We live in an era in which 50 percent of U.S. households are Prime members and over 50 percent of searches for consumer products start on Amazon.com. To get to this point, Amazon has placed some big bets, from a strategic marketing perspective. The Prime membership program, a laughable concept at its launch in 2005, is now central to almost every new consumer initiative. Amazon’s “flywheel” has driven growth that was unimaginable even a few years ago.

Looking at the classic “4 P’s of Marketing” model gives us a framework to dissect some of Amazon’s strategy over the years.

Product. Amazon’s flywheel model maintains that expansive product selection is key to customer activation and adoption. Instead of only carrying inventory held on its balance sheet like other retailers, Amazon allows third-party sellers to list products, resulting in a rapidly expanding product assortment without capital constraints. Today, Amazon is estimated to carry 372 million…