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The four components of the marketing mix, commonly referred to as the 4 P's, are Product, Price, Place, and Promotion.

Product refers to the goods or services that a company offers to meet the needs of its customers. This encompasses the design, features, branding, and quality of the product.

Price involves the strategy behind how a product is priced. It includes considerations of pricing strategies, discounts, and payment terms, which affect demand and profitability.

Place pertains to the distribution channels used to deliver the product to consumers. This encompasses the locations and methods of making the product available to the target market.

Promotion encompasses all the activities that communicate the product's benefits and features to the target market. This includes advertising, sales promotions, public relations, and personal selling efforts to raise awareness and stimulate demand.

Together, these four components provide a comprehensive framework for businesses to create effective marketing strategies that meet customer needs and achieve desired business objectives.