GB 350 ANSWERS AND QUESTIONS SET A+
✔✔Target Market - ✔✔group of people or organizations for which an organization
designs, implements and maintains a marketing mix
✔✔Strategies for target market selection - ✔✔-undifferentiated targeting
-concentrated/niche targeting
-differentiated targeting
✔✔Undifferentiated targeting - ✔✔treat entire market as the same segment
often happens by default
not usually effective long-term
✔✔Concentrated/Niche Targeting - ✔✔focus on relatively small segment with special
needs
✔✔Differentiated/Multi-segment targeting - ✔✔develop unique marketing mixes for
multiple different segments
✔✔Cannibalization - ✔✔shifting demand from one product/service to another instead of
earning additional/incremental revenues
✔✔Positioning - ✔✔attempts to shape potential customers' overall perception of a
brand, product ling or organization in general
✔✔Repositioning - ✔✔attempts to change consumers' perceptions of a brand or
product/service
can be difficult due to preexisting customer brand or product/service
✔✔A business that develops different marketing mixes for different target segments is
using a(n)..
A. Concentrated/niche targeting strategy
, B. multi-segment/differentiated targeting strategy
C. Patchwork targeting strategy
D. Undifferentiated targeting strategy - ✔✔B. Multi-segment/ differentiated targeting
strategy
✔✔80/20 principle - ✔✔majority of demand comes from minority or customer base
✔✔Joint Ventures - ✔✔they allow each partnet to capitalize on their own capabilities
while exploiting the capabilities of their partner
✔✔Why is it risky to Delight Customers? - ✔✔Because it can shift expectations for
satisfaction
✔✔Internal Positioning - ✔✔Chicken Salad Chick - different types of chicken salad
✔✔External Positioning - ✔✔Chicken Salad Chick - competitors like Newks, Beagle
Bagel Cafe
✔✔ Global Vision - ✔✔Recognizing and reacting to international marketing
opportunities
Using effective global marketing strategies
Being aware of threats from foreign competitors in all markets
✔✔Gross Domestic Product - ✔✔total market value of all FINAL goods and services
produced in a country for a given period
✔✔Cultural Dimensions - ✔✔Power Distance Index
Individualism (vs Collectivism)
Masculinity (vs Femininity)
Uncertainty Avoidance Index
Long Term Orientation
Indulgence (vs Restraint)
✔✔Culture - ✔✔"collective programming of the mind distinguishing the members of one
group or category of people from others."
✔✔Power Distance Index - ✔✔extent to which less powerful members of a society
accept and expect the power is to be distributed unequally
✔✔Individualism (vs Collectivism) - ✔✔extent to which members feel responsible to
themselves and immediate families (vs. others in the group)
✔✔Target Market - ✔✔group of people or organizations for which an organization
designs, implements and maintains a marketing mix
✔✔Strategies for target market selection - ✔✔-undifferentiated targeting
-concentrated/niche targeting
-differentiated targeting
✔✔Undifferentiated targeting - ✔✔treat entire market as the same segment
often happens by default
not usually effective long-term
✔✔Concentrated/Niche Targeting - ✔✔focus on relatively small segment with special
needs
✔✔Differentiated/Multi-segment targeting - ✔✔develop unique marketing mixes for
multiple different segments
✔✔Cannibalization - ✔✔shifting demand from one product/service to another instead of
earning additional/incremental revenues
✔✔Positioning - ✔✔attempts to shape potential customers' overall perception of a
brand, product ling or organization in general
✔✔Repositioning - ✔✔attempts to change consumers' perceptions of a brand or
product/service
can be difficult due to preexisting customer brand or product/service
✔✔A business that develops different marketing mixes for different target segments is
using a(n)..
A. Concentrated/niche targeting strategy
, B. multi-segment/differentiated targeting strategy
C. Patchwork targeting strategy
D. Undifferentiated targeting strategy - ✔✔B. Multi-segment/ differentiated targeting
strategy
✔✔80/20 principle - ✔✔majority of demand comes from minority or customer base
✔✔Joint Ventures - ✔✔they allow each partnet to capitalize on their own capabilities
while exploiting the capabilities of their partner
✔✔Why is it risky to Delight Customers? - ✔✔Because it can shift expectations for
satisfaction
✔✔Internal Positioning - ✔✔Chicken Salad Chick - different types of chicken salad
✔✔External Positioning - ✔✔Chicken Salad Chick - competitors like Newks, Beagle
Bagel Cafe
✔✔ Global Vision - ✔✔Recognizing and reacting to international marketing
opportunities
Using effective global marketing strategies
Being aware of threats from foreign competitors in all markets
✔✔Gross Domestic Product - ✔✔total market value of all FINAL goods and services
produced in a country for a given period
✔✔Cultural Dimensions - ✔✔Power Distance Index
Individualism (vs Collectivism)
Masculinity (vs Femininity)
Uncertainty Avoidance Index
Long Term Orientation
Indulgence (vs Restraint)
✔✔Culture - ✔✔"collective programming of the mind distinguishing the members of one
group or category of people from others."
✔✔Power Distance Index - ✔✔extent to which less powerful members of a society
accept and expect the power is to be distributed unequally
✔✔Individualism (vs Collectivism) - ✔✔extent to which members feel responsible to
themselves and immediate families (vs. others in the group)
