GB 350 ALL UPDATED EXAMS SCRIPT QUESTIONS
AND ANSWERS SURE A+
✔✔Behavioral Segmentation - ✔✔Dividing by usage, benefits sought, or loyalty (most
useful in practice)
✔✔Target Market - ✔✔Group of customers a company aims its marketing efforts toward
✔✔Undifferentiated Targeting - ✔✔One strategy for the entire market; ignores
differences
✔✔Concentrated (Niche) Targeting - ✔✔Focus on one specific segment
✔✔Differentiated Targeting - ✔✔Different strategies for different segments
✔✔Positioning - ✔✔How a brand is perceived in the minds of consumers relative to
competitors
✔✔Cannibalization - ✔✔When a new product takes sales away from an existing product
within the same company
✔✔Product - ✔✔Anything offered to satisfy a need, including goods, services, and
ideas
, ✔✔Convenience Product - ✔✔Low-cost, frequently purchased with little effort (ex:
snacks)
✔✔Shopping Product - ✔✔Purchased after comparison (ex: clothing, furniture)
✔✔Specialty Product - ✔✔Unique product with strong brand preference (ex: luxury
items)
✔✔Unsought Product - ✔✔Product consumers don't actively seek or may not know
about (ex: insurance)
✔✔Product Mix - ✔✔All products offered by a company
✔✔Product Mix Width - ✔✔Number of product lines
✔✔Product Mix Depth - ✔✔Number of variations within a product line
✔✔Product Mix Length - ✔✔Total number of products
✔✔Product Mix Consistency - ✔✔How closely related product lines are
✔✔Brand - ✔✔Name, symbol, or design that identifies a product
✔✔Brand Equity - ✔✔Value of a brand based on customer perception
✔✔Private Label Brand - ✔✔Store-owned brand (ex: Target brands)
✔✔Packaging - ✔✔Protects product and serves marketing functions like promotion and
convenience
✔✔Express Warranty - ✔✔Written guarantee of product performance
✔✔Implied Warranty - ✔✔Assumed guarantee that product will function as expected
✔✔New Product - ✔✔Can be new to the world, company, or customer—not necessarily
completely new
✔✔New Product Development Process - ✔✔Idea generation → screening → concept
testing → business analysis → development → test marketing → commercialization
✔✔Business Analysis - ✔✔Evaluating costs, demand, and profitability of a new product
AND ANSWERS SURE A+
✔✔Behavioral Segmentation - ✔✔Dividing by usage, benefits sought, or loyalty (most
useful in practice)
✔✔Target Market - ✔✔Group of customers a company aims its marketing efforts toward
✔✔Undifferentiated Targeting - ✔✔One strategy for the entire market; ignores
differences
✔✔Concentrated (Niche) Targeting - ✔✔Focus on one specific segment
✔✔Differentiated Targeting - ✔✔Different strategies for different segments
✔✔Positioning - ✔✔How a brand is perceived in the minds of consumers relative to
competitors
✔✔Cannibalization - ✔✔When a new product takes sales away from an existing product
within the same company
✔✔Product - ✔✔Anything offered to satisfy a need, including goods, services, and
ideas
, ✔✔Convenience Product - ✔✔Low-cost, frequently purchased with little effort (ex:
snacks)
✔✔Shopping Product - ✔✔Purchased after comparison (ex: clothing, furniture)
✔✔Specialty Product - ✔✔Unique product with strong brand preference (ex: luxury
items)
✔✔Unsought Product - ✔✔Product consumers don't actively seek or may not know
about (ex: insurance)
✔✔Product Mix - ✔✔All products offered by a company
✔✔Product Mix Width - ✔✔Number of product lines
✔✔Product Mix Depth - ✔✔Number of variations within a product line
✔✔Product Mix Length - ✔✔Total number of products
✔✔Product Mix Consistency - ✔✔How closely related product lines are
✔✔Brand - ✔✔Name, symbol, or design that identifies a product
✔✔Brand Equity - ✔✔Value of a brand based on customer perception
✔✔Private Label Brand - ✔✔Store-owned brand (ex: Target brands)
✔✔Packaging - ✔✔Protects product and serves marketing functions like promotion and
convenience
✔✔Express Warranty - ✔✔Written guarantee of product performance
✔✔Implied Warranty - ✔✔Assumed guarantee that product will function as expected
✔✔New Product - ✔✔Can be new to the world, company, or customer—not necessarily
completely new
✔✔New Product Development Process - ✔✔Idea generation → screening → concept
testing → business analysis → development → test marketing → commercialization
✔✔Business Analysis - ✔✔Evaluating costs, demand, and profitability of a new product
