IC88 Mock Test Sample 18
Marketing and insurance are closely connected with customer satisfaction, ethics, service quality, and economic development. Marketing focuses on understanding customer needs through segmentation, research, promotion, pricing, and distribution. Insurance supports individuals, businesses, and the economy by protecting against risks and mobilizing long-term funds. Service quality depends on responsiveness, reliability, empathy, and proper interaction with customers. Rural development initiatives, logistics, fintech, and digital platforms have transformed business operations. Ethical behavior, trust, and customer-oriented service are essential for long-term success. Effective marketing strategies, niche targeting, and quality management help organizations build strong brands, customer loyalty, and sustainable growth.
Q1. Which among the following is not important in regards with insurance product?
a. Claim ratio
b. Commission of agents
c. Premium amount
d. Size of the segmentation
Q2. Why market research techniques have limitations in using in the case of services?
a. Difficult to sample
b. Difficult to articulate precisely
c. Difficult to conduct surveys
d. Only (i) & (ii)
Q3. Annual income between Rs.20,001 to Rs.40,000 comes under which group?
a. Low income group
b. Low middle income group
c. Middle income group
d. Upper middle income group
Q4. Which among the following is not an element of physical evidence in an organisation?
a. Infrastructure
b. Workers dress
c. Employee training
d. Machinery
Q5. ____ is an electronic trading portal.
a. SPMRM
b. KCC
c. KYC
d. NAM
Q6. One of the objectives of marketing activities is to create _________ and improve affordability.
a. Needs
b. Desires
c. Wants
d. Demand
Q7. Which of the following should not be the basic assumptions of the service provider?
a. Customer is always right
b. Customer expectations should be understood
c. Service quality determines customer satisfaction
d. Customers are homogeneous
Q8. In what way the insurance company is contributing in economy growth?
a. Helping businesses mitigate risk
b. Promoting trade and commerce
c. Generating long-term financial resources
d. All the above
Q9. What can be the important element in the marketing mix?
a. Place
b. Promotion
c. Product
d. All the above
Q10. Who among the following can provide negative strokes to the customers?
a. Cashier throwing money across counter
b. Clerk refusing urgency
c. Salesman frowning
d. All the above
Q11. By and large, the barriers to entry in services are ___.
a. Low
b. Very low
c. High
d. Moderate
Q12. What can be considered as central to the decision-making process of every organization?
a. Marketing
b. Planning
c. Employees
d. Finance
Q13. What is a key element of the sales orientation approach?
a. Maximizing profits through economies
b. Relying on product quality
c. Heavy promotional campaigns
d. Reducing operating costs
Q14. What is the purpose of segmentation in marketing?
a. To create new products
b. To target a specific segment of customers
c. To eliminate competition
d. To reduce waste
Q15. What is mentioned as a factor influencing understanding and decision-making?
a. Observable behavior
b. Belief system and assumptions
c. Economic calculations
d. Objective reality
Q16. What is the potential impact of a cargo ship sinking on businesses beyond owners?
a. No impact
b. Positive impact
c. Potential bankruptcy of businesses
d. Reduced shipping costs
Q17. How does marketing view the decision processes of producer and customer?
a. Independent processes
b. Separate unrelated processes
c. Competing processes
d. Complementary processes
Q18. What are the four elements of Marketing Mix?
a. Product, Price, Place, Promotion
b. People, Process, Physical factors, Price
c. Solutions, Information, Value, Access
d. Training, Repairs, Maintenance, Replacements
Q19. What is the key benefit of identifying niche markets?
a. Access to large customer volume
b. Intense competition
c. Understanding special customer needs
d. Vague market offers
Q20. Why might claimants not understand the insurance principle of indemnity?
a. Lack of information
b. Untrustworthy insurers
c. Complexity of contracts
d. Ignorance about insurance
