Final answer:
The 4 Ps of the marketing mix are Product, Price, Promotion, and Place, which are used to meet the target market's needs while positioning the business effectively.
Step-by-step explanation:
The 4 Ps that are part of the marketing mix are considered essential strategies for effective marketing. They include Product, Price, Promotion, and Place. Businesses use these strategies to meet the needs and desires of their target market as efficiently and effectively as possible. The Product strategy involves decisions about the goods or services offered to customers, including design, features, and quality. The Price strategy encompasses the cost that customers will pay for the product, which can influence the product's perceived value and competitive positioning. Promotion covers various ways to inform and persuade customers about the product, including advertising, sales promotions, and public relations. Lastly, Place or distribution includes the channels and locations where the product is made available to the consumer, impacting convenience and availability.