Senior business manager Interview Questions
597
Senior Business Manager interview questions shared by candidates
Credit card insurance case: calculate break-even claim rate where response rate = 2%, fee charged = 1% of monthly balance, and average balance = $1,000 per month.
8 Answers↳
Don't think there's enough info here to solve. Response rate is 2%, but you need to know how much the marketing costs to be able to determine the breakeven. Less
↳
I think the break even claim rate for this insurance scheme would be 1%. (Keeping all other non-mentioned costs aside) Let's assume 100 customers are contacted: 2% response rate = 2 people buy insurance. Revenue: 2 * (1% of 1000) = $20 At break even, cost would also be $20. Let the claim rate be x% (Note: this will be a percentage of the people who have bought the insurance, i.e. x% of 2% of 100) Insurance pay-out = $1000 per claim Cost: 1000 * x% of 2 = 1000 * x/100 * 2 = 20x Now, revenue = cost at break even, hence: $20 = 20x x = 1 So the B/E claim rate would be 1%. Less
↳
I am assuming that the marketing cost is $0.5 per mail. So, if 10000 people are sent mail, 2% respond i.e. 200 people revenue - fee charged * balance * no of people * 12(for a year) i.e. 1% * 1000 * 200 * 12 = 24000 cost- 0.5*10000 = 5000 for mailers lets say claim rate is c% so, c% * 1000 * 200 i.e. 2000c (claims are assumed yearly so no need to multiply by 12) so total cost = 5000 + 2000c in case of break even, revenue will be equal to cost. there for 5000 + 2000c = 24000 i.e. c = 9.5 or break even claim rate = 9.5% Less
How influential are you in your current role and what are some of the methods you use to ensure your customers are satisfied with their products?
3 Answers↳
In my industry, an unsatisfied customer has the option of elevating concerns / issues all the way to the CEO. For this reason, my organization spends significant time on customer facing activities ranging from teleconferences to formal, face to face meetings. Formalized reports and summaries are produced and distributed to my organization's leadership team and elevated issues are addressed during internal meetings, as required. Less
↳
Your answer was very good; however, your approach is not correct. A better approach to take is that Rain Bird's name sells itself, if you aren't happy then too bad, there are plenty of other customers out there. Way waste the time on a few disgruntled customers? Less
↳
You also need to add that you'll find and hold someone responsible for the customer dissatisfaction, probably someone that was given responsibility with no authority nor resources, and then terminate him. Tony likes this. Less
What qualities and successes do you believe you can bring to this position from your current industry?
2 Answers↳
The correct answer would have been "I enjoy terminating employees and will do so without question. I have a strong track record of terminating employees" Less
↳
Building high performance teams, exceeding the expectations of clients, and resolving product related technical problems are transferrable across multiple industries and products. Less
They hardly asked me anything about me. Not skilled interviewers. The worst interview I have ever had in my 20+ years in my career.
2 Answers↳
I had to ask "sell" myself and ask them questions. I asked them what would be the focus for the first 30, 60, 90 days and the hiring manager answered, "survive!" Not a positive way to sell the position! I would not consider working for this manager or this Company. Run! Less
↳
Sorry for the bad experience you had on this particular interview. The feedback is very valuable to us. Hopefully, we can take your negative experience to address some of these issues we have within this particular group. Less
