LOMA 371 COMPLETE EXAMINATION TEST
QUESTIONS WITH VERIFIED SOLUTIONS
●● Utility
Answer: The ability of and the degree to which a product or service
satisfies a customer's needs, the true value of a marketing exchange
●● Marketing mix
Answer: The four main variables - product, price, place and promotion
that companies manage in order to fulfill marketing's broad role
●● Distribution
Answer: The activities involved in making products available for
customers to buy
●● Marketing environment
Answer: All of the elements in a company's internal and external
environments that directly or indirectly affect the company's ability to
carry out its marketing activities
●● Gross Domestic Product (GDP)
Answer: The total output of goods and services produced by labor and
property located within a country, valued at adjusted market prices
,●● Insurance commissioner
Answer: The individual who is responsible for directing the operations
of a state insurance department. Also known as the superintendant of
insurance or director of insurance
●● Federal Insurance Office (FIO)
Answer: A federal level office within the treasury department that
monitors the insurance industry, identifying areas with inadequate state
regulation, helping to identify systematically risky insurers and dealing
w international insurance issues
●● Affordable Care Act (ACA)
Answer: A law that requires insurance companies to accept all applicants
for medical expense coverage and restricts insurers from basing
premium rates on preexisting conditions
●● Gramm-Leach-Bliley Act
Answer: US federal law that requires insurance companies to disclose
the insurers policies for obtaining and sharing customers NPI at the
beginning of the relationship and at least once a year afterwards and to
allow customers to opt out of info sharing with unaffiliated third parties
●● Omnichannel distribution
, Answer: The use of multiple, integrated options that give customers
choices and enable companies to create personalized interactions w
customers and business partners
●● monopolistic competition
Answer: A market with many sellers, similar products and services, a
customer perception of non price differences b/w products and services,
insignificant barriers to entry for new sellers and reliance on advertising
●● Economies of scale
Answer: A market condition that exists when the unit costs of producing,
selling, distributing and promoting a product decrease as the number of
units of the product sold increases
●● Organizational market
Answer: A group of individuals or organizations who purchase products
and services for business purposes
●● Buying center
Answer: an informal, cross-department decision unit whose main goal is
to acquire, spread and process info for organizational purchase decisions
●● Routine response strategy
QUESTIONS WITH VERIFIED SOLUTIONS
●● Utility
Answer: The ability of and the degree to which a product or service
satisfies a customer's needs, the true value of a marketing exchange
●● Marketing mix
Answer: The four main variables - product, price, place and promotion
that companies manage in order to fulfill marketing's broad role
●● Distribution
Answer: The activities involved in making products available for
customers to buy
●● Marketing environment
Answer: All of the elements in a company's internal and external
environments that directly or indirectly affect the company's ability to
carry out its marketing activities
●● Gross Domestic Product (GDP)
Answer: The total output of goods and services produced by labor and
property located within a country, valued at adjusted market prices
,●● Insurance commissioner
Answer: The individual who is responsible for directing the operations
of a state insurance department. Also known as the superintendant of
insurance or director of insurance
●● Federal Insurance Office (FIO)
Answer: A federal level office within the treasury department that
monitors the insurance industry, identifying areas with inadequate state
regulation, helping to identify systematically risky insurers and dealing
w international insurance issues
●● Affordable Care Act (ACA)
Answer: A law that requires insurance companies to accept all applicants
for medical expense coverage and restricts insurers from basing
premium rates on preexisting conditions
●● Gramm-Leach-Bliley Act
Answer: US federal law that requires insurance companies to disclose
the insurers policies for obtaining and sharing customers NPI at the
beginning of the relationship and at least once a year afterwards and to
allow customers to opt out of info sharing with unaffiliated third parties
●● Omnichannel distribution
, Answer: The use of multiple, integrated options that give customers
choices and enable companies to create personalized interactions w
customers and business partners
●● monopolistic competition
Answer: A market with many sellers, similar products and services, a
customer perception of non price differences b/w products and services,
insignificant barriers to entry for new sellers and reliance on advertising
●● Economies of scale
Answer: A market condition that exists when the unit costs of producing,
selling, distributing and promoting a product decrease as the number of
units of the product sold increases
●● Organizational market
Answer: A group of individuals or organizations who purchase products
and services for business purposes
●● Buying center
Answer: an informal, cross-department decision unit whose main goal is
to acquire, spread and process info for organizational purchase decisions
●● Routine response strategy
