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Waiting in a long line for a restaurant table is described as a form of which marketing element?
APlace, because it concerns the location of the outlet
BPeople, because staff decide how fast the queue moves
CPrice, because it is given in exchange for the product
DPromotion, because the queue signals the outlet is good
Answer & Solution
Correct answer: C. Price, because it is given in exchange for the product
1. Price is whatever is given in exchange for a product.
2. Price may be monetary or nonmonetary, and time spent queueing is a nonmonetary price.
3. Giving blood at a blood bank is the same kind of nonmonetary price.
4. Place covers how the product reaches the buyer, which is not what the queue represents.
5. People and promotion are separate elements and neither describes what the buyer gives up.
_Source: OpenStax Introduction to Business (CC BY 4.0), Ch 11 "Creating Products and Pricing Strategies to Meet Customers' Needs", section 11.2 Creating a Marketing Strategy_
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