It also affects other aspects such as product placement and advertisements.Ĭompanies can change the packaging, after-sales service, warranties, and price range, or expand to new markets to meet their objectives. ![]() The type of product impacts its perceived value, which allows companies to price it profitably. It can also be defined as a bundle of utilities that comes with physical aspects such as design, volume, brand name, etc. ProductĪ product is any good or service that fulfills consumer needs or desires. In 1964, Borden introduced the idea in one of his published articles called “The Concept of the Marketing Mix.” he mentioned that many companies could use the framework to increase the likelihood of their success when advertising their products. The individual who conceptualized the 4 P’s of Marketing was a Harvard University professor named Neil Borden.
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