Question : Statement 1: Marketing concept focuses on creating value and building customer loyalty.
Statement 2: Production concept emphasizes understanding customer preferences and needs.
Option 1: Both statements are correct.
Option 2: Statement 1 is correct, and statement 2 is false.
Option 3: Both statements are incorrect.
Option 4: Statement 2 is correct, and statement 1 is incorrect.
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. The marketing concept does indeed focus on creating value for customers and building customer loyalty. It involves understanding customer needs and preferences, designing products or services that fulfill those needs, and delivering value to customers to establish and maintain long-term relationships.
Statement 2 is false. The production concept does not emphasize understanding customer preferences and needs. It centers on efficient and cost-effective production processes to mass-produce standardized products.
Related Questions
Trending Articles/News
