Correct Answer: Both assertion and reason are true, but the reason is not the correct explanation of the assertion.

Solution : The correct answer is (b) Both assertion and reason are true, but the reason is not the correct explanation of the assertion.

The assertion is true. The marketing concept indeed emphasizes understanding and meeting customer needs. This approach focuses on satisfying customers by providing value through products or services that meet their needs and preferences.

The reason is true but not the correct explanation of the assertion. The marketing concept does aim to maximize profits, but it achieves this by understanding and meeting customer needs effectively, which then leads to customer satisfaction, loyalty, and ultimately, higher profits. Simply stating that it solely focuses on maximizing profits oversimplifies the marketing concept, which is fundamentally about creating value for customers and building long-term relationships.