Read the following statements and mark the correct answer.

Assertion (A): The marketing concept strives to identify and meet the wants and requirements of customers in an efficient manner.
Reason (R): Products are purchased based on their quality and other attributes, according to the marketing theory.

A is true but R is false

The correct answer is option 3- A is true but R is false.

Assertion (A): The marketing concept strives to identify and meet the wants and requirements of customers in an efficient manner. THIS IS TRUE. Marketing orientation implies that focus on satisfaction of customer’s needs is the key to the success of any organisation in the market. It assumes that in the long run an organisation can achieve its objective of maximisation of profit by identifying the needs of its present and prospective buyers and satisfying them in an effective way. All the decisions in a firm are taken from the point of view of the customers. The basic role of a firm then is to ‘identify a need and fill it’. The concept implies that products ad-services are bought not merely because of their quality, packing or brand name, but because they satisfy a specific need of a customer. A prerequisite for the success of any organisation, therefore, is to understand and respond to customer needs.

Reason (R): Products are purchased based on their quality and other attributes, according to the marketing theory. THIS IS NOT TRUE as Product Concept assumes that product improvement is, the key to profit maximisation of a firm so Reasoning is not correct. As a result of emphasis on production capacity during the earlier days, the position of supply increased over period of time. Mere availability & low price of the product could not ensure increased sale and as such the survival and growth of the firm. Thus, with the increase in the supply of the products, customers started looking for products which were superior in quality, performance & features. Therefore, the emphasis of the firms shifted from quantity of production to quality of products. The focus of business activity changed to bringing continuous improvement in the quality, incorporating new features, etc.

Thus, assertion is true but reason is not.