Services Cannot Be Stored

question 5

Essay

Services cannot be stored. Attempts to regulate the "demand" of a service include reservation systems and differential pricing. What are some ways a restaurant can "shift" demand for its services to nonpeak times?

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Definitions:

Control Phase

The control phase is part of a process or project management cycle focused on monitoring, evaluating, and making necessary adjustments to ensure desired outcomes.

Market Development Strategy

A growth strategy that employs the existing marketing offering to reach new market segments, whether domestic or international.

Competitive Advantage

The edge a business has over its competitors, allowing it to generate greater sales or margins and/or retain more customers.

Segmentation

The process of dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors.