, will be a waste if it is not moved from the place of production to the place of consumption at an appropriate time. The fourth element of product mix, namely place or physical distribution facilitates the movement of products from the place of manufacture to the place of consumption at the right time. iv. Promotion An excellent product with competitive price cannot achieve a desired success and acceptance in market, unless and until its special features and benefits are conveyed effectively to the potential consumers. I N TERNET