IC88 Mock Test Sample 10
Marketing and insurance management focus on customer satisfaction, service quality, and strategic decision-making. In marketing, factors such as price, promotion, product features, and people influence business strategies. Employee training is considered an important investment for improving service quality. Non-life insurance in India was nationalized in 1972, while bancassurance combines banking and insurance services for wider distribution. Market research begins with identifying a product idea and studying changing customer behavior. Consumer protection laws safeguard customer rights and ensure quality information. Service quality depends on people management and efficient processes. Traditional sales-oriented marketing still exists among producers aiming to maximize sales and profits.
1. In many marketing situations, which factor can matter in strategic decisions?
a) Promotion
b) Price
c) Features
d) People
2. What should be seen as an investment in ensuring service quality?
a) Experience of rendering services
b) Training of employees
c) Appointing maximum employees
d) Healthy working atmosphere
3. Which promotion mix strategy has practically no scope in insurance?
a) Publicity
b) Sales promotion
c) Advertisement
d) Personal selling
4. Non-life insurance business was nationalized in____.
a) 1957
b) 1970
c) 1973
d) 1972
5. What is the first step from where market research starts?
a) Consumer review
b) Product design
c) Product idea
d) Sales data
6. Which policy is applicable in services?
a) Error minimization
b) Learn from mistakes
c) Right first time
d) Take risks and keep testing
7. Insurance is closely linked to __.
a) Economy and finance
b) Society
c) Trade and industry
d) Business
8. Which of the following is a facilitating service?
a) Fire insurance
b) Consultancy
c) Museum
d) Security services
9. Which rights are included in the Consumer Protection Act in India?
a) Protection against hazardous goods
b) Right to information about quality
c) Consumer awareness rights
d) All of the above
10. The regulatory environment in insurance consists of-
a) Insurance Act, 1938
b) Inheritance laws
c) Mercantile laws and practices
d) All of the above
11. Which statement reflects the production orientation approach?
a) Increased production alone creates markets
b) Customers must buy available products
c) Customers should be informed and attracted
d) Products should be easily available
12. Leadership that empowers people and makes them responsive to customers refers to-
a) People management
b) Customer management
c) Service management
d) Business management
13. Sales orientation aims at maximizing sales through-
a) Discounts
b) Campaigns and publicity
c) Economies and technology
d) All of the above
14. Which term relates to studying market dynamics and changes?
a) Market research
b) Marketing changes
c) Market structure
d) Organizational efforts
15. In restaurants, service experience can be influenced by-
a) Restaurant infrastructure
b) Other customers present
c) Bill payment facility
d) Quality of food
16. Which Ps were added to the original four Ps of marketing mix?
a) Packaging
b) People
c) Process and Physical factors
d) People, Process, and Physical factors
17. Which technology is used by “101 commerce services” in rural areas?
a) E-commerce services
b) Platform shop X
c) Logistics technology
d) Both e-commerce and logistics technology
18. Service quality should focus attention on-
a) People management
b) Processes
c) Promotion
d) Both people management and processes
19. What refers to selling insurance products through banks?
a) Retail insurance
b) Insurance marketing
c) Bancassurance
d) Insurance distribution
20. Which traditional marketing approach still prevails among many producers?
a) Production orientation
b) Product orientation
c) Sales orientation
d) Cost orientation
