According to Philip Kotler, "Price is the amount of money charged for a product or service, or the sum of the values that consumers exchange for the benefits of having or using the product or service

According to WI. Stanton, "Marketing is a total system of business activities designed to plan, price, promote and distribute want-satisfying goods and services to present and potential customers

"A product is anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or a need'', says Philip Kotler.

(i) Marketing objectives
(ii) Marketing mix strategy
(iii) Costs

According to Jerome Mc. Carthy, "Marketing mix is a pack of four sets of variables namely product variable, price variable, promotion variable and place variable".

Marketing mix refers to two things:
(i) A list of important elements or ingredients that make up the marketing programme and
(ii) The list of forces having bearing on marketing operations.
Elements of marketing of mix :
(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.

Factors affecting price of the product/service.
(a) Internal Factors:
(i) Marketing objectives
(ii) Marketing Mix strategy
(iii) Organisational considerations
(iv) Costs
(v) Organisation objectives
(b) External Factors:
(vi) The market and demand
(vii) Competition
(viii) Customers
(ix) Suppliers
(x) Legal factors
(xi) Regulatory factors

Marketing Concepts:
(i) What I can sell?
    Make what you can sell, but do not try to sell what you can make.
(ii) Shall I first create Products?
     No, first create a customer, Then Create Products.
(iii) Shall I love my Products?
      No, love your customers and not the Products.
(iv) Who is Supreme in Markets?
      Customer is Supreme or King.
(v) Who will shape my Decisions?
      Customer's preferences shape your decisions.

The following are the objectives of marketing :
(i) Intelligent and capable application of modern marketing policies.
(ii) To develop the marketing field.
(iii) To develop guiding policies and their implementation for a good result.
(iv) To suggest solutions by studying the problems relating to marketing.
(v) To find sources for further information concerning the market problems.
(vi) To revive existing marketing function, if shortcomings are found.

(i) These are the functions which help or facilitate in the transfer of goods and services from the producer to the consumer.
(i) They are not directly connected with the transfer of goods, under this category the following functions are included.
(i) Financing:
a. Long-term finance
b. Medium term finance
c. Short- term finance
(ii) Risk bearing:
a. Time risk
b. Place risk
c. Competition risk
d. Risk of change in demand
e. Risk arising from natural calamities
f. Human risks
g. Political risks
(iii) Market Information:
According to Clark and Clark market information means "all the facts, estimates, opinions and other information used in marketing of goods".
(iv) Standardization:
Standardization means establishment of certain standards based on intrinsic qualities of a commodity.
The quality may be determined on the basis of various factors like size, colors, taste, appearance, etc.
(v) Grading:
Grading means classifications of standardised products in to certain well defined classes.
(vi) Branding:
Branding means giving a name or symbol to a product in order to differentiate it from competitive products.
(vii) Packing:
Packing means wrapping and crating of goods before distribution.
Goods are packed in packages or containers in order to protect them against breakage, leakage, spoilage and damage of any kind.
(viii) Pricing :
Pricing is perhaps the most important decision taken by a businessman. It is the decision upon which the success or failure of an enterprise depends to a large extent.
Therefore, price must be determined only after taking all the relevant factors into consideration.

There are two important functions under this classification:
(i) Transportation
(ii) Storage and warehousing
(i) Transportation:
a) Transport means carrying of goods, materials and men from one place to another.
b) It plays an important role in the marketing. It creates place utility by moving goods from the place where they are available in plenty, to places where they are needed.
c) Various types of transport are used for carrying goods like a. Land transport, b. Water transport and c. Air transport.
d) Innovation, Representation, Decision-making, and Communication are the subsidiary functions of management. 
(ii) Storage and Warehousing:
a. Storage:
i) Storage is another function of marketing process and it involves the holding and preservation of goods from the time they are produced to the time they are consumed.
ii) Generally, there is a time gap between the production and consumptiop of goods.
iii) Therefore, there is need for storing so as to make the goods available to the consumers and when they are required
b. Warehousing:
Warehouses create time utility by storing the goods throughout the year and releasing them as and when they are needed. Several types of warehouses are used for storage of goods, which are as follows:
(i) Private warehouses
(ii) Public warehouses
(iii) Bonded warehouses

(i) Warehouses create time utility by storing the goods throughout the year and releasing them as and when they are needed.
(ii) Several types of warehouses are used for storage of goods, which are as follows.
(iii) (1) Private warehouses,
(2) Public warehouses and
(3) Bonded warehouses.
(iv) Depending on your requirements of space and goods you can get your warehouses.
(v) Warehouses helps in storing of goods in a proper place for the time between production and consumption.

(a) To the Society:
(i) Marketing is a connecting link between the consumer and the producer.
(ii) Marketing helps in increasing the living standard of people.
(ii) Marketing helps to increase the nation's income.
(iv) Marketing process increases employment opportunities.
(v) Marketing creates modern cultivators.
(vi) Marketing removes the imbalances of supply by transferring the surplus to deficit areas, through better transport facilities.
(vii) Marketing helps to maintain economic stability and rapid development in underdeveloped or developing countries.
(viii) Marketing includes all activities in the creation of utilities- form, place, time and possession.
(ix) A reduction in the cost of marketing is a direct benefit to society.
(x) Marketing adds value of goods by changing their ownership and by changing their time and place of consumption.
(b) To the individual firms:
(i) Marketing generates revenue to firms.
(iii) Marketing section of a firm is the source of information to the top management for taking overall decisions on production.
(iii) Marketing and innovations are the two basic functions of all businesses, the world is dynamic.
(iv) Marketing facilities the development of business and creates employment opportunities for people.