100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
C16 - Business of Insurance - Chapter 6 Exam Questions with 100% Correct Answers | Verified | Latest Update $13.99   Add to cart
Quickly navigate to
Preview
  2.  
  3. C16 Business Of Insurance
  4.  
  5. C16 Business of Insurance

Exam (elaborations)

C16 - Business of Insurance - Chapter 6 Exam Questions with 100% Correct Answers | Verified | Latest Update
 5 views  0 purchase
  • Course
  • C16 Business of Insurance
  • Institution
  • C16 Business Of Insurance

C16 - Business of Insurance - Chapter 6 Exam Questions with 100% Correct Answers | Verified | Latest Update

Preview 3 out of 20  pages

Document information

  • October 22, 2024
  • 20
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • c16 business of insurance
  • what is market research why is it important
  • list 4 main characteristics of its potential clie
  • what is market segmentation

Written for

  • C16 Business of Insurance
  • C16 Business of Insurance

Seller

avatar-seller
professoraxel

Reviews received

Content preview

C16 - Business of Insurance - Chapter 6
Exam Questions with 100% Correct Answers
| Verified | Latest Update

WhatiisiMarketiResearch?iWhyiisiitiimportant?i-iCorrectiAnswer-
Theineeds,iwants,iandicharacteristicsioficurrentiandipotentialicustomer
siareideterminedithroughimarketiresearch.


Systematicallyigatheringiinformationiaboutiaimarket'sisizeianditrends.


Statisticsigatherediwilliidentifyitheisizeiandiscopeioficonsumerimarketsit
hatianiinsurerimayiwantitoitarget.


Informationigatheredithroughimarketiresearchihelpsiplaniaipromotiona
liagendairesultingiinitargetimarketsifindingitheiinsurerimoreiappealing.


Manyiareasiofitheienvironmenti(Political,iEconomicaliSocial,iandiTechno
logical)iexertiandiinfluenceionitheimarket.


Listi4imainicharacteristicsiofiit'sipotentialiclients.i-iCorrectiAnswer-
Demographic
-iSpecificicharacteristicsiofiaipopulation

,-
iAge,iGender,imaritalistatus,ifamilyisize,iincomeilevel,ieducation,igeogra

phicilocation,iandioccupation.


BuyiBehavior
-iHowiandiwheniconsumersipurchaseigoodsiandiservices
-
iDoesitheiinsurediuseiinternetitoimakeipurchasesiorishalliiniaistoreirequir

ingiaiservice?


Psychographics
-
iStudyiandiclassificationiofiaipersoniaccordingitoitheiriattitudesiandiaspir

ations.
-iHobbies


Location
-iIsitheipotentialiclientilocal,iregional,iinternational?


WhatiisiMarketiSegmentation?i-iCorrectiAnswer-
Breakidowniofiailargeigroupioficustomersiintoismallerisectionsi-
iSubgroups.




MarketiSegmentationiallowsiforiconcentratedimarketingiefforts.

, Utilizingithei4icategoriesiinimarketiresearch,imarketsiareidividedibyithei
needs,icircumstances,ianditraitsiidentifiediinitheipopulation.


WhatiisitheibenefitiofiMarketiSegmentation?iWhyiuseiit?i-
iCorrectiAnswer-

Byidividingiupitheimarketiintoisegmentsiitiwilliallowitheimarketingiteami
to:


-iSeeiwhichisegmentsiareibigienoughitoijustifyifunding.


-
iDetermineiwhichisegmentsihaveitheipotentialiforigrowthiandiincreasedi

value


-iIdentifyiwhichiareinotidominatedibyicompetitors


-
iSeeiwhichimarketsihaveiaigenuineineediforitheiproductsiandiservicesioff

ered.


WhatiisiaiNicheiMarket?i-iCorrectiAnswer-
Aniidentifiableisubgroupiofitheiconsumerimarket.


ExampleiofiaiNicheiMarketiisiAntiqueiCars.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller professoraxel. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $13.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

72042 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$13.99
  • (0)
  Add to cart