What Are the Three Aspects of the Product/service Element of the Marketing

question 127

Essay

What are the three aspects of the product/service element of the marketing mix that warrant special attention by service marketers?

Distinguish between procurement and purchasing in the digital marketplace.

Appreciate the competitive strategies in e-commerce, especially regarding Amazon's approaches.

Understand the legal and ethical challenges within the digital advertising and domain spaces.

Understand the principles and outcomes of forward and reverse auctions.

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Definitions:

Social Comparison Theory

A theory that suggests individuals determine their own social and personal worth based on how they stack up against others.

Esteem Needs

Refers to a higher level in Maslow's hierarchy, involving the need for self-esteem, confidence, respect from others, and recognition.

Evolutionary Pressures

Forces in the environment that influence the survival and reproduction of species, guiding the process of natural selection.

Downward Social Comparison

Comparing oneself to others who are perceived as less fortunate or less successful, often to boost self-esteem or subjective well-being.