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C16 - Business of Insurance - Chapter 6 Exam Questions with 100% Correct Answers | Verified | Latest Update $13.99   Add to cart
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C16 - Business of Insurance - Chapter 6 Exam Questions with 100% Correct Answers | Verified | Latest Update
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C16 - Business of Insurance - Chapter 6 Exam Questions with 100% Correct Answers | Verified | Latest Update

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  • 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

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  • C16 Business of Insurance
  • C16 Business of Insurance

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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.

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