Because Little or No Inventory Is Carried in a Service

question 62

True/False

Because little or no inventory is carried in a service operation, it is easy to separate the operations management functions from marketing in services.

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Definitions:

Highly Competitive

A market situation featuring a large number of firms vying for consumers’ attention, often leading to lower prices and innovative products.

Perfectly Competitive

A perfectly competitive market is one where there are many buyers and sellers, all selling identical products, with no single buyer or seller able to influence the market price.

Sellers

Participants in a market who offer goods or services for sale.

Zero Profit

A condition in which a firm's total revenues are exactly equal to its total costs, making no economic profit.