Understanding the meaning of the 4P's is just about the most important thing you can accomplish in your entire marketing program. The use of the 4P's is a part of most marketing decisions "on the street". 

• the physical features of the product, or the intangible aspects of the service
• covers things you do to make the product more attractive to buy

• decisions about where to sell the product
• or concerns about where the customers are, and how to get to them
• also includes the "channel of distribution" - meaning, all the different middlemen you use to get the product out to the customer

• telling the customer about the product
• promotion is typically sub-divided into
• Mass Selling
• Advertising - which you pay for
• Publicity - which is free
• Sales Promotion
• stuff you do in the store to get the customer to try the product
• contests, coupons, free samples
• Personal Selling
• direct contact person2person with a potential customer
• sometimes for large industrial sales

sometimes for high quality consumer products, like selling a car

• are you going to sell at a high price and make a lot of profit in the short term
• are you going to sell at a low price to beat the competition and stay in the long term

Bei said
Hi, Professor, I found one article talking about email marketing.  Instead of the traditional 4Ps-Product, Place, Promotion, and Price, this article points out the new 4Ps for email marketing, including Permission, Privacy, Profiling, and Personalization.  As receiving emails becomes a more important thing in people's daily life, we can not ignore the significant impact that email will bring on marketing.  Email is becoming an effective marketing tool in various areas.  Therefore, companies should apply appropriate tactics and rules in marketing through email.  The website were I found this, is:
www.e-bc.ca/pages/resources/email-marketing.php
Thank you., Bei J.

"Permission is the real key to successful email marketing. If you don’t have explicit permission to send an email to a recipient you are SPAMMING them.."

Eyram suggests that if companies send too much spam, lawmakers will come down hard and make regulations forbidding this, and, or people will get so tired of spam they won't take email seriously anymore .. Eyram calls this "email fatigue"

"In the past, many email marketers have bundled the privacy issue together with permission. While both are related, they are in fact very different. Permission as we have noted is a request to receive personal information and an invitation to market products or services to individual consumers. Privacy on the other hand, is what email marketers do with the personal information once they receive it and how they keep it private from prying eyes. With identity theft increasing and the average person more concerned about privacy issues, those organizations that consistently take the privacy high road will endear themselves to customers."

"Keeping profiles simple is often the best rule of thumb. Essentially, marketers want to know who they are, what they want, how they want to be contacted and how often. It’s also prudent to provide end-users with access to view and freely update their profile. Putting control in the hands of the end-user is far better that having them unsubscribe from your emails because you sent them something they did not want to receive.

The smart marketer uses contests, questionnaires and polls to collect information and then aggregates the data with other sources (e.g. point-of-sale, order history, web logs, email metrics, etc.) to create powerful customer and prospect profiles."

"Personalization doesn’t mean sending the same message to your entire database and changing the opening line with “Dear .” In email marketing there is no “one size fits all.” Email marketing provides you with the capability to ensure that each person gets “personal” treatment from your organization. Experience has shown us that email marketers using personalization tend to have better open and response rates. They also have an easier time keeping the end user’s permission. In the end, the combination of permission, privacy, profiling and personalization will keep end users “hooked” on your company, your products and services, your messages and your future success."