Question

Statement-I: The concept of product relates to not only the physical product but also the benefits offered by it from customer's point of view.

Statement-II : The concept of product does not include the extended product by way of after sale services, availability of spare parts, handling complaints etc.

Options

• Both Statement-I and Statement-II are correct.

• Both Statement-I and Statement-II are incorrect.

• Statement-I is correct and Statement-II is incorrect.

• Statement-I is incorrect and Statement-II is correct.

Answer 1

Both Statement-I and Statement-II are correct.

Explanation:

From the customer's perspective, a product is a collection of utilities that