1. Research on consumer sentiment towards various financial services professionals indicates that in general, consumers have a view towards financial services professionals. Lack of trust therefore seems to be an inherent characteristic of many financial services transactions. Select one: A. Mixed B. Confusing C. Expanded D. Reduced
2. Despite the benefit that low defection rates present to some Financial Services Marketers, this may not really be reflective of the reasons why customers remain with the company. As a result, Financial Service Companies may do which of the following: Select one: A. Cause irrational behavior by the Marketer B. Reduce their willingness to be competitive C. Expand their desire to improve their product offerings D. All of the Above
3. The average cost of an Electronic Financial Services transaction is approximately the cost of a human transaction. Select one: 10% B. 3% C. 5% D. 8%
4. The Credit Card Accountability, Responsibility and Disclosure (CARD) Act signed into law in 2009 required Financial Service Companies to Select one: A. Sought to prevent unfair interest rates and fee traps in credit card markets. B. Provide more clarity in the language used by credit card issuers C. Created specific Standards for credit card companies as to "how" they should communicate with customers . D. None of the Above E. All of the Above
5. Which of the following is now a Unique Aspect of Financial Services Marketing? Select one: A. Price Complexity B. Consumer Protection C. Irrational Consumers D. Regulations
6. Which of the following is a reason why Credit Card Holders may NOT switch their Credit Card Company Select one: A. They do not want to lose their loyalty points B. Switching may lower costs C. Incentives outweigh the benefits of switching costs D. Negative impact of switching is limited
7. A Distinctive Competency is a Skill or Attribute or Benefit or Strategic Advantage that cannot be easily duplicated by the competition in the Financial Services industry, what is the most obvious Distinctive Competency that a Financial Service Firm may have? Select one : A. Its Online Platform B. Its Technology Offering C. Its Branches D. Its employees
8. The recent trends for Financial Service Forms Consolidation in the 1990s in the USA resulting in fewer and few firms in many sectors, suggests which of the following: Select one: A. Marketing Power is decreasing in many financial services categories, and thus there is a need to reduce marketing costs in order to o maximize profitability. B. Marketing Power is being concentrated in many financial services categories, and thus there is a need for focused and well-calculated marketing strategies to ensure long-term success. C. Marketing Power is being concentrated in many financial services categories, and thus there is a need for focused and well-calculated marketing strategies to ensure long-term success. D. Marketing Power is being decentralized in many financial services categories, and thus there is a need for focused and well-calculated marketing strategies to retain customer base
9. Cognitive Dissonance MUST be carefully managed by Financial Service Firms. If this goes "unchecked" which of the following likely to happen? Select one: A. Customers may feel dissatisfied B. Customers may switch C. Customers may cancel financial service tract / t transaction D. All of the Above E. None of the Above
10. It is widely known that the detection patterns vary widely across financial service providers Which of the following is one of the reasons why life insurance company customers defect at a slower rate than banking customers? Select one: A. Life Insurance insurance coverage costs are increasing annually. B. The application has to be reassessed and it may not be possible to again qualify for the benefit C. Life Insurance companies are not regulated. D. Coverage levels change too often E. All of the Above
11. After the Financial Services Modernization Act was passed 1999, which of the following led to the financial collapse of 2008? Select one: A. Increasing level of Consumer Debt B. Poor Financial Decisions by a few large financial firms C. Increased Competition D. All of the Above
12. There is a growing level of distrust between consumers and marketers . The primary reason for this is because of _____. Select one : A. High fees and charges B. Increased Marketing Pressure C. Dishonesty by Marketers D. Mutual Distrust between Marketer and Consumer E. Dishonesty by Consumers
13. Marketing Financial Services is an Art and Science primarily because of WHICH of the following Select one : A. It requires a disciplined and focused approach to selling products and services. B. It requires complete customer satisfaction at all times. C. It requires a creative approach that must be balanced with structure and rigor/discipline. D. It requires Marketeers to focus and exceed profit expectations of the bank .
14. There is mounting evidence that financial services markets are challenged by a consumer base that is becoming highly Select one : A fragmented B. technologically driven C. educated D. homogenized E. All of the Above
15. "Positioning is commonly referred to: Select one: A. The space a product/service occupies in the minds of the consumer B. The financial difference in profit between product A and product C. The relative ranking of the Moment of Truth Rating for a Financial Service Firm D. The ease of access of Product A vs. Product B.
