The element of marketing mix in which set of firms and individuals create possession, place, and time utility and helps in market offerings is Distribution.

Distribution, also known as Place in the marketing mix, refers to the activities undertaken to make products or services available to customers. It involves functions that ensure the right products are in the right place, at the right time, and in the right quantities to meet customer demand. Distribution plays a crucial role in creating possession, place, and time utility, which are essential in delivering value to customers.

Functions performed by the Distribution element of the marketing mix:

1. Channel Selection: Distribution involves selecting the appropriate channels of distribution through which products will reach the end consumers. This includes deciding whether to use direct or indirect distribution channels, such as wholesalers, retailers, or online platforms.

2. Inventory Management: Managing inventory levels is a key function of distribution. It ensures that products are available when and where they are needed, while also minimizing the risk of excess inventory or stockouts. Efficient inventory management reduces costs and improves customer satisfaction.

3. Order Processing: Distribution includes order processing activities such as receiving, verifying, and fulfilling customer orders. This function ensures that orders are accurately processed, products are shipped on time, and customers receive the correct items and quantities.

4. Transportation: The transportation function involves the physical movement of products from the production facilities to the distribution centers and ultimately to the customers. It includes selecting the appropriate mode of transportation, optimizing transportation routes, and managing logistics to ensure timely and cost-effective delivery.

5. Warehousing and Storage: Distribution includes the management of warehouses and storage facilities where products are stored before being distributed to customers. This function involves organizing and maintaining inventory, ensuring proper storage conditions, and facilitating efficient order picking and packing processes.

Conclusion:

Distribution is a crucial element of the marketing mix that enables firms and individuals to create possession, place, and time utility. It encompasses functions such as channel selection, inventory management, order processing, transportation, and warehousing. By effectively managing these functions, businesses can ensure that their products reach the right customers, at the right place, and at the right time, thus enhancing customer satisfaction and maximizing sales.