MKTG 351 final Exam Questions and Answers Already Passed Latest Update 2025-2026
Isabela wishes to sell an heirloom diamond ring she recently inherited from her aunt, Floriana.
She lists the necklace for sale on eBay, with a reserve (minimum bid) price of $7,900. Isabela is
unsuccessful in selling the necklace on eBay because no bidder meets or exceeds the reserve
price. Has Isabela marketed the necklace? - Answers Yes, because marketing can occur even if
an exchange does not occur.
Considering the definition of marketing, the two market locations, creamery, and pickup and
delivery options represent which aspect of Bi-Rite's offerings? - Answers delivering
Bi-Rite gives its employees the authority to solve customer problems quickly rather than having
to seek out a manager. This is an example of which of the following concepts? - Answers
empowerment
Many of the products at Bi-Rite markets have a higher price point than products at larger
grocery stores. Costs for organic and responsibly sourced products are higher than for non-
organic products. But Sam Mogannam believes that his customers see the bigger vision—to
support the community in which Bi-Rite operates. Quality food and service to the community
represent which of the following? - Answers customer value
Since its inception, Bi-Rite has been a neighborhood market—not one to serve the masses. The
company's mission states, "We care for each and every member of our community as a guest in
our home. We serve seamlessly; we inspire; we feed; and are fed." Customers are often greeted
by name when they enter the market, and Bi-Rite buys much of its produce directly from farmers
they've known for years. Bi-Rite recently began a program called Cooking Matters, which
teaches pre- and post-natal mothers about nutrition, cooking, and the importance of good food.
All of these examples best illustrate which of the following? - Answers bi-rite's efforts at
relationship marketing
According to LG, the company is #1 in global market share in the vehicle telematics industry,
which is a relatively new but fast-growing market. LG's Vehicle Component Solutions SBU,
therefore, represents which of the following for the electronics company? cash cow, star, dog, or
problem child? - Answers star
LG's Business Solutions company offers commercial solar panels that are energy-efficient and
long-lasting. The demand for clean energy around the world is growing, and the Solar Energy
Industries Association (SEIA) reports that solar has experienced an average annual growth rate
of 24 percent for the last decade. While the LG panels are widely seen as some of the best in
the world, they are sold at a premium price, and there are very good low-cost options from
competitors. In addition, LG is facing increasing material and logistics costs and severe supply
constraints. As a result, LG's market share has fallen significantly. Given these factors, LG will
most likely choose which strategy for its solar panels? - Answers divest
, One of LG's newest products for its Home Appliance and Air Solution Company is the LG Styler
Steam Closet. The Steam Closet sanitizes, deodorizes, and freshens clothing and accessories
with chemical-free TrueSteam technology. This first-of-its-kind clothing care system can remove
allergens such as pollen, dust, and pet dander without soaps, bleach, or other chemicals.
Television personality Jonathan Scott, perhaps best known for his television series Property
Brothers, is a fan of the LG Styler, saying, "I think it will become a staple in everybody's home
and in the laundry room." For LG, the Styler Steam Closet represents which strategy? - Answers
product development
Top executives at LG are conducting a SWOT analysis. The growth of artificial intelligence (AI)
could allow LG to apply this technology across its SBUs to develop innovative products and
services. LG would classify this as what in a SWOT analysis? - Answers opportunity
LG products are sold in retail stores across the globe, including Best Buy, Costco, Lowes, and
Target, as well as online through retail websites, Amazon, and LG's own website. This
represents LG's strategy for which element of the marketing mix? - Answers place (distribution)
Recent increases in inflation have caused significant increases in the price of many consumer
products. At the same time, many companies are facing supply chain issues—from shortages
and delays of materials to low staffing levels. Many businesses today face a dilemma—keep
their current prices and cut into their profits or raise prices to cover the rising costs of raw
materials and shipping and risk losing customers. CEO and founder Robert Felder has said that
when businesses help their customers, they are actually helping themselves. As a result,
Bearbottom has kept its prices steady, saying, "Ultimately, our goal is to help our customers
during this time of constantly rising prices. If we are able to keep our prices stable and continue
to offer great value, consumers will continue to buy our products." Based on his statements,
Robert is following which ethical theory in this situation? - Answers utilitarian ethical theory
Bearbottom Clothing has a Vendor Code of Ethics (VCOE) to which all of its partners are
committed. The VCOE is based on globally recognized labor standards, including the United
Nations (UN) Guiding Principles for Business and Human Rights, the International Labour
Organization's (ILO's) core conventions, and the Universal Declaration of Human Rights. What
type of social control does Bearbottom's VCOE represent? - Answers self-regulation
The citizens of Bangladesh, where some of Bearbottom's clothing is produced, represent which
type of stakeholders for the company? - Answers local community
Progressive's addition of a mobile app, which allows customers to start photo estimates for
insurance claims, pay their bills, and request roadside assistance, was likely created because
Progressive marketers noticed a change in which of the following? technology and innovation,
economic factors, political and legal factors, social factors - Answers technology and innovation
To make its insurance more affordable, Progressive was the first auto insurance company to
allow its customers to pay their premiums in installments. Progressive recognized a need and
Isabela wishes to sell an heirloom diamond ring she recently inherited from her aunt, Floriana.
