The correct answer is option 1- (A)-(I), (B)-(II), (C)-(III), (D)-(IV).
List-I
'P's of marketing mix
|
List-II
Elements/Factors
|
| A. Product Mix |
I. Labelling |
| B. Promotion Mix |
II. Public relations |
| C. Physical distribution mix |
III. Order processing |
| D. Price Mix |
IV. The utility and demand |
(A) Product mix- (I) Labelling.
Labelling- A simple looking but important task in the marketing of goods relates to designing the label to be put on the package. The label may vary from a simple tag attached to the product (such as in case of local unbranded products like sugar, wheat, pulses, etc.) indicating some information about the quality or price, to complex graphics that are part of the package, like the ones on branded products. Labels are useful in providing detailed information about the product, its contents, method of use, etc. It is an important function of labeling to provide information required by law.
(B) Promotion mix- (II) Public relations.
Public Relations (PR) involves a variety of programs and activities designed to maintain and enhance the company's image and the perception of its products or services in the eyes of the public. PR efforts might include press releases, sponsorships, events, media relations, and other strategies aimed at creating a positive public image and fostering good relationships with stakeholders.
(C) Physical distribution mix (III) Order processing.
Physical Distribution: There are two important decisions relating to this aspect one regarding physical movement of goods and two, regarding the channels. Physical Distribution covers all the activities required to physically move goods from manufacturers to the customers. The main component of physical distribution are (i) Order Processing; (ii) Transportation; (iii) Warehousing; and (iv). Inventory Control: Just-in-Time-Inventory.
(D) Price mix- (IV) The utility and demand.
The Utility and Demand: While the product costs set the lower limits of the price, the utility provided by the product and the intensity of demand of the buyer sets the upper limit of price, which a buyer would be prepared to pay. In fact the price must reflect the interest of both the parties to the transaction—the buyer and the seller. The buyer may be ready to pay up to the point where the utility from the product is at least equal to the sacrifice made in terms of the price paid. The seller would, however, try to at least cover the costs. According to the law of demand, consumers usually purchase more units at a low price than at a high price. |
