Banking · Product Development Process

Evaluate the following statements regarding the standard Product Development Process in banking: Statement 1: The process begins with idea screening, where management evaluates technical feasibility while entirely ignoring marketing aspects until full commercialization. Statement 2: During Concept Testing, presenting the concept to target consumers is a purely qualitative exercise that excludes any statistical evaluation. Statement 3: The Business Analysis stage is exclusively concerned with international patent infringements and does not involve any financial forecasting. Statement 4: Commercialization is the deliberate withdrawal phase of the product from nationwide markets to make space for newer offerings. Which of the following assessments is correct?