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C16 BUSINESS INSURANCE EXAM WITH ACTUAL CORRECT QUESTIONS AND VERIFIED DETAILED ANSWERS |FREQUENTLY TESTED QUESTIONS AND SOLUTIONS |ALREADY GRADED A+|NEWEST|GUARANTEED PASS |LATEST UPDATE$22.49
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C16 BUSINESS INSURANCE EXAM WITH ACTUAL CORRECT QUESTIONS AND VERIFIED DETAILED ANSWERS |FREQUENTLY TESTED QUESTIONS AND SOLUTIONS |ALREADY GRADED A+|NEWEST|GUARANTEED PASS |LATEST UPDATE
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C16 BUSINESS INSURANCE
Institution
C16 BUSINESS INSURANCE
C16 BUSINESS INSURANCE EXAM
WITH ACTUAL CORRECT
QUESTIONS AND VERIFIED
DETAILED ANSWERS |FREQUENTLY
TESTED QUESTIONS AND SOLUTIONS
|ALREADY GRADED
A+|NEWEST|GUARANTEED PASS
|LATEST UPDATE
C16 BUSINESS INSURANCE EXAM
2024-2025 WITH ACTUAL CORRECT
QUESTIONS AND VERIFIED
DETAILED ANSWERS |FREQUENTLY
TESTED QUESTIONS AND SOLUTIONS
|ALREADY GRADED
A+|NEWEST|GUARANTEED PASS
|LATEST UPDATE
What is psychographics?
Psychographics: the study and classification of people according to their
attitudes and aspirations as they relate to market research. This information
evaluates what makes consumers buy a certain product. Depending on the nature
of the product or service, they may involve for example, finding out about the
hobbies of potential clients.
Why does a company divide the market into segments?
Markets are divided, using market research data, into segments of the population
that have similar needs, circumstances, and traits, and that will respond similarly
to a particular product, service or strategic marketing program.
Dividing up the market allows a marketing team to identify which segments are
big enough to justify funding, which have the potential for growth and increased
value, which are not dominated by competitors, and which show a genuine need
for the products and services offered.
How does demographic segmentation differentiate consumers?
Customizing products and modifying promotions allows companies to capitalize
on the best competitive features in each market segment.
People within a target group may perceive the benefits or value of products
differently than expected.
Research can help to dispel any unfounded assumptions about the way that
consumers think.
Because every policy comes with a separate set of perks, each one is likely to
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,appeal to a particular group of consumers.
A niche market is an identifiable group of risks that require specialized
products/services have been developed.
Results of segmentation may lead a brokerage to target middle-aged Canadians
with high incomes (demographic) that purchase high-value property
(behavioural), and who live or work close to the broker office (geographic).
Why does a company conduct a marketing self-audit?
Data gathered from current and past initiatives allows companies to evaluate their
sales by location, type, customer and product.
An organization must understand its current marketing programs for existing
clients, products, or services because they can be used to develop new marketing
plans.
Reviewing vision and mission statements reassures a company that is doing what
it says it is doing. What the company thinks it is providing to customers must
match what the customer thinks he/she is buying.
Why might a market dislocation situation arise?
When an insurer leaves the market, it creates market dislocation for its existing
customers who must find another source of insurance.
The insurer may have decided not to service a geographic area, remove itself from
a line of business, or wind up the business entirely.
Remaining insurers must be pared to examine the implications of any such move:
it may be an opportunity to grow.
Underwriting managers who are current with what is happening in the industry
What are FOUR (4) general strategies related to achieving growth for an
organization?
1) Increase sales to existing customers;
2) Target new customers;
3) Diversify by market base;
4) Intensify sales efforts
Why do companies try to retain their customers?
Loyalty is profitable resulting in significant increases in the lifetime profits per
customer.
Existing customers form a stable base from which companies and brokers can
slowly increase sales by cross-selling.
What is the difference between a feature and benefit of a product or service?
A feature is one of its characterising, something it can do for the customer. I.E.
the insurer provides discounted motorist assistance service.
A benefit to the consumer relates its features to how the buyer's life will improve
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,as a result of the purchase. I.E. insured pays less for a valuable service, related to
driving, for which he/she already subscribes.
On what TWO (2) levels must advertising messages approach markets in
order to be successful?
Effective advertising messages tend to approach markets on both 1) emotional
and 2) intellectual levels.
We assume people make rational choices based on analyzed information but in reality,
the choices that people make are tied to emotions and experiential elements.
What benefits can be gained by scheduling press releases?
Press releases can be scheduled so that various media sources publish information
that builds on itself, progressively revealing new items about a specific topic.
The public relations message conveyed in a press release must be newsworthy and
interesting.
What must marketing literature accomplish?
Marketing literature present a company's image very clearly and offer support to
marketing and sales efforts.
The quality of the entire piece, the visual images used, and the content all
combine to project a certain image.
Marketing literature and related materials are designed to resonate with a target
audience and may include creating content for sales presentations in a flexible
configuration. This allows anyone in the organization to use the content as a base
to tailor it for a specific application.
What are some tools used to develop information to evaluate marketing
efforts?
Surveying customers are conducted to find out what customers think about the
company's products and services.
Complaints offer a rich bank of data for companies to analyze and provide an
opportunity for companies to come up with solutions.
What approach is recommended for handling negative questions from the
press?
Crisis communication to handle negative, speculative or controversial questions
tends to have good results when met with public-spirited, plain-talking message
delivered professionally by the CEO.
Statements such as "no comment" are rarely advisable because they tend to elicit
a negative public reaction.
When dealing with the media, it is best to arrange for an interview and determine
what the interview topics and issues will be in advance.
Because the media contact person has been prepared with the best possible
responses he/she will be best equipped to keep control of the exchange.
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, Deferring or redefining the question and using the ideas already prepared in the
series of supporting statements are recommended.
Denying inflammatory acquisitions is not recommended.
During crisis communication what reaction might be elicited from the public
if the company media contact person seems bureaucratic and does not speak
plainly?
Positively minded messages should be pared in advance to avoid defensive,
reactive and negative messages.
Anyone in contact with the media should talk plainly, in everyday language.
Members of the public are likely to be offended or feel alienated when
approached with messages delivered in "business speak" or that seem
bureaucratic
Employees representing a company must be prepared with appropriate facts and
stats about the industry. Presents information about the results of topical research
and an array of prepared examples that illustrate concerns, innovations within the
knowledge and new products requires that a base of knowledge be cultivated
before speaking to the media.
What are the THREE (3) categories of agent, and what are the distinctions
between those categories?
1) A company-employed agent works directly for the insurer. The person is
part of the insurer's staff and can be paid a salary, a commission, or a blend of
all types of compensation.
2) Entrepreneurial independent agent who maintains a separate office from
the insurer and pays their own expenses. The independent agent is paid by
commission or by a combination of base salary and commission. The contract
between the insurer and the independent agent must be negotiated and
specifies which of the two owns the client expiration list. The insurer has less
control over the staffing of the agency than a company employed agent.
3) An exclusive agent/captive agent places business with one insurer but
remains an independent businessperson with his/her own office. Depending
on the terms of the contract between insurer and agent, the exclusive agent
may have the option to place business elsewhere if the insurer declines it.
This arrangement is known as the insurer's first right of refusal.
Why is it valuable to have an exclusive contract between an insurer and an
agent?
Exclusive contract concerns the distribution of a certain product or program
owned by the insurer.
An exclusive contract with the insurer would prevent the agent from placing
business with an insurer that has a competing program or product.
I.E. not to run a competing or sell similar business
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