The marketing mix refers to the strategic tools and activities used by companies to market and sell their products, including the traditional 4Ps of product, price, promotion, and place. It has expanded to include additional Ps like people, process, and physical environment to encompass services. A product can be a physical good, service, experience, information, or idea and companies differentiate their products through various attributes related to the product itself, packaging, labeling, and after-sale services and support.