Correct Answer: A philosophy that stresses customer value and satisfaction.

Solution : A philosophy that stresses customer value and satisfaction.
Marketing is a philosophy that stress customer value and satisfaction. Even functions of marketing includes gathering and analysing market information and public interests.

Hence, option D is correct.

Correct Answer: Exaggeration and Deception

Solution : The correct answer is (c) Exaggeration and Deception.

XYZ Clothing's claim that their fabric is "indestructible" is likely viewed by some customers as an exaggeration or potential deception. Exaggerated claims in advertising can raise concerns about the credibility and truthfulness of the product's features or benefits. If customers find it hard to believe that the fabric is truly "indestructible," it suggests a skepticism about the accuracy and truthfulness of the advertisement, which falls under the objection of exaggeration and potential deception.

Correct Answer: II, III

Solution : The correct answer is (b) II, III

An economist, as a practitioner of positive economics, would primarily focus on objective analysis and explaining economic phenomena as they are, rather than making subjective value judgments. Based on this understanding, an economist would typically be concerned with problems that can be studied and analyzed using positive economics principles.

The effect of speculation on raw material prices and the results of union pressure for increased wages can be analyzed and studied using positive economics principles. These issues involve economic factors, market dynamics, and their impact on the economy, which can be examined through empirical analysis and objective study.

The unfairness of wealth distribution and the rights and wrongs of exaggerated advertising claims, on the other hand, involve normative judgments about fairness and ethics, which fall outside the scope of positive economics.

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. Promotion in marketing indeed encompasses various activities such as advertising, personal selling, and sales promotion, among others, aimed at promoting a product or service.

Statement 2 is false. Promotion is a critical element of the marketing mix and significantly influences consumer awareness, perception, and purchase decisions. Effective promotional strategies can boost consumer awareness, create interest, and encourage consumers to purchase a product or service.

Correct Answer: The responsiveness of demand to changes in consumer income.

Solution : The correct answer is  (c) The responsiveness of demand to changes in consumer income.

Income elasticity of demand measures how sensitive the quantity demanded of a good or service is to changes in consumer income. It helps businesses understand how their products or services will be affected by changes in income levels of their target market. By analyzing income elasticity, businesses can assess whether their products are normal goods (income elastic) or inferior goods (income inelastic) and make informed decisions about pricing, marketing strategies, and product development. It provides insights into how changes in consumer income can impact demand and helps businesses anticipate and respond to shifts in consumer purchasing power.

Correct Answer: Assertion is true, but the reason is false.

Solution : The correct answer is (c) Assertion is true, but the reason is false.

The marketing concept is a customer-centered approach to marketing that focuses on identifying and satisfying customer needs. It is based on the idea that businesses should create and deliver products and services that customers want and need, rather than simply trying to sell them products and services that the business has to offer.

The reason given for the assertion, that the marketing concept is solely concerned with advertising and promotional activities, is false. Advertising and promotion are important aspects of marketing, but they are not the only ones. The marketing concept also encompasses other activities such as market research, product development, pricing, and distribution.

Correct Answer: Advertising on television
 

Solution : Recruitment through advertisement of vacant post over television is gaining importance these days.The detailed job requirements and qualities required to do it are publicised along with the profile of the organisation where vacancy exists.

Hence, option C is correct.
 

Correct Answer: Placement agencies and management consultants
 

Solution : Placement agencies and management consultants maintain data bank of persons with different qualifications and skills and even advertise the jobs on behalf of their clients to recruit right type of personnel.

Hence, option A is correct.

Correct Answer: Implementing seasonal discounts

Solution : The correct answer is (d) Implementing seasonal discounts.

Implementing seasonal discounts is an example of price adjustment as a marketing mix strategy. Price adjustment involves changing the pricing strategy for a product or service to align with market conditions, customer preferences, or specific marketing objectives. Offering seasonal discounts is a common pricing strategy used to incentivize customers to make purchases during specific times of the year, such as holidays or low-demand periods. These discounts can attract new customers, encourage repeat purchases, and stimulate sales during certain seasons or promotional periods.

Correct Answer: Advertising Standards Council of India (ASCI)

Solution : The correct answer is (c) Advertising Standards Council of India (ASCI)

The Advertising Standards Council of India (ASCI) is a self-regulatory body that oversees advertising in India. It has a code of conduct that advertisers are expected to follow, and it investigates complaints about misleading advertising.

However, the first step for a consumer who has been misled by an advertisement is to complain to ASCI. If ASCI finds that the advertisement is misleading, it will ask the advertiser to withdraw it. If the advertiser does not withdraw the advertisement, ASCI can publish its findings on its website, which can damage the advertiser's reputation.