The "4 Ps" refer to the essential elements of marketing: Product, Price, Place, and Promotion. The Product is what a business offers to meet customer needs, while Price is the amount customers pay for it. Place involves the distribution channels used to deliver the product to consumers, and Promotion encompasses the strategies used to communicate the product's value to the target audience. These four components work together to create a successful marketing strategy. By carefully balancing the Product features, setting an appropriate Price, choosing effective Place channels, and implementing strong Promotion tactics, businesses can attract and retain customers effectively.