Marketing mix is more than just a set of tools. It is a carefully selected combination of the four P's that work together to produce a marketing strategy: product, price, place and promotion. It is the set of decisions that needs to be made by marketers in order to achieve their marketing objectives. Product: The first P in the Mix, product refers to what you are selling and how it is packaged. Price: The second P in the Mix, price refers to how much your product costs. Place: The third P in the Mix, place refers to where you are selling your products or services. Promotion: The fourth P in the Mix, promotion refers to how you promote your products or services.