Definition of Perishability. Description.
Perishability means something is subject to decay, spoilage,
deterioration or destruction. In other words something cannot be regained
when it is not used in time or when it is unsold. It is a lost economic opportunity.
In management, the phenomenon can be used to describe the difference
between goods, services and information.
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Goods can be more or less perishable, they can have
varying levels of perishability. Tomatoes are highly perishable, because
their value deteriorates quickly. A diamond on the other hand is not perishable
at all.
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Services only have value when they are produced and
consumed, so they are always perishable.
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Information is on one hand non-perishable, because
it does not deteriorate over time (permanence), although the medium in which
it is stored may do so. But the value of information can vary with time,
depending on the sort of information. Therefore information can be said
to have a variety of levels of perishability, like goods, but unlike services.
Three more distinguishing characteristics of goods, services
and information are (Freiden et al., '98):
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Heterogeneity . The extent to which variations of
something are possible or that all occurrences are identical to each other.
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Inseparability. The physical and institutional distance
between the originator of something and the final consumer.
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Tangibility. The extent to which something can be
seen, felt, heard or smelt using our senses.
Perishability forms the basis of Yield Management.
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