The Management of Slurp with a View,a Restaurant,is Very Inflexible

question 71

Multiple Choice

The management of Slurp with a View,a restaurant,is very inflexible and insists on chefs following traditional recipes and frowns upon any experimentation.The management also insists on playing regular music in the restaurant and does not comply with customer requests to change it.This implies that the services rendered by the management of the restaurant:

• A) has limited view of marketing.
• B) lacks creativity.
• C) lacks strong competition.
• D) lacks obsolescence.

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Definitions:

Laspeyres Index

A price index used to measure the change in the cost of acquiring a fixed basket of goods and services of the same type and quantity over time.

Paasche Index

A price index that measures the cost of purchasing a given market basket of goods and services in a certain year, compared to the cost of purchasing the same goods and services in a base year, with the quantities used in weighting the prices coming from the year of interest rather than the base year.

Ideal Cost-Of-Living Index

A theoretical measure that tracks the changes in the amount required to maintain a constant standard of living over a period.

Ideal Cost-Of-Living Index

A theoretical measure representing the change in the amount of money needed to maintain a certain standard of living.