Identify the element not belonging to price mix :

Advertising

The correct answer is option (3) : Advertising

The element that does not belong to the price mix is:

3. Advertising

The price mix typically includes factors like margins, price level, and pricing policy, which are directly related to the determination of the price of a product or service. Advertising, while important in marketing, is not a component of the price mix; it's more closely associated with the promotional mix, which includes activities to promote and communicate the product or service to the target market.