Product - what is it that you are selling, what need does it satisfy?
Price - what pricing model are you going to use? budget, luxury, introductory offers?
Place - also known as distriution refers to where you sell your product or service, so if your selling beans you need to think where do people buy beans? and you put it in a shop.
Promotion - how are you going to make people aware of your product/service? This is your communications plan