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.

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".

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

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) 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.

(i) Barter System : The goods are exchanged against goods, without any other   medium of exchange, like money.
(ii) Production Orientation : This was a stage where producers, instead of       being concerned with the consumer preferences, concentrated on the mass production of goods for the purpose of profit.
(iii) Sales Orientation : The stage witnessed major changes in all the spheres of economic life. The selling became the dominant factor, without any efforts for the satisfaction of the consumer needs.
(iv) Marketing Orientation : Customer's importance was realised but only as a means of disposing of goods produced. Competition became more stiff.
(v) Consumer Orientation : Under this stage only such products are brought forward to the markets which are capable of satisfying the tastes, preferences and expectations of the consumers-consumer satisfaction.
(vi) Management Orientation: The marketing function assumes a managerial role to co-ordinate all interactions of business activities with the objective of planning, promoting and distributing and services to the present and potential customers.

Product
Reason : Product is the main element of marketing. Other three are facilitating functions of marketing.

packing
Reason : Packing means wrapping and crating of goods before distribution. Other three are elements of marketing of mix.

Transport
Reason :Transport means carrying of goods, materials and men from one place to another. Other three are types of warehouses.

Both (A) and (R) are true and (R) is the correct explanation of (A)

Both (A) and (R) are true and (R) is the correct explanation of (A)