All Courses
Get the App Signup / Login
Sign in Open App
B Com Exam  >  B Com Tests  >  Test: Insurance Terminology And Insurance Customers - 2 - B Com MCQ

Test: Insurance Terminology And Insurance Customers - 2 - B Com MCQ


Test Description

10 Questions MCQ Test - Test: Insurance Terminology And Insurance Customers - 2

Test: Insurance Terminology And Insurance Customers - 2 for B Com 2024 is part of B Com preparation. The Test: Insurance Terminology And Insurance Customers - 2 questions and answers have been prepared according to the B Com exam syllabus.The Test: Insurance Terminology And Insurance Customers - 2 MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Insurance Terminology And Insurance Customers - 2 below.
Solutions of Test: Insurance Terminology And Insurance Customers - 2 questions in English are available as part of our course for B Com & Test: Insurance Terminology And Insurance Customers - 2 solutions in Hindi for B Com course. Download more important topics, notes, lectures and mock test series for B Com Exam by signing up for free. Attempt Test: Insurance Terminology And Insurance Customers - 2 | 10 questions in 10 minutes | Mock test for B Com preparation | Free important questions MCQ to study for B Com Exam | Download free PDF with solutions
Test: Insurance Terminology And Insurance Customers - 2 - Question 1
Save

Which factor can influence consumer behavior by making consumers more confident and willing to make purchases?

Detailed Solution for Test: Insurance Terminology And Insurance Customers - 2 - Question 1
Economic conditions can influence consumer behavior by making consumers more confident and willing to make purchases. In a positive economic environment, consumers are more likely to spend money on purchases like vehicles and household appliances, as they feel financially secure.
Test: Insurance Terminology And Insurance Customers - 2 - Question 2
Save

What is the primary influential group that can affect a consumer's purchasing decisions?

Detailed Solution for Test: Insurance Terminology And Insurance Customers - 2 - Question 2
The primary influential group that can affect a consumer's purchasing decisions consists of family members. Family plays a significant role in shaping a person's preferences and choices, particularly for products or services used within the household.
1 Crore+ students have signed up on EduRev. Have you? Download the App
Test: Insurance Terminology And Insurance Customers - 2 - Question 3
Save

What does the term "CLV" stand for in the context of business and customer satisfaction?

Detailed Solution for Test: Insurance Terminology And Insurance Customers - 2 - Question 3
CLV stands for Customer Lifetime Value. It represents the total value that a customer brings to a business over the course of their relationship with that business. It takes into account not only the initial purchase but also the potential for repeat purchases and long-term loyalty.
Test: Insurance Terminology And Insurance Customers - 2 - Question 4
Save
What is the primary reason for customer churn, as stated in the provided information?
Detailed Solution for Test: Insurance Terminology And Insurance Customers - 2 - Question 4
According to the information provided, the primary reason for customer churn is poor customer service quality, not high pricing or economic conditions. Businesses should focus on improving customer service to reduce churn.
Test: Insurance Terminology And Insurance Customers - 2 - Question 5
Save
According to the provided information, what percentage of unhappy customers tell over 20 people about their negative experience?
Detailed Solution for Test: Insurance Terminology And Insurance Customers - 2 - Question 5
According to the information provided, 13% of unhappy customers tell over 20 people about their negative experience. This highlights the significant impact that negative word of mouth can have on a business.
Test: Insurance Terminology And Insurance Customers - 2 - Question 6
Save
Which factor can serve as a point of differentiation for businesses in a competitive marketplace?
Detailed Solution for Test: Insurance Terminology And Insurance Customers - 2 - Question 6
Customer satisfaction can serve as a point of differentiation for businesses in a competitive marketplace. When businesses prioritize customer satisfaction and provide excellent customer experiences, they stand out from competitors who may offer similar products or services.
Test: Insurance Terminology And Insurance Customers - 2 - Question 7
Save
Which of the following is NOT mentioned as a benefit of ethical behavior and corporate social responsibility for businesses?
Detailed Solution for Test: Insurance Terminology And Insurance Customers - 2 - Question 7
While ethical behavior and corporate social responsibility can bring various benefits to businesses, increasing shareholder value is not explicitly mentioned in the provided information as one of these benefits.
Test: Insurance Terminology And Insurance Customers - 2 - Question 8
Save
What does the term "Purchasing Power" refer to in the context of consumer behavior?
Detailed Solution for Test: Insurance Terminology And Insurance Customers - 2 - Question 8
Purchasing power refers to the amount of money a consumer is willing and able to spend on a purchase. It plays a crucial role in influencing consumer behavior, as consumers analyze their purchasing capacity before making buying decisions.
Test: Insurance Terminology And Insurance Customers - 2 - Question 9
Save
What can marketing campaigns influence in consumer purchasing decisions, according to the provided information?
Detailed Solution for Test: Insurance Terminology And Insurance Customers - 2 - Question 9
Marketing campaigns can influence purchasing decisions made by consumers. They can shape consumers' choices and encourage them to opt for one brand or product over another. Marketing campaigns have the power to sway consumer decisions by creating awareness and appealing to emotions.
Test: Insurance Terminology And Insurance Customers - 2 - Question 10
Save
What is one of the reasons why customer satisfaction is considered important for businesses?
Detailed Solution for Test: Insurance Terminology And Insurance Customers - 2 - Question 10
Customer satisfaction is important for businesses because it reduces negative word of mouth. Satisfied customers are less likely to spread negative opinions about a company, which can damage its reputation. Instead, they are more likely to become advocates for the company and recommend its products or services to others, leading to positive word of mouth.
Information about Test: Insurance Terminology And Insurance Customers - 2 Page
In this test you can find the Exam questions for Test: Insurance Terminology And Insurance Customers - 2 solved & explained in the simplest way possible. Besides giving Questions and answers for Test: Insurance Terminology And Insurance Customers - 2, EduRev gives you an ample number of Online tests for practice
Download as PDF

Important Questions for Insurance Terminology And Insurance Customers - 2

Find all the important questions for Insurance Terminology And Insurance Customers - 2 at EduRev.Get fully prepared for Insurance Terminology And Insurance Customers - 2 with EduRev's comprehensive question bank and test resources. Our platform offers a diverse range of question papers covering various topics within the Insurance Terminology And Insurance Customers - 2 syllabus. Whether you need to review specific subjects or assess your overall readiness, EduRev has you covered. The questions are designed to challenge you and help you gain confidence in tackling the actual exam. Maximize your chances of success by utilizing EduRev's extensive collection of Insurance Terminology And Insurance Customers - 2 resources.

Insurance Terminology And Insurance Customers - 2 MCQs with Answers

Prepare for the Insurance Terminology And Insurance Customers - 2 within the B Com exam with comprehensive MCQs and answers at EduRev. Our platform offers a wide range of practice papers, question papers, and mock tests to familiarize you with the exam pattern and syllabus. Access the best books, study materials, and notes curated by toppers to enhance your preparation. Stay updated with the exam date and receive expert preparation tips and paper analysis. Visit EduRev's official website today and access a wealth of videos and coaching resources to excel in your exam.

Online Tests for Insurance Terminology And Insurance Customers - 2

Practice with a wide array of question papers that follow the exam pattern and syllabus. Our platform offers a user-friendly interface, allowing you to track your progress and identify areas for improvement. Access detailed solutions and explanations for each test to enhance your understanding of concepts. With EduRev's Online Tests, you can build confidence, boost your performance, and ace Insurance Terminology And Insurance Customers - 2 with ease. Join thousands of successful students who have benefited from our trusted online resources.
© EduRev
Education Revolution
Follow Us
Signup to see your scores go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup