Correct Answer: Statement 1 is correct, and statement 2 is false.

Solution : The correct answer is (b) Statement 1 is correct, and statement 2 is false.

Statement 1 is correct. The marketing concept does indeed focus on creating and delivering superior customer value. It emphasizes understanding and meeting customer needs effectively to provide value to customers and achieve long-term customer satisfaction and loyalty.

Statement 2 is false. The production concept does not solely rely on aggressive advertising to drive sales. The production concept focuses on efficient and cost-effective production processes to mass-produce standardized products.

Therefore, statement 1 is correct, and statement 2 is false.

Correct Answer: To support costly innovation projects

Solution : The correct answer is (d) To support costly innovation projects

LMN Ventures might need external financing for its research and development (R&D) initiatives primarily to support costly innovation projects. Research and development involve significant investments in terms of resources, technology, talent, and time. Innovative projects can be expensive, especially those involving cutting-edge technologies, advanced research, or development of new products.

To support costly innovation projects is the most relevant and common reason for seeking external financing for R&D initiatives, especially when the projects require substantial financial resources to drive innovation and maintain competitiveness in the market.

Correct Answer: Assertion is true, but the reason is false.

Solution : The correct answer is (c) Assertion is true, but the reason is false.

The assertion is true. Under the marketing concept, businesses do indeed focus on understanding and satisfying customer needs. It's a customer-centric approach where businesses strive to identify, anticipate, and fulfill customer needs and wants effectively.

The reason is false. The marketing concept does not disregard customer preferences and focus on mass production. Instead, it emphasizes aligning production with customer preferences, aiming to produce what the market demands rather than pushing products that customers don't need or want.

In summary, the assertion is true, but the reason provided is false as it misrepresents the focus of the marketing concept.

Correct Answer: Production Concept

Solution : The correct answer is (c) Production Concept.

The Production Concept is a marketing philosophy that emphasizes producing high-quality products at the lowest possible cost and making them widely available. It is often suitable in situations where demand exceeds supply, and the primary focus is on production efficiency and achieving economies of scale to drive down production costs. The assumption is that consumers will favor products that are readily available and affordable. However, this concept may overlook the importance of understanding and meeting customer needs and preferences, which is a key aspect of the Marketing Concept.

Correct Answer: Customer Satisfaction

Solution : The correct answer is  (d) Customer Satisfaction

By focusing on understanding customer needs and preferences and aiming to deliver superior value, XYZ Automobiles is placing a strong emphasis on ensuring that their customers are satisfied. This approach is customer-centric and aligns with the goal of providing products and services that meet or exceed customer expectations, ultimately leading to high levels of customer satisfaction. Cost minimization, production efficiency, and mass marketing may also be important considerations, but in this scenario, customer satisfaction is the highlighted feature.

Correct Answer: Selling Concept

Solution : The correct answer is (d) Selling Concept.

The Selling Concept is a marketing philosophy that emphasizes aggressive selling and promotional efforts to convince customers to purchase a company's products or services. It focuses on sales transactions rather than understanding and addressing customer needs. The belief behind this concept is that customers will not buy enough of the company's offerings unless a significant sales and promotional push is applied to drive sales. The primary goal is to sell what the company produces, often with less consideration for customer needs or value.

Correct Answer: almost doubled

Solution : The correct option is the second option.

Explanation:
The passage mentions that paddy production is up by 93%, maize by 95%, and cotton by 74%, according to the Telangana Planning Department. These significant percentage increases indicate a substantial rise in harvests across various crops, suggesting that the harvests in Telangana have almost doubled in just one year.

Therefore, the correct answer is, almost doubled.

Correct Answer: Departmentalisation

Solution : Grouping similar and related jobs into larger units called departments, divisions or sections and placing them under a department head. It facilitates specialization. – The departments are linked together and are interdependent. Hence, the correct option is 2.

Correct Answer: Product Concept

Solution : The correct answer is (d) Product Concept.

The Product Concept is a marketing philosophy that centers on creating high-quality products with unique features and attributes. The main emphasis is on the product itself, striving to offer features and benefits that stand out and meet or exceed customer expectations. Companies following this concept are driven by a commitment to continuous innovation and improvement to maintain a competitive advantage and deliver superior value to their customers. The primary goal is to develop and market products that customers perceive as exceptional and desirable.

Correct Answer: Statement 1 is correct, and statement 2 is false.

Solution : The correct answer is (b) Statement 1 is correct, and statement 2 is false.

Statement 1 is correct. The marketing concept does indeed focus on creating value for customers and building customer loyalty. It involves understanding customer needs and preferences, designing products or services that fulfill those needs, and delivering value to customers to establish and maintain long-term relationships.

Statement 2 is false. The production concept does not emphasize understanding customer preferences and needs. It centers on efficient and cost-effective production processes to mass-produce standardized products.