GB 350 EXAM REVIEW QUESTIONS WITH
ACCURATE SOLUTIONS 2026
▶ Effective segmentation. Answer: Segments must be:
- substantial
- identifiable and measureable
- accessible
- responsive
▶ Targeting Strategies. Answer: - Undifferentiated targeting: treat entire
market as the same segment and/or overlooking apparent differences that
could be meaningful
- Concentrated/Niche targeting: focus on relatively small segment with
specialized needs
- Differentiated/Multi-segment targeting: develop unique marketing mixes
for multipledifferent segments
▶ Positioning. Answer: Attempts to shape potential customers' overall
perception of abrand, product line, or organization in general
▶ Repositioning (a.k.a. Rebranding). Answer: Attempts to change
consumers'perceptions of a brand or product/service
▶ Business product. Answer: used to manufacture other goods or
services, to facilitate an organization's operations, or to resell to other
customers
▶ Consumer product. Answer: bought to satisfy an individual's personal
wants or needs
▶ Types of Consumer Products. Answer: - Convenience product: a
relatively inexpensive item that merits little shopping effort
- Shopping product: a product that requires comparison shopping because
it isusually more expensive than a convenience product and is found in
fewer stores
- Specialty product: a particular item for which consumers search
extensively − Purchased less frequently than shopping products
, - Unsought product: a product that the buyer does not actively seek
▶ Product Lines. Answer: Groups of closely related product items
▶ Product Mixes. Answer: All product categories in which a marketer
competes
▶ Product portfolio dimensions. Answer: - Product mix width (or breadth):
Refers to the number of product categories in which a marketer competes
− Product line depth: The number of product items in a product line
▶ Adjustments to product items. Answer: − Product modification
− Product repositioning
- Functional: change the way product is used
- Quality: change durability, dependability or overall quality of the
experience
- Style: change superficial feature
- Repositioning (a.k.a., Rebranding): Changing consumer perceptions of a
brand or product
▶ Adjustments to product mixes. Answer: - Adding new product lines:
diversifies risk by expanding into new market opportunity
- Removing product lines: sheds unprofitable lines and/or makes room for
other products
▶ Adjustments to product lines. Answer: - Product line extension: generate
revenues from a new target segment or offer variety to existing customers
- Product line contraction: shed unprofitable items from the line or address
cannibalization
▶ Branding decisions. Answer: selecting a name, term, symbol, design, or
combination that identifies a seller's products and differentiates them from
competitors' products
▶ New Product. Answer: a product new to the world, the market, the
producer, the seller, or some combination of these
▶ New Product Categories. Answer: 1.) New-to-the-world products -
create an entirely new market
2.) New-product lines - allow a firm to enter an established market
ACCURATE SOLUTIONS 2026
▶ Effective segmentation. Answer: Segments must be:
- substantial
- identifiable and measureable
- accessible
- responsive
▶ Targeting Strategies. Answer: - Undifferentiated targeting: treat entire
market as the same segment and/or overlooking apparent differences that
could be meaningful
- Concentrated/Niche targeting: focus on relatively small segment with
specialized needs
- Differentiated/Multi-segment targeting: develop unique marketing mixes
for multipledifferent segments
▶ Positioning. Answer: Attempts to shape potential customers' overall
perception of abrand, product line, or organization in general
▶ Repositioning (a.k.a. Rebranding). Answer: Attempts to change
consumers'perceptions of a brand or product/service
▶ Business product. Answer: used to manufacture other goods or
services, to facilitate an organization's operations, or to resell to other
customers
▶ Consumer product. Answer: bought to satisfy an individual's personal
wants or needs
▶ Types of Consumer Products. Answer: - Convenience product: a
relatively inexpensive item that merits little shopping effort
- Shopping product: a product that requires comparison shopping because
it isusually more expensive than a convenience product and is found in
fewer stores
- Specialty product: a particular item for which consumers search
extensively − Purchased less frequently than shopping products
, - Unsought product: a product that the buyer does not actively seek
▶ Product Lines. Answer: Groups of closely related product items
▶ Product Mixes. Answer: All product categories in which a marketer
competes
▶ Product portfolio dimensions. Answer: - Product mix width (or breadth):
Refers to the number of product categories in which a marketer competes
− Product line depth: The number of product items in a product line
▶ Adjustments to product items. Answer: − Product modification
− Product repositioning
- Functional: change the way product is used
- Quality: change durability, dependability or overall quality of the
experience
- Style: change superficial feature
- Repositioning (a.k.a., Rebranding): Changing consumer perceptions of a
brand or product
▶ Adjustments to product mixes. Answer: - Adding new product lines:
diversifies risk by expanding into new market opportunity
- Removing product lines: sheds unprofitable lines and/or makes room for
other products
▶ Adjustments to product lines. Answer: - Product line extension: generate
revenues from a new target segment or offer variety to existing customers
- Product line contraction: shed unprofitable items from the line or address
cannibalization
▶ Branding decisions. Answer: selecting a name, term, symbol, design, or
combination that identifies a seller's products and differentiates them from
competitors' products
▶ New Product. Answer: a product new to the world, the market, the
producer, the seller, or some combination of these
▶ New Product Categories. Answer: 1.) New-to-the-world products -
create an entirely new market
2.) New-product lines - allow a firm to enter an established market
