Question : Statement 1: Marketing concept emphasizes understanding and meeting customer needs.
Statement 2: Societal marketing concept prioritizes business profits over societal well-being.
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 understanding and meeting customer needs. It involves identifying customer needs, preferences, and problems, and then providing products or services that fulfill those needs effectively.
Statement 2 is false. The societal marketing concept does not prioritize business profits over societal well-being. Instead, it integrates social responsibility and considers both customer satisfaction and the broader societal good in business strategies.
Therefore, statement 1 is correct, and statement 2 is false.
Question : Statement 1: The marketing concept emphasizes understanding and fulfilling customer needs.
Statement 2: Production concept solely focuses on maximizing short-term profits.
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile