Correct Answer: Both assertion and reason are true, and the reason is the correct explanation of the assertion.

Solution : The correct answer is (a) Both assertion and reason are true, and the reason is the correct explanation of the assertion.

The assertion is true. The product concept indeed assumes that customers prefer products with good features and quality. It focuses on delivering superior product features and quality to attract and satisfy customers.

The reason is the correct explanation. The product concept, while emphasizing good features and quality, does not solely focus on promotion. It recognizes that having a quality product is essential, but it doesn't suggest that promotion is the only focus. The product concept involves product development and delivering value to customers through the product itself, along with appropriate promotion strategies.