Because the question asks for the number of even factors, applying the wonderful number-of-factors trick can be treacherous in this case. I did it like this:
Since an even factor must have a factor of 2, and p is an odd prime number, it should be easy to count up (the answer choices are small enough to do so) the even factors: 2, 4, 2p, and 4p. That's four.
By using reasoning, I applied my knowledge of number properties to get the question right quickly, not necessarily using a true Mathematics technique. While I agree that advanced knowledge of number properties and how numbers work is essential on the GMAT (and to my approach), this doesn't mean that the most math-y way is the best way on the actual test.
In fact, on the test, TowerSpider's method is the best and fastest. Since it's a Problem Solving question, you know that there's only one possible answer, even if through number theory you're not sure why. Plug in 3, count the even factors, pick the right answer and move on. Anyone who doesn't do it this way is asking for trouble on test day! The test does not reward your math skills -- it rewards your problem solving skills, and the quickest, most effective solution to the problem is always better than the more formal one, on the GMAT, in business school, and in life!