The four P's must be investigated and tailored to match your buyers in order to gain a competitive advantage.
Product - Elements of the product range from its physical properties (e.g. durable, colorful, contemporary-looking) to a mental image (e.g. safe, trendy, ecologically responsible).
Price - This includes psychological "costs" such as inconvenience in addition to the actual purchase price.
Promotion - Most people think first of paid advertising but other forms of promotion such as coupons, free samples, or hiring actors to stir up some buzz before a product launch can also be effective ways to get the target customer's attention.
Place (distribution) - This notion encompasses anything about where buyers get the product from point of access (big box stores, Internet, catalog sales, etc.) to the level of training and expertise sales people possess.