Know-How Exchange : Branding

If you looking for more experiential learning, you could assign students/ groups a new products from a fictional store to define the 4Ps. Each group could be assigned a new product and create its marketing strategy which inherently include describing the 4 Ps.

This type of exercise is creative and students will need to take the theoretical application of marketing principles and apply them to this situational exercise. This can be as simple or complex depending what objectives you would like to define.

There also could be a presentation component too since most students need to practice their public speaking skills. Or at least that has been my experience.
Good Luck!

You could do it even more simply - look around the room and choose some items that students have (preferably that they only recently purchased, so they have some experience). One example would be the text book for the class - have them run through the 4Ps for it. Then you can have them think through variations - change of place from school's bookstore to Amazon.com, change of product to different text books, etc.

Product could be anything there - iPod, laptop, school shirt, etc.