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ibps-so 2024 · Question 175 of 209

A bank opens a branch in a high-tech IT park where customers are young, time-poor, and tech-savvy. The bank spends heavily on high-end furniture and a luxurious waiting lounge, but footfall remains zero as everyone uses the mobile app. What did the bank fail to understand regarding "Specialty" vs. "Convenience" service?

  1. ACustomers viewed the luxury lounge as a specialty product they must visit
  2. BThe bank failed to see that for this segment, banking is a "Convenience Service" where speed is the only priorityCorrect
  3. CThe bank should have used more "Personal Selling" to bring people into the branch
  4. DThe IT park represents a "Shopping Product" market where people compare lounges
  5. EThe lounge is an "Unsought Product" that people buy only in emergencies

Answer: B. The bank failed to see that for this segment, banking is a "Convenience Service" where speed is the only priority

Official answer key verified. Detailed explanation coming soon.

Source: IBPS SO Marketing Officer Mains Memory Based 2024 - Adda247 · memory-based

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