16. Which of the following Acts was a response to the many changes that the USA Financia Markets had experienced following the economic collapse of 2008? Select one: A. Financial Services Modernization Act B. Dodd-Frank Wall Street Reform and Consumer Protection Act C. Fair and Accurate Transactions Act D. Glass Steagall Act
17. One of the factors that makes marketing financial services unique is the fact that most financial service to be judged by consumers the context of the current economic environment in which they are offered. Select one: A. excluding B. outside C. notwithstanding D. within
18. Where is the Buyer's Black Box located? Select one: A. In his Wallet B. In his Bank Account C.In his Mind D. Under his Mattress
19. There is generally felt to be a growing level of consumer distrust in general marketing activities. Studies show that a significant portion of consumers will not hesitate to cheat on their insurance companies if they have a chance to do so. Which of the following is an example of a consumer exemplifying this level of distrust? Select one : A. miss-represent to the insurer the sequence of events that led to the insurance claim B. Mis-inform the insurance company about their individual risk characteristics C. Neglect to disclose relevant information that may Invalidate the insurance claim D. All of the Above E. None of the Above
20. Banks today are moving from people managed transactions to electronic based transactions. The ultimate benefit to the bank as s result of the diversion to technology is Select one : A. Lower Operating costs B. Faster Service for Routine Transactions. C. Consistent and Reliable Service Delivery providing technology works D. All the Above E. None of the Above
21. It is generally established that in the majority of financial services categories, customer detection rates are than they are in most other markets. Select one : A. The Same B. Significantly higher C. Significantly lower D. None of the Above
22. The growing number of lawsuits and punitive measures imposed by the Securities and Exchange Commission and various other regulatory bodies over the past decade in the USA against major investment and insurance companies is contributes to the continuing in the Financial Services Industry. Select one : A. Reduced Services B. Consumer Distrust C. High Fees D. None of the Above
23. The significant cost differences as a result of using technology instead of human based transactions have resulted in for financial services marketers. Select one: A. profit advantages B. customer service C. people competency
24. A unique aspect of financial services marketing which differentiates it from other marketing practices is the illusive notion of quality. In the context of Financial Services marketing, Quality is Select one : A. Subjective B. Immeasurable C. Objective D. None of the Above
25. What is the most likely reason why increasing costs of energy/crude oil is very important to marketers? Select one: A. It can limit consumer spending B. It can cause consumers to save more C. It can reduce cost of production D. It can influence the cost of gasoline
26. It is considered by Marketers that the defection rates vary across categories of financial services. Which of the following industries may have the lowest defection rates? Select one: A. Credit Card Companies B. Mutual Funds Companies C. Investment Companies D. Life Insurance Companies
27. Which phrase is missing from the DEFINITION of Marketing Financial Services: To Exceed Customer Expectations through the Art and Science of Concentrated and Focused Marketing by delivering products and services to customers that go beyond customer Satisfaction. Select one: A. Creative Approach B. Disciplined Approach C. For A Profit D. Wow Experience
28. Which of the following Acts was a response to the many changes that the USA Financial Markets had experienced following the economic collapse of 2008? Select one: A. Financial Services Modernization Act B. Glass Steagall Act C. Fair and Accurate Transactions Act D. Dodd-Frank Wall Street Reform and Consumer Protection Act
29. The Glass Steagall Act (1933) was passed with the following intention : Select one: A. To expand the growth of investments B. To prevent Commercial Banks from participating in Investment Banking Activities C. To expand the sale of mortgage loans in the USA D. To protect consumers from predatory pricing practices
30. As a result of a Fragmenting Consumer Base in the USA, together with the fact that consumers are experiencing more hardshipFinancial Service Firms must now do which of the following? Select one: A. Expand into areas requiring more technology in order to increase efficiency B. Become more diverse in order to keep up with markets increased fragmentation. C. Reduce Operating costs in order to increase long term profitability D. Limit Marketing to profitable opportunities and do not try to be all things to all people.
31. In Marketing Financial Services , Consumer Needs for Financial Services differs from one customer to another. As a result, the types of Financial services that an organization may be introduce to the marketplace may be suited for specific groups instead of mass marketing. This is an example of which of the unique aspects of Financial Services? Select one: A. Tangibility B. Perishability C. Market Clustering D. Variability
32. A "Moment of Truth in Banking Marketing Exchange/Transaction happens during Select one: A. The Customers Interaction with the Customer Service Representative B. During the time the Customer obtains his/her loan and recognizes that he has a "great deal." C. During the time the Customer price shops to ensure that he is receiving the best Interest rate for his loan D. All of the Above
33. The ultimate goal of Marketing Financial Services is for the Bank to Select one: A. Make a profit through concentrated and focused marketing B. Always Exceed Customer Expectations . C. Ensure a consistent Brand Message that identifies the strengths of the Bank's products and services. D. Reduce Operating Expenses
34. Which of the following is NOT an example of the Changing Marketplace in the Financial Services industry? Select one: A. Trust B. Fragmenting Customer Base C. New Entrants D. Industry Expansion
35. The goal of Marketing is no longer to SATISFY customers. Today's customers demand a experience. Select one: A. Cost Effective B. Truthful C. Electronic D. WOW
36. Nowadays, Bahamian Banks are replacing decreased Spreads with which of the following: Select one. A. Net Interest Income B. Non Interest Expense C. Non Interest Income D. Net Interest Margin
37. The Dodd-Frank Wall Street Reform Act is also commonly referred to as the: Select one: A. Bank Modernization Act B. Obama Plan C. Sub Prime Mortgage Bailout Act D. Financial Services Modernization Act
38. Which of the following is NOT a good indicator for the reason of customer retention in the Financial Services Industry? Select one: A. Consumers lack the initiative to find out he most competitive offering B. Consumers do not want to start relationships with new financial services experts /providers C. Consumers may fail to consider all possible competing options available to them. D. Consumers are not necessarily attracted to the best deal
39. The fact that a typical consumer may choose to deposit CASH with ha CSR (Teller) and a Check at the ATM suggests which of the following? Select one: A. Consumers of all Generations have embraced technology as fastly as they have embraced people managed transactions. B. Consumers consider that transactions at the teller do not have errors but there is the possibility of error at the ATM. C. Consumers are not adapting to technology in all aspects as providing the same quality and reliability of service as a human. D. Consumers want a receipt to their transaction and the ATM may not always have paper.
40. Which of the following is most likely the reason(s) why Financial Services Companies Customers customers may be reluctant to defect Select one: A. Customers lack initiative to find the most competitive product offering B. Customers may not necessarily be motivated to seek out all of the competing offerings C. Customers may not necessarily be attracted to the very best deal D. All of the Above E. None the Above