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components transportation, warehousing, inventory management.
8. Promotion refers to all such activities which intend to inform customers about the product.
9. Elements of promotion mix include advertising, personal selling, sales promotion and
publicity.
10. Factors affecting price determination are product cost, utility and demand for the product,
extent of competition in the market, government and legal regulations, pricing, objectives,
marketing methods used, terms of credit, etc. r
11. Pricing is important as it is key to revenue, attract customers, provide edge over in
competition and is crucial to profits.
12. Methods used for pricing are cost plus pricing method, variable price method, base price
and discount method, market rate method, skimming price method, penetrating pricing
method.