The marketing mix, also known as the four Ps, refers to product, price, place, and promotion - the four controllable variables a company uses to influence demand for its product. Product involves creating value through goods and services. Price involves capturing value by establishing a cost that balances buyer value and company profit. Place involves delivering value through supply chain management and distribution. Promotion involves communicating value through reminders to consumers of the satisfaction a product or service provides. Together, the four Ps framework forms a company's marketing strategy.