answer-
For service firm, the main focus on maximization of the revenue. When service firm take decision to decide the location it affected more revenue than cost so they tend to give more attention to volume of customers and revenue.There are eight major determinants of volume and revenue for the service firm:
1. Purchasing power of the customer-drawing area 2. Service and image compatibility with demographics of the customer-drawing area 3. Competition in the area 4. Quality of the competition 5. Uniqueness of the firm’s and competitors’ locations 6. Physical qualities of facilities and neighboring businesses 7. Operating policies of the firm 8. Quality of management.
The Out of eight, the Physical qualities of facilities and neighboring businesses are more important i think because when a service firm has all the physical qualities like sitting area, drawing area, parking lot, good images and posters to attract customer attention, huge space for customers then customers will come to their company more as compared to neighbour business.
for example- If Mcdonalds company has good space with good sitting arrangement and proper layout with attractive design and decoration then customers will have good experience.
the business should be located to those location where the business of competitors are less because customers would not have more choice to go to their location. also service firm should focus on improving its physical qualities as compared to its competitors like Starbucks has very good physical qualities.
list and discuss one of the eight major determinants of volume and revenue for the service...
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