The marketing mix's 4Ps form the backbone of marketing strategy. Product refers to what you're selling. Price is how much you charge. Place is where and how customers can buy it. Promotion is how you communicate with customers.
For example, a premium coffee brand uses high-quality beans (Product), charges premium prices (Price), sells only at select locations (Place), and runs social media campaigns (Promotion).
The right combination of these four elements determines a product's success in the market. Modern marketers have expanded this to 7Ps by adding People, Process, and Physical Evidence.