What Is a Servicescape? How Is It Related to the Retail

question 226

Essay

What is a servicescape? How is it related to the retail layout problem? What are the three elements of servicescape for dealing with these human issues?

---

Definitions:

Consumer Surplus

The gap between the total amount consumers are prepared and able to spend for a product or service versus what they genuinely spend.

Maximum Price

The highest price that can legally be charged for a good or service, often set by government regulations to protect consumers from excessively high prices.

Market Failure

A situation in which the allocation of goods and services is not efficient, often leading to a net social welfare loss.

Consumer Surplus

The discrepancy in the overall amount consumers are inclined and able to expend on a product or service versus what they actually fork out.