MODULE : B – RETAIL PRODUCTS MCQ-3

CUSTOMER REQUIREMENTS 

1. The customer segment whose income level is between Rs. 10 lacs to Rs.50 lacs is referred    to as
(i) Mass Affluent
(ii) Super Affluent
(iii) HNW 

Ans: I


2. According to Maslow's Need Hierarchy Theory, needs may be broadly classified   as
(i) Physiological Needs
(ii) Safety Needs
(iii) Social Needs
(iv) Esteem Needs
(v) Self Actualisation Needs
(vi) All the above.

Ans: VI


3. Customers' expectations of service quality mainly depend on the following   :
(i) Tangibility in services.
(ii) Reliability.
(iii) Responsiveness.
(iv) Assurance
(v) Empathy.
(vi) All the above.

Ans: VI


PRODUCT DEVELOPMENT PROCESS 

State whether the following is true  :
(i) Customers are different.
(ii) Needs of the customers are  different
(iii) Each customer will have different sets of need for financial   services.
(iv) i and ii are true
(v.) i and iii are true
(vi) i, ii and iii are true

Ans: VI


2. Statement    1    -    In    the    introduction'    stage    of     a    product,    the     sales    volume    will     be    low     and    revenue     from   the   products   will    not    be    sufficient    to    cover    the    cost    of    producing,    marketing    and    servicing    it. Statement 2 - In the 'growth' stage, which is the second stage in the product life cycle, the sales volumes remains stagnant.
(i) Statement 1 is true
(ii) Statement 2 is true
(iii) Statement 1 and 2 are true 

Ans:  I


3. Product architecture consists of the following  component/s
(i) The Generic Product - the core  product.
(ii) The Expected Product - adding additional  features.
(iii) The Augmented Product- adding value in addition to   features.
(iv) The Potential Product - futuristic features in  anticipation.
(v) All the above 

Ans: V