Question : Statement 1: Marketing concept integrates customer preferences into product development.
Statement 2: Societal marketing concept focuses on maximizing short-term profits.
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 is a business philosophy that holds that a company should focus on meeting the needs and wants of its customers in order to achieve long-term profitability. This means that businesses need to understand customer preferences and integrate them into product development.
Statement 2 is false. The societal marketing concept is an extension of the marketing concept that recognizes that businesses have a social responsibility to consider the welfare of society as a whole in their marketing decisions. This means that businesses should not only focus on maximizing short-term profits, but they should also strive to minimize any negative impacts that their activities may have on society.
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