Question

Shivam is manufacturing hair straightening flat irons and supplying them to various beauty salons across the city. Over the last few months he observed that the sale of flat irons has decreased drastically. He tried to find out the reason. He found that the hair experts have started recommending ceramic irons which are now being sold by competitors in the market. So, he also started manufacturing ceramic irons based on new technology with added features like curling, crimping, etc. Identify the source of idea field used by Shivam:

• A. Trading Related ideas
• B. Existing Products or Services-Based ideas
• C. Service Sector ideas
• D. Market Driven or Demand Driven ideas

Answer 1

The Correct Option is B

Shivam improved his product offering by observing and analyzing the existing products (ceramic irons) in the market that were being recommended by professionals. He enhanced the features by incorporating new technology (curling, crimping, etc.). This approach clearly reflects the idea field of "Existing Products or Services-Based ideas" where innovation or improvement is inspired by already available products.
Existing Products-Based Ideas: Focuses on improving current products by adding new features or updating technology.
Trading Related Ideas: Involve ideas related to buying and selling products, not relevant here.
Service Sector Ideas: Refer to service-based businesses, not applicable to manufacturing.
Market Driven Ideas: Focus more on general market trends or consumer needs rather than direct product comparison. Thus, the most appropriate answer is (B) Existing Products or Services-Based ideas.