IC88 Mock Test Sample 1
Marketing, insurance, branding, customer service, and ethical practices are important concepts in business and public relations. Insurance helps protect the economic value of assets and provides compensation for losses through premiums collected by insurers. Market segmentation and branding help businesses serve customers better and create competitive advantages. Customer experience in service industries is influenced by ambience and service quality. Tools like business analytics assist in market research and decision-making. Government schemes like Pradhan Mantri Sinchayee Yojana focus on irrigation development. Ethical dilemmas arise due to conflicts between personal and organizational values. Rational buying behavior involves recognizing needs and evaluating suitable alternatives before purchase decisions.
1. What is the function of the premium in insurance?
a) To protect the insured from perils
b) To ensure that the insurance company benefits the most
c) To create a fund for the insurance company
d) To compensate for the losses suffered by the insured
2. In non-life insurance policies involving mortgages, international trade, guarantees, etc., who can be the claimant?
a) Policyholder
b) Nominee or heirs
c) Assignee
d) Insurer
3. Which industry had a legal barrier to starting a company but not to becoming a consultant until 2000 in India?
a) Manufacturing
b) Hospitality
c) Transport
d) Insurance
4. What makes recovery impossible in the context of complaints?
a) Apology
b) Impatience
c) Delays
d) Follow-up
5. What does the Boston Matrix take into account for product analysis?
a) Product pricing
b) Market competition
c) Product life cycle stage
d) Customer satisfaction
6. What influences a customer's experience in the service industry?
a) Online reviews
b) Ambience
c) Advertising
d) Social media presence
7. What is the primary focus of the Pradhan Mantri Sinchayee Yojana?
a) Providing irrigation facilities
b) Ensuring soil health
c) Supplying uninterrupted electricity
d) Reducing pollution
8. What is a peril in the context of insurance?
a) Asset valuation
b) Asset liability
c) Asset depreciation
d) Asset risk
9. When was the insurance business opened up for private companies in India?
a) 1973
b) 1980
c) 1991
d) 2000
10. What tool or technology is mentioned for analyzing large volumes of data in market research?
a) Data collection software
b) Business analytics
c) Market segmentation software
d) Customer relationship management
11. What is the brand based upon?
a) Uniform pricing
b) Product features differentiation
c) Customer feedback
d) Patents and trademarks
12. What is the primary purpose of insurance in the context of assets?
a) To create wealth
b) To reduce tax liabilities
c) To protect the economic values of assets
d) To increase asset depreciation
13. How does segmentation help in serving different customers better?
a) By offering the same products to all segments
b) By treating all customers uniformly
c) By adjusting the organization’s internal structure
d) By identifying appropriate ways to serve different customers
14. What are some benefits of having a strong brand?
a) Higher marketing costs and decreased customer loyalty
b) Reduced business stability and steady cash flows
c) Enhanced communication of product quality
d) Protection against competitive inroads and price wars
15. Why do consumers often engage in limited and incomplete searches for alternatives?
a) They are not interested in finding the best deals
b) They prefer impulsive decisions
c) They trust advertisements more than research
d) They usually have enough information at a certain point
16. What factor is crucial for the quality of service in hotels?
a) Design and interior fittings
b) Pure crystal water jug
c) Construction and furnishing
d) The experience of the person receiving the service
17. Select the correct option with respect to “Rational Buying Process”.
a) Buying decision is instant once need and product match
b) Customer must be aware of a need
c) Customer must want to satisfy that need
d) Options (b) and (c)
18. Identify the statement which best describes “Place utility of a product”.
a) Getting the best use of a product by changing location
b) Servicing faulty products at their location
c) Displaying product usage at the place of sale
d) Increasing attractiveness by altering physical location
19. What is the general perception of insurance agents?
a) Highly knowledgeable and professional
b) Negative image requiring additional certification
c) Rapid increase in numbers
d) Lack of training centers
20. What is the nature of interpersonal ethical dilemmas?
a) Short-term versus long-term conflicts
b) Clashes between individual and organizational values
c) Conflicts between individual values and others’ values
d) Actions injurious to customers
