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As a marketing manager or small business owner, creating the right marketing strategy can be a complicated process. Developing a marketing plan requires you to understand your product inside and out and create a multi-faceted advertising and pricing plan that will interest your target audience. A great way to develop an effective marketing mix—i.e. the combination of marketing elements a company uses to roll out a new product—is to break down your product using a model known as the 4 Ps of marketing.