Question : Statement 1: Product refers only to physical goods offered by a company.
Statement 2: Services cannot be marketed and do not contribute to customer satisfaction.
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 false.
Correct Answer: Both statements are incorrect
Solution : The correct answer is (c) Both statements are incorrect.
Statement 1 is incorrect. A product in marketing encompasses both physical goods (tangible products) and services (intangible offerings). It refers to anything that can be offered to a market to satisfy a want or need.
Statement 2 is incorrect. Services can definitely be marketed, and they strongly contribute to customer satisfaction. Marketing for services involves promoting, advertising, and communicating the benefits of services to potential customers. Customer satisfaction is a critical aspect of service-oriented businesses.
