Logistic management is the process of putting 'right product', in 'right quantity' at 'right place' at 'right-time' with 'right-cost'. Elaborate the statement.

According to the Phillips Kotler "Market logistic involves planning, implementing and controlling the physical flow of materials and final goods from the point of origin to the point of use to meet customer's requirements. The Right Product: Product is rightly redefined as the soul of whole international marketing offer and heart of marketing mix. Customer, be it in domestic market or international, always want a product which fulfils his needs, wants, desire and demand. The Right Quantity: Right quantity of goods is an important element and is aimed at balancing the inventory of the firm in logistics operations. Right quantity helps to determine the desired level of inventory for servicing international markets and is particularly more relevant in cases of retail outlets where, the quantity needed is determined by the amount, the customer picks-up on daily basis. The Right Place: The logistics help the firm to place the product where it is needed by customer or can be of use by him as and when require. Trade logistics system is important in creating the time and place utilities for any internationally engaged firm and help to balance the demand and supply of goods and services, thus minimizing the working capital requirements, pruning down the excess stock and associated costs. The Right Time: Delivery of goods at right time create time utilities thus promote sales in international markets. If a customer expects a delivery of product at a certain time, logistics team of an internationally engaged firm should ensure to deliver the cargo exactly on the expected schedule date and time. The logistics functions integrate the management actions on logistical inputs through various stages of logistics including sub-system elements with the objective of managing the orderly movement of material, money, machine and man within the logistics system so as to ensure the supply of goods and services (logistical outputs) to end user in an effective and efficient manner at the right time, right price and right condition.