Question : Statement 1: Marketing concept aims to achieve customer satisfaction and long-term profitability.
Statement 2: Production concept prioritizes understanding customer preferences and needs.
Option 1: Both statements are correct.
Option 2: Statement 1 is correct, and statement 2 is false.
Option 3: Both statements are incorrect.
Option 4: Statement 2 is correct, and statement 1 is incorrect.
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 aim to achieve customer satisfaction and long-term profitability. It involves understanding and meeting customer needs effectively to satisfy customers and ensure long-term business success and profitability.
Statement 2 is false. The production concept does not prioritize understanding customer preferences and needs. It is primarily concerned with efficient and cost-effective production processes to mass-produce standardized products, often without considering specific customer preferences.
Therefore, statement 1 is correct, and statement 2 is false.
Question : Statement 1: Marketing concept focuses on creating value and building customer loyalty.
Statement 2: Production concept emphasizes understanding customer preferences and needs.
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