GB 350 FINAL EXAM QUESTIONS WITH
CORRECT ANSWERS
Production orientation - Correct Answers -Focus on efficiency & internal capabilities
Sales orientation - Correct Answers -Aggressive sales techniques; volume > customer
needs
Market orientation - Correct Answers -Understanding customer wants/needs &
delivering value
Societal marketing orientation - Correct Answers -Marketing that also considers
society's long-term welfare
Marketing goals - Correct Answers -Create value, satisfy customer needs, build
profitable relationships, keep competitive advantage
Customer acquisition - Correct Answers -Process of gaining new customers
Customer engagement - Correct Answers -Interaction between a customer & a brand
Customer retention - Correct Answers -Ability to keep customers over time
Customer loyalty - Correct Answers -Customer's commitment to rebuy or continue using
brand
Customer advocacy - Correct Answers -When customers actively promote a brand to
others
Ansoff Matrix - Correct Answers -Strategic framework for identifying growth strategies
Market penetration - Correct Answers -Sell more of current products to current markets
Market development - Correct Answers -New markets, same product.
Product development - Correct Answers -New products for existing markets.
Diversification - Correct Answers -New products + new markets.
Innovation Matrix - Correct Answers -Framework categorizing types of innovation.
, Core innovation - Correct Answers -Innovation in existing markets.
Adjacent innovation - Correct Answers -Innovation that extends existing capabilities.
Transformational innovation - Correct Answers -New-to-world innovations.
BCG Matrix - Correct Answers -A tool for portfolio management.
Stars - Correct Answers -High market share, high growth.
Cash cows - Correct Answers -High share, low growth.
Question marks - Correct Answers -Low share, high growth.
Dogs - Correct Answers -Low share, low growth.
Competitive advantage - Correct Answers -Edge over competitors that can be sustained
Cost advantage - Correct Answers -Lower costs than competitors.
Product/service differentiation - Correct Answers -Offering unique products/services.
Niche advantage - Correct Answers -Specializing in a specific market segment.
Sustainable advantage - Correct Answers -Comes from resources competitors can't
easily copy
SWOT - Correct Answers -Framework for analyzing strengths, weaknesses,
opportunities, & threats
Marketing strategy STP - Correct Answers -Segmentation, Targeting, Positioning
marketing mix 4ps - Correct Answers -Product, Price, Place, Promotion
Implementation/evaluation/control - Correct Answers -Marketing audit's role is to ensure
that marketing plan emphasizes country's strengths that are compatible with shifting
market environment
Self-regulation - Correct Answers -Industry guidelines & company policies that reduce
need for government regulation
ESG - Correct Answers -Environmental, Social, Governance transparency.
B-Corps - Correct Answers -Certified for meeting high standards of social & environ
performance.
CORRECT ANSWERS
Production orientation - Correct Answers -Focus on efficiency & internal capabilities
Sales orientation - Correct Answers -Aggressive sales techniques; volume > customer
needs
Market orientation - Correct Answers -Understanding customer wants/needs &
delivering value
Societal marketing orientation - Correct Answers -Marketing that also considers
society's long-term welfare
Marketing goals - Correct Answers -Create value, satisfy customer needs, build
profitable relationships, keep competitive advantage
Customer acquisition - Correct Answers -Process of gaining new customers
Customer engagement - Correct Answers -Interaction between a customer & a brand
Customer retention - Correct Answers -Ability to keep customers over time
Customer loyalty - Correct Answers -Customer's commitment to rebuy or continue using
brand
Customer advocacy - Correct Answers -When customers actively promote a brand to
others
Ansoff Matrix - Correct Answers -Strategic framework for identifying growth strategies
Market penetration - Correct Answers -Sell more of current products to current markets
Market development - Correct Answers -New markets, same product.
Product development - Correct Answers -New products for existing markets.
Diversification - Correct Answers -New products + new markets.
Innovation Matrix - Correct Answers -Framework categorizing types of innovation.
, Core innovation - Correct Answers -Innovation in existing markets.
Adjacent innovation - Correct Answers -Innovation that extends existing capabilities.
Transformational innovation - Correct Answers -New-to-world innovations.
BCG Matrix - Correct Answers -A tool for portfolio management.
Stars - Correct Answers -High market share, high growth.
Cash cows - Correct Answers -High share, low growth.
Question marks - Correct Answers -Low share, high growth.
Dogs - Correct Answers -Low share, low growth.
Competitive advantage - Correct Answers -Edge over competitors that can be sustained
Cost advantage - Correct Answers -Lower costs than competitors.
Product/service differentiation - Correct Answers -Offering unique products/services.
Niche advantage - Correct Answers -Specializing in a specific market segment.
Sustainable advantage - Correct Answers -Comes from resources competitors can't
easily copy
SWOT - Correct Answers -Framework for analyzing strengths, weaknesses,
opportunities, & threats
Marketing strategy STP - Correct Answers -Segmentation, Targeting, Positioning
marketing mix 4ps - Correct Answers -Product, Price, Place, Promotion
Implementation/evaluation/control - Correct Answers -Marketing audit's role is to ensure
that marketing plan emphasizes country's strengths that are compatible with shifting
market environment
Self-regulation - Correct Answers -Industry guidelines & company policies that reduce
need for government regulation
ESG - Correct Answers -Environmental, Social, Governance transparency.
B-Corps - Correct Answers -Certified for meeting high standards of social & environ
performance.
