Correct Answer: Statement 1 is true, and statement 2 is false.
   

Solution : The correct answer is (a) Statement 1 is true, and statement 2 is false.

Statement 1 is true. Financial planning indeed plays a pivotal role in effective resource allocation within a business. It involves allocating financial resources optimally to various activities and functions to achieve the company's objectives efficiently.

Statement 2 is false. Financial planning is not limited to focusing on production activities. It encompasses a broader scope, including planning for all financial aspects of the business, such as investment, financing, budgeting, risk management, and overall financial strategy. Production activities are just one component of the overall financial planning process.

Correct Answer: Marketing Concept

Solution : The correct answer is (c) Marketing Concept

The marketing concept is centered around understanding and meeting customer needs and preferences, delivering superior value, and prioritizing customer satisfaction and long-term relationships. XYZ Retail's focus on building strong relationships with customers and emphasizing customer satisfaction and long-term loyalty aligns with the principles of the marketing concept.

Correct Answer: Both statements are correct.

Solution : The correct answer is (a) Both statements are correct.

Statement 1 is correct. The societal marketing concept indeed integrates ethical and social considerations into marketing decisions. It emphasizes not only meeting customer needs but also considering broader social and ethical concerns in marketing strategies and practices.

Statement 2 is correct. The production concept does focus on producing goods without necessarily considering customer preferences. It is primarily concerned with efficient and cost-effective production processes to mass-produce standardized products.

Therefore, both statements are correct.

Correct Answer: Marketing Concept

Solution : The correct answer is (d) Marketing Concept.

The Marketing Concept is a customer-centric approach that focuses on understanding and fulfilling customer needs and wants effectively. It involves delivering superior value to customers to achieve customer satisfaction and build strong, long-term customer relationships. Additionally, understanding market trends is a fundamental aspect of the Marketing Concept, allowing companies to adapt and tailor their strategies to changing market dynamics and consumer preferences. The ultimate goal is to meet customer needs and achieve business objectives by creating value and satisfying customers.

Correct Answer: Method Study

Solution : The correct answer is (d) Method Study

Method study involves analyzing and simplifying work processes to improve efficiency and productivity. It aims to eliminate unnecessary steps, reduce complexity, and optimize the workflow, which directly aligns with the scenario of identifying and eliminating unnecessary steps in the production process.

In summary, XYZ Engineering using method study to identify and eliminate unnecessary steps in their production process aligns with the technique of "Method Study," which involves analyzing and simplifying work processes to enhance efficiency and productivity by eliminating unnecessary steps.

Correct Answer: Launching a social media campaign

Solution : The correct answer is (d) Launching a social media campaign.

Launching a social media campaign is an example of promotion as a marketing mix strategy. Promotion strategy involves the various marketing communication activities and techniques used to raise awareness, generate interest, and persuade potential customers to purchase a product or service. Social media campaigns utilize platforms such as Facebook, Instagram, Twitter, or LinkedIn to reach and engage with the target audience. Through social media, companies can share compelling content, run targeted advertisements, interact with customers, and create buzz around their products or services.

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 assertion is true. Under the marketing concept, businesses do indeed focus on understanding and satisfying customer needs. It's a customer-centric approach where businesses strive to identify, anticipate, and fulfill customer needs and wants effectively.

The reason is false. The marketing concept does not disregard customer preferences and focus on mass production. Instead, it emphasizes aligning production with customer preferences, aiming to produce what the market demands rather than pushing products that customers don't need or want.

In summary, the assertion is true, but the reason provided is false as it misrepresents the focus of the marketing concept.

Correct Answer: Firms used to follow production oriented approach.

Solution : With the increasing competition the firm has shifted to market oriented approach, i.e., study and analyse the need of the market first and then produce goods and services to satisfied the needs of the customers.
Hence Option A is correct.

Correct Answer: Financial planning

Solution : The correct answer is (c) Financial planning

Financial planning entails determining the company's financial goals and objectives and devising strategies to achieve them. Selecting the right sources of funds is a crucial aspect of financial planning, as it involves evaluating and choosing the most suitable options for obtaining the necessary funds to support the business's operations, growth, and expansion. This decision is essential for ensuring the financial health and sustainability of the company.

Correct Answer: Both statements are correct.

Solution : The correct answer is (a) Both statements are correct.

Statement 1 is correct. The societal marketing concept indeed integrates ethical and social considerations into marketing decisions. It emphasizes not only meeting customer needs but also considering broader social and ethical concerns in marketing strategies and practices.

Statement 2 is correct. The production concept does focus on producing goods without necessarily considering customer preferences. It is primarily concerned with efficient and cost-effective production processes to mass-produce standardized products.

Therefore, both statements are correct.