GENERAL KNOWLEDGE

Detailed explanation-1: -Perishability. Services and experiences cannot be stored; they are highly perishable . In contrast, goods may be held in physical inventory in a lot, warehouse, or a store until purchased, then used and stored at a person’s home or place of work. If a service is not sold when available, it disappears forever.

Detailed explanation-2: -Finally, services are perishable because they cannot be stored. Because of this, it is difficult for service providers to manage anything other than steady demand. When demand increases dramatically, service organizations face the problem of producing enough output to meet customer needs.

Detailed explanation-3: -Services can be described as perishable but not imperishable. A perishable service simply means that it’s short-lived. Ideally, such a service is consumed as soon as it is produced. Unlike products, the service cannot be stored for later use.

Detailed explanation-4: -Perishability: This term describes the idea that customers use or consume services in the moment rather than owning them for long periods of time. Rather than storing services as if they were physical goods in inventory, business leaders and employees provide services on a temporary basis.