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 marketing concept indeed focuses on the long-term satisfaction of customer needs. It emphasizes building customer relationships and meeting their needs and wants over the long term, resulting in customer satisfaction and loyalty.

The reason is true and the correct explanation of the assertion: The marketing concept does aim to maximize long-term profits by satisfying customers' needs and creating a loyal customer base. While short-term profits are important, the marketing concept recognizes that prioritizing customer satisfaction and building long-term relationships will ultimately lead to sustainable business success and profitability.