She lists the necklace for sale on eBay, with a reserve (minimum bid) price of $7,900. Isabela is
unsuccessful in selling the necklace on eBay because no bidder meets or exceeds the reserve
price. Has Isabela marketed the necklace? - Answers Yes, because marketing can occur even if
an exchange does not occur.
Considering the definition of marketing, the two market locations, creamery, and pickup and
delivery options represent which aspect of Bi-Rite's offerings? - Answers delivering
Bi-Rite gives its employees the authority to solve customer problems quickly rather than having
to seek out a manager. This is an example of which of the following concepts? - Answers
empowerment
Many of the products at Bi-Rite markets have a higher price point than products at larger
grocery stores. Costs for organic and responsibly sourced products are higher than for non-
organic products. But Sam Mogannam believes that his customers see the bigger vision—to
support the community in which Bi-Rite operates. Quality food and service to the community
represent which of the following? - Answers customer value
Since its inception, Bi-Rite has been a neighborhood market—not one to serve the masses. The
company's mission states, "We care for each and every member of our community as a guest in
our home. We serve seamlessly; we inspire; we feed; and are fed." Customers are often greeted
by name when they enter the market, and Bi-Rite buys much of its produce directly from farmers
they've known for years. Bi-Rite recently began a program called Cooking Matters, which
teaches pre- and post-natal mothers about nutrition, cooking, and the importance of good food.
All of these examples best illustrate which of the following? - Answers bi-rite's efforts at
relationship marketing
According to LG, the company is #1 in global market share in the vehicle telematics industry,
which is a relatively new but fast-growing market. LG's Vehicle Component Solutions SBU,
therefore, represents which of the following for the electronics company? cash cow, star, dog, or
problem child? - Answers star
LG's Business Solutions company offers commercial solar panels that are energy-efficient and
long-lasting. The demand for clean energy around the world is growing, and the Solar Energy
Industries Association (SEIA) reports that solar has experienced an average annual growth rate
of 24 percent for the last decade. While the LG panels are widely seen as some of the best in
the world, they are sold at a premium price, and there are very good low-cost options from
competitors. In addition, LG is facing increasing material and logistics costs and severe supply
constraints. As a result, LG's market share has fallen significantly. Given these factors, LG will
most likely choose which strategy for its solar panels? - Answers divest
, One of LG's newest products for its Home Appliance and Air Solution Company is the LG Styler
Steam Closet. The Steam Closet sanitizes, deodorizes, and freshens clothing and accessories
with chemical-free TrueSteam technology. This first-of-its-kind clothing care system can remove
allergens such as pollen, dust, and pet dander without soaps, bleach, or other chemicals.
Television personality Jonathan Scott, perhaps best known for his television series Property
Brothers, is a fan of the LG Styler, saying, "I think it will become a staple in everybody's home
and in the laundry room." For LG, the Styler Steam Closet represents which strategy? - Answers
product development
Top executives at LG are conducting a SWOT analysis. The growth of artificial intelligence (AI)
could allow LG to apply this technology across its SBUs to develop innovative products and
services. LG would classify this as what in a SWOT analysis? - Answers opportunity
LG products are sold in retail stores across the globe, including Best Buy, Costco, Lowes, and
Target, as well as online through retail websites, Amazon, and LG's own website. This
represents LG's strategy for which element of the marketing mix? - Answers place (distribution)
Recent increases in inflation have caused significant increases in the price of many consumer
products. At the same time, many companies are facing supply chain issues—from shortages
and delays of materials to low staffing levels. Many businesses today face a dilemma—keep
their current prices and cut into their profits or raise prices to cover the rising costs of raw
materials and shipping and risk losing customers. CEO and founder Robert Felder has said that
when businesses help their customers, they are actually helping themselves. As a result,
Bearbottom has kept its prices steady, saying, "Ultimately, our goal is to help our customers
during this time of constantly rising prices. If we are able to keep our prices stable and continue
to offer great value, consumers will continue to buy our products." Based on his statements,
Robert is following which ethical theory in this situation? - Answers utilitarian ethical theory
Bearbottom Clothing has a Vendor Code of Ethics (VCOE) to which all of its partners are
committed. The VCOE is based on globally recognized labor standards, including the United
Nations (UN) Guiding Principles for Business and Human Rights, the International Labour
Organization's (ILO's) core conventions, and the Universal Declaration of Human Rights. What
type of social control does Bearbottom's VCOE represent? - Answers self-regulation
The citizens of Bangladesh, where some of Bearbottom's clothing is produced, represent which
type of stakeholders for the company? - Answers local community
Progressive's addition of a mobile app, which allows customers to start photo estimates for
insurance claims, pay their bills, and request roadside assistance, was likely created because
Progressive marketers noticed a change in which of the following? technology and innovation,
economic factors, political and legal factors, social factors - Answers technology and innovation
To make its insurance more affordable, Progressive was the first auto insurance company to
allow its customers to pay their premiums in installments. Progressive recognized a need and
