IC88 Mock Test Sample 15
Consumer behavior is influenced by wants, perceptions, learning, buying processes, and cognitive dissonance. The traditional economic model assumed that buyers act rationally within limited purchasing power. Self Help Groups (SHGs) support rural development by connecting members with banks and micro-insurance services. The Boston Consulting Group (BCG) Matrix is a strategic business tool used for market analysis. Insurance and rural development schemes like PM Ujjwala Yojana and Rurban Mission aim to improve living standards and rural outreach. Marketing planning requires leverage, consistency, and integration. Wants become demands only when affordability exists. The tertiary sector supports exchange and distribution activities in the economy.
1. What assumptions were made in the earlier economic model of consumer behavior?
a) Buyers have many wants and limited purchasing power
b) Buyers are rational human beings
c) Buyers try to maximize satisfaction
d) All of the above
2. Which concepts are useful in understanding consumer behavior?
a) Strokes
b) Perception
c) Buying process and dissonance
d) All of the above
3. Which statement is true regarding Self Help Groups (SHGs)?
a) SHGs connect members with banks
b) SHGs can act as agents for micro-insurance
c) SHGs are informal associations
d) All of the above
4. What does BCG stand for in BCG Matrix?
a) British Consulting Group
b) Boston Consulting Group
c) Boston Corporate Group
d) Business Consulting Group
5. Traditional business model is also known as-
a) Tank model
b) Platform model
c) Pipe model
d) Analytical model
6. Which process is NOT fundamental in explaining consumer thinking and learning?
a) Personality
b) Perception
c) Cognitive
d) Thoughts
7. In which year was non-life insurance nationalized in India?
a) 1956
b) 1973
c) 1965
d) 1983
8. When was Pradhan Mantri Ujjwala Yojana launched?
a) 14 April 2016
b) 1 May 2016
c) 15 August 2016
d) 2 June 2016
9. Which service characteristic must be seriously considered while fixing prices?
a) Tangibility
b) Perishability
c) Ownership
d) Availability
10. Poor quality becomes the norm when which assumptions prevail?
a) Quality can always improve
b) One can never be perfect
c) To err is human
d) Both b and c
11. When was Shyama Prasad Mukherjee Rurban Mission launched?
a) July 2017
b) August 2016
c) September 2015
d) October 2014
12. Who instructed insurers to transact minimum business in rural areas?
a) Insurance Act
b) IRDA Regulations
c) Underwriter
d) Both a and b
13. Nav Kalpana Kosh focused on-
a) Agriculture
b) Education
c) Governance
d) Agriculture and Governance
14. Which “P” of marketing mix is not suitable for insurance?
a) People
b) Physical factors
c) Process
d) Pre-sale
15. Insurance company values can be judged through-
a) Attitude toward claims settlement
b) Bias in dealing with employees or clients
c) Compliance with laws and regulations
d) All of the above
16. What factors are important in planning programmes and activities?
a) Leverage
b) Consistency
c) Integration
d) All of the above
17. Which peripheral can be highlighted in savings bank accounts?
a) Fast cash deposits and withdrawals
b) Account operation without visiting bank
c) Faster cheque clearance
d) All of the above
18. Why did private insurers neglect rural markets before nationalization?
a) Poor connectivity
b) Spread-out population
c) Poor incomes
d) All of the above
19. Wants create demands subject to-
a) Availability
b) Possibility
c) Affordability
d) Social acceptance
20. Which sector facilitates exchange of products in other sectors?
a) Quaternary sector
b) Quinary sector
c) Tertiary sector
d) Secondary sector
