Your product does not need to be a physical item, it can be something such as a service or blog. No matter what the product is remember that quality is key. You can have killer prices but without a quality product or service, your target market will be going to your more expensive competitors.
Most individuals misunderstand this part of the marketing mix because they take this part to mean "Be the most inexpensive one in the market" and it's simply not true. Find what your competitor's are charging, compare your product/service with theirs, then apply a price accordingly. You see with pricing comes perceived value. For example, the average person may walk into a dollar store and find something worth having, but will at least on a subconscious level ask, "Okay, the price is great, but what's wrong with it?" While the same person may purchase an identical product at a more expensive store without ever having second thoughts about the purchase.
We've all heard it a million times, "Location, location, location!" Which is true, the third "p" (place or placement) does include location of your business, but it also encompasses channels of distribution. It involves how your customer gets their product, transactional functions, facilitating functions, etc.
This is the fun part in my opinion, this is the part where you get to figure out how you're going to get the word out about your business and drive customers to you. This includes print ads, television ads, viral videos, etc. Use every form of advertising initially, then do what's called a break-even analysis to see what's making you money and what you're wasting money on. Then adjust your marketing plan and continue growing. To learn more about how to run a successful campaign read, "How to Market Your New Business with Little or No Money"
In order to achieve maximum results and success you must be efficient in each of these four areas. Being strong in one area will not make up for weakness in the other three areas or vice versa. Seek to better your business in each of the four areas on a regular basis.