IC88 Mock Test Sample 3
Insurance, marketing, and retail management are closely connected with customer service, quality management, and distribution systems. Bancassurance helps combine banking and insurance services for customer protection and financial support. Distribution channels provide market intelligence, promotional support, and wide market reach. Retail stores are differentiated mainly through ambience and customer experience. The Internet has enabled international expansion in service industries by overcoming geographical barriers. Senior management plays a key role in maintaining quality standards. Boston Matrix concepts such as “Cash Cow” describe profitable products that support organizations. Ethical decision-making requires rationalization, while agricultural initiatives like soil health studies support farmers and improve productivity.
1. A development of internet to insurance business is called____.
a) Fintech
b) Intech
c) Cleantech
d) Asktech
2. The aim of Bancassurance is_____.
a) To obtain synergies of two similar businesses
b) To support wealth creation and protection
c) To increase client list
d) To provide protection to personnel
3. Which of the following is not an advantage of distribution channel?
a) Increase the cost of distribution
b) Support by way of advice
c) Supplements promotional activities
d) Source of market intelligence
4. If there are ten furniture shops in a street, what first attracts an unfamiliar customer?
a) Salesman appearance
b) Physical facility
c) Size of the shop
d) Crowd of customers
5. Under which insurance cover does the insurer have a right to refuse the proposal?
a) Terrorism Risk Insurance Pool
b) Motor Third Party Declined Risk Insurance Pool
c) Health High Risk Insurance Pool
d) Motor High Risk Insurance Pool
6. Which statement is not true regarding costs of quality?
a) Costs are used as excuses for neglecting quality
b) High quality and low price are not compatible
c) Lowering costs should not dissatisfy customers
d) Focus on costs should not blur focus on customers
7. Name the centre set up by the Government of India for advanced breeding technology.
a) National Progeny Centre
b) National Animal Centre
c) National Genomic Centre
d) National Successors Centre
8. What cannot be the outcome of differences in perception among people?
a) Preconceived notions
b) Seeing facts differently
c) Objective observations and judgments
d) Becoming prejudiced or biased
9. Which statement is not true about retailers in the distribution chain?
a) Retailers inform customers about alternatives
b) Retail shops vary from small vendors to large stores
c) The last person in the chain is the consumer
d) Retailers keep stocks of alternatives
10. In marketing management, the word “market” refers to the aggregate of-
a) Existing consumers
b) Potential consumers
c) Only customers not consumers
d) Both existing and potential consumers
11. What is a common trait of Generation Y in India?
a) Resistance to traditional practices
b) Dual income families
c) Exposure to traditional marketing
d) Lack of technical savvy
12. What distinguishes one retail store from another?
a) Price of goods
b) Accessibility of store
c) Ambience of the store
d) Homogeneity of goods
13. What made international expansion through the Internet feasible?
a) High capital investments
b) Rigid regulations
c) Limited clientele
d) People-oriented nature of services
14. Who is primarily responsible for managing quality?
a) Frontline employees
b) Customers
c) Senior management
d) Training staff
15. What makes differentiation when the risk covered is the same?
a) Distribution system
b) After-sales service
c) Claims procedures
d) Both after-sales service and claims procedures
16. How is a “Cash Cow” characterized in the Boston Matrix?
a) High growth industry
b) Market leader
c) Financially beneficial but past its prime
d) Requires commitment of higher resources
17. Which is one of the tools of publicity?
a) Discounts and promotions
b) Social media campaigns
c) Sponsored feature articles
d) Telemarketing
18. Which initiative is expected to benefit 14 crore land holdings through soil health study?
a) Pradhan Mantri Ujjwala Yojana
b) Pradhan Mantri Sinchayee Yojana
c) National Agricultural Market (NAM)
d) Study of Soil Health Initiative
19. What was the total premium collected by private companies for micro insurance during 2014-15?
a) ₹12.49 crores
b) ₹15.58 crores
c) ₹281.93 crores
d) ₹33.66 crores
20. What is the purpose of rationalization in resolving ethical dilemmas?
a) To make fully justifiable choices
b) To ignore ethical values
c) To seek approval from others
d) To justify choices to oneself
