Users of Services Like Hotels and Restaurants Generally Have a Preconceived

question 66

Multiple Choice

Users of services like hotels and restaurants generally have a preconceived expectation of the services they will experience and the biggest mistake an organisation can make is to:

• A)not use appropriate marketing communications
• B)over-promise and under-deliver
• C)not give customers enough information
• D)skimp on the promotional budget
• E)become over exposed

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Definitions:

Demand for Steel

The total quantity of steel that buyers in the market are willing and able to purchase at various prices over a given period.

Demand for Capital

The desire for acquiring new machinery, buildings, and other investments to expand business operations or efficiency.

Wage Rate

The amount of payment that a worker receives per unit of time (hourly, daily, etc.) or per unit of output.

Substitute Resources

Alternative products or services that can replace each other in use, offering consumers choices and influencing supply and demand dynamics in markets.