Question : Statement 1: Marketing concept prioritizes understanding customer preferences for product development.
Statement 2: Societal marketing concept disregards ethical considerations in business decisions.
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 prioritize understanding customer preferences for product development. It involves market research and analysis to identify customer needs, preferences, and behaviors, which then guide the development of products that meet those preferences.
Statement 2 is false. The societal marketing concept does not disregard ethical considerations in business decisions. In fact, it emphasizes the integration of social responsibility and ethical considerations in business strategies, going beyond customer needs to consider the broader societal impact.
Therefore, statement 1 is correct, and statement 2 is false.
Question : Statement 1: Societal marketing concept integrates social and environmental considerations into business strategies.
Statement 2: Marketing concept disregards ethical considerations in business practices.
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