The variables that are discussed in the question are as follows:

(i) Product: Product refers to anything of value that is offered to the market for sale. Product mix deals with all decisions related to product such as decisions related to features, quality, size and brand, packaging, labelling of the product. The concept of product also include the extended product or what is offered to the customers by way of after sale services, handling complaints, availability of spare parts etc. "Their products include chips, biscuits, sweets and squashes".

(ii) Price: Price is the amount of money, which the customers have to pay to the seller in lieu of the product or service provided. Price mix refers to important decision relating to the price charged for a product, service or idea like objectives of price setting, factors, discount policy, credit terms, etc.

"It charges a comparatively higher price than its competitors...".

                                           OR

"It offers regular discounts to its customers and easy credit terms to its retailers."

(iii) Place/Physical Distribution: Place or physical distribution mix includes activities that are involved in transferring the ownership to customers and to make the product available at the right place at the right time. It involves decision regarding modes of transportation, channels of distribution and inventory maintenance. "It has five of its own retail ships".

                                        OR

"It also sells its products through various grocery stores"

(iv) Promotion: This element deals with informing and persuading the customers regarding the products. Promotion mix refers to the decisions relating to persuading customers to buy the product. Advertising, personal selling, sales promotion and public relation are different tools of promotion.

"It regularly uses different communication tools to increase its sales."