quiz 1 #2 Flashcards
1
Q
what are the 5 characteristics of hospitality as a product for sale?
A
perishability location cycles of demand limited supply high costs
2
Q
what does perishability mean?
A
it means time. that you cannot sell a room for last night
3
Q
what is limited supply?
A
hotels have a limited amount of rooms and restaurants have a limited amount of seats during any given time
4
Q
what are high costs?
A
hotels are expensive to run and build
5
Q
what is expensive about a hotel?
A
you have to pay the rent and utilities even if you are not busy
