perishability

Perishability refers to the nature of certain products or services that cannot be stored for long periods and may lose value or become unusable over time. In everyday terms, think of fresh food like fruit or dairy—once picked, they have a limited shelf life and must be consumed quickly. Similarly, services such as a hotel stay or a concert ticket can only be used at a specific time; if not utilized, the opportunity is lost. Understanding perishability helps businesses manage inventory and demand effectively, ensuring they minimize waste and maximize customer satisfaction.