Product Development - Marketing Quiz for IBPS Marketing Officer Exam

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Directions: Study the following questions carefully and answer the questions given below.

Important for :
All of the following are major steps in developing new products except _________ .
» Explain it
Stages of a new product development are:

1. Idea Generation
2. Idea Screening
3. Concept Development & Testing
4. Business Analysis
5. Product Development
6. Test Marketing
7. Commercialisation
8. Launch

Option 'B' hence is the correct answer here.
 Which step in developing new products involves determining whether the product idea is compatible with company objectives, needs, and resources on a general level?
» Explain it
While developing a new product the process that is used to evaluate innovative product ideas, strategies and marketing trends is called Idea screening. Idea screening criteria are used to determine compatibility with overall business objectives and whether the idea would offer a viable return on investment. The ideas that do not meet these criteria are typically discarded.

Option 'B' henc is the correct answer.

During which stage of new product development does the firm consider profitability?
» Explain it
A new product idea that survives the screening stage of new product development (NPD) requires a more sophisticated and detailed business analysis. A business analysis will help you determine the costs involved in your proposed NPD, and forecast the profits you may make from the product in future financial years. The costs of developing a product are substantial.
Your business analysis will also help you eliminate inappropriate ideas and avoid unnecessary costs.

Option 'C' hence is the correct answer.
When Hyundai Motors offers to let qualified buyers test-drive the new i20, the dealer is primarily trying to stimulate which stage of the product adoption process?
» Explain it
There are numerous stages of adoption which a consumer goes through. These stages may happen before or even after the actual adoption.
Awareness – This is the area where major marketeers spend billions of dollars. Simply speaking, if you are not AWARE of the product, you are never going to BUY the product.
Interest and Information Search – Once you are aware, you start searching for information. Whether it be your daily soap, your car or for that matter your home, you wont buy it unless you know about it.
Evaluation / Trial – Evaluation is wherein you test or have a trial of the product. This is pretty difficult in services as services are generally intangible in nature. However service marketing managers do find ways of offering Trial packs to users. Comparatively, it is pretty easier in Product marketing and finds a major usage in BTL ( Below the Line) sales promotion.
Adoption – The actual adoption of the product. Wherein the consumer finally decides to adopt the product.


Option 'D' hence is the correct answer.
A company wanting to maintain market share during the maturity stage requires moderate and sometimes large _________
» Explain it
The Maturity stage of the product life cycle presents manufacturers with a wide range of challenges. With sales reaching their peak and the market becoming saturated, it can be very difficult for companies to maintain their profits, let alone continue trying to increase them, especially in the face of what is usually fairly intense competition.

During this stage, it is organizations that either spend on advertising or look for innovative ways to make their product more appealing to the consumer that will maintain, and perhaps even increase, their market share. 

Option 'A' hence seems to be the most appropriate choice here.

IBPS SO 2017 Mains exam is just a few days away and most of the IBPS SO exam aspirants must be preparing hardest to complete the maximum syllabus with an aim to secure the marks that can land you among the toppers. Keeping the same in mind, has brought to you Marketing Quizzes with Marketing Questions that can prove extremely beneficial for the upcoming IBPS SO Mains exam. Here’s a 10 Marketing Question Quiz set for you to practise. Read the question carefully and try to select the correct answer. Thorough explanation with examples is given with each of the questions. Kindly go through the explanation part once you finish all the 10 Marketing questions.  

All the best!