Question : Statement 1: The marketing concept emphasizes understanding and fulfilling customer needs.
Statement 2: Production concept solely focuses on maximizing short-term profits.
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 is all about understanding customer needs and wants and striving to fulfill them to achieve customer satisfaction.
Statement 2 is incorrect. The production concept emphasizes efficient and large-scale production to reduce costs and, in turn, provide products at lower prices to consumers. However, it doesn't focus solely on short-term profits; rather, it emphasizes efficiency in production processes.
Question : Statement 1: Marketing concept focuses on creating value and building customer loyalty.
Statement 2: Production concept emphasizes understanding customer preferences and needs.
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