GB 350 PRACTICE EXAM QUESTIONS AND
DETAILED SOLUTIONS 2026
▶ Market Penetration. Answer: (present product, present market)
Goal: Increase wallet/market share of existing offerings among existing
customers
▶ Product Development. Answer: (new product, present market)
Goal: Develop new offerings to create value for existing customers
▶ Market Development. Answer: (present product, new market)
Goal: Attract new customers to existing offerings
▶ Diversification. Answer: (new product, new market)
Goal: Develop new offerings to create value for new markets
▶ Innovation Matrix. Answer: a strategic, visual tool used to categorize,
prioritize, and manage innovation efforts (core/adjacent/transformational)
▶ The Boston Consulting Group Model. Answer: • Portfolio matrix: tool for
allocating resources among products or strategic business units on the
basis of relative market share and market growth rate •
The portfolio matrix breaks SBUs into four categories:
− Star: business unit (product/brand) that is a fast-growing market leader
(current or potential high market share)
− Cash cow: business unit (product/brand) that generates more cash than
needed to maintain its market share
− Problem child (question mark): business unit (product/brand) with rapid
growth but poor profit margins (relatively low market share)
− Dog: business unit (product/brand) with low growth and small market
share
▶ Competitive Advantage. Answer: a set of unique features of a company
and its products that are perceived by the target market as significant and
superior to those of the competition
, ▶ The Marketing Plan. Answer: - A statement of what is to be
accomplished through marketing activities
- realistic, measurable, time specific, and compared to a benchmark
- Target Market
− Undifferentiated: Appeal to the entire market with one marketing mix
− Niche/Concentrated: Concentrate on one marketing segment
− Differentiated/Multi-segment: Appeal to multiple market segments with
multiple marketing mixes
- Implementation: Turns a marketing plan into action assignments; Ensures
these assignments are executed in a way that accomplishes the plan's
objectives.
- Evaluation & Control: Gauges the extent to which the marketing
objectives have been achieved during the specified time period
- Marketing mix (four Ps): a unique blend of product, place (distribution),
promotion, and pricing strategies designed to produce mutually satisfying
exchanges with a target market
▶ Self-regulation. Answer: A business's voluntary (not required by law)
efforts to preserve civil society
- Foster consumer trust and confidence
- Avoid future legal intervention
▶ ESG Marketing. Answer: Integrating ESG (Environmental, Social, &
Governance) values into the organization and marketing strategy
▶ Conscious Consumerism. Answer: The practice of making purchasing
decisions that align with personal ethical, environmental, and social values,
aiming to create positive change through buying power
▶ B-corps. Answer: Expand the obligations of boards, requiring them to
consider environmental and social factors, as well as the financial interests
of shareholders. This gives directors and officers the legal protection to
pursue a mission and consider the impact their business has on society
and the environment
▶ Code of ethics/company culture. Answer: codes (implied or written) of
acceptable conduct, often founded on morals, whether one's own and/or
the collective group
DETAILED SOLUTIONS 2026
▶ Market Penetration. Answer: (present product, present market)
Goal: Increase wallet/market share of existing offerings among existing
customers
▶ Product Development. Answer: (new product, present market)
Goal: Develop new offerings to create value for existing customers
▶ Market Development. Answer: (present product, new market)
Goal: Attract new customers to existing offerings
▶ Diversification. Answer: (new product, new market)
Goal: Develop new offerings to create value for new markets
▶ Innovation Matrix. Answer: a strategic, visual tool used to categorize,
prioritize, and manage innovation efforts (core/adjacent/transformational)
▶ The Boston Consulting Group Model. Answer: • Portfolio matrix: tool for
allocating resources among products or strategic business units on the
basis of relative market share and market growth rate •
The portfolio matrix breaks SBUs into four categories:
− Star: business unit (product/brand) that is a fast-growing market leader
(current or potential high market share)
− Cash cow: business unit (product/brand) that generates more cash than
needed to maintain its market share
− Problem child (question mark): business unit (product/brand) with rapid
growth but poor profit margins (relatively low market share)
− Dog: business unit (product/brand) with low growth and small market
share
▶ Competitive Advantage. Answer: a set of unique features of a company
and its products that are perceived by the target market as significant and
superior to those of the competition
, ▶ The Marketing Plan. Answer: - A statement of what is to be
accomplished through marketing activities
- realistic, measurable, time specific, and compared to a benchmark
- Target Market
− Undifferentiated: Appeal to the entire market with one marketing mix
− Niche/Concentrated: Concentrate on one marketing segment
− Differentiated/Multi-segment: Appeal to multiple market segments with
multiple marketing mixes
- Implementation: Turns a marketing plan into action assignments; Ensures
these assignments are executed in a way that accomplishes the plan's
objectives.
- Evaluation & Control: Gauges the extent to which the marketing
objectives have been achieved during the specified time period
- Marketing mix (four Ps): a unique blend of product, place (distribution),
promotion, and pricing strategies designed to produce mutually satisfying
exchanges with a target market
▶ Self-regulation. Answer: A business's voluntary (not required by law)
efforts to preserve civil society
- Foster consumer trust and confidence
- Avoid future legal intervention
▶ ESG Marketing. Answer: Integrating ESG (Environmental, Social, &
Governance) values into the organization and marketing strategy
▶ Conscious Consumerism. Answer: The practice of making purchasing
decisions that align with personal ethical, environmental, and social values,
aiming to create positive change through buying power
▶ B-corps. Answer: Expand the obligations of boards, requiring them to
consider environmental and social factors, as well as the financial interests
of shareholders. This gives directors and officers the legal protection to
pursue a mission and consider the impact their business has on society
and the environment
▶ Code of ethics/company culture. Answer: codes (implied or written) of
acceptable conduct, often founded on morals, whether one's own and/or
the collective group
