Question : Statement 1: Marketing concept emphasizes building customer relationships through value creation.
Statement 2: Selling concept focuses on understanding customer needs to design better products.
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 indeed emphasizes building customer relationships through value creation. It involves understanding customer needs and preferences, creating valuable products or services that meet those needs, and delivering value to customers to establish and maintain long-term relationships.
Statement 2 is false. The selling concept does not primarily focus on understanding customer needs to design better products. The selling concept is more concerned with aggressive sales techniques and tactics to maximize short-term sales rather than focusing on product design based on customer needs.
Therefore, statement 1 is correct, and statement 2 is false.
Question : Case Study:
XYZ Automobiles focuses on understanding customer needs and preferences to design their marketing strategies. They aim to deliver superior value to their customers. Which feature of marketing does XYZ Automobiles emphasize?
Option 1: Cost Minimization
Option 2: Production Efficiency
Option 3: Mass Marketing
Option 4: Customer Satisfaction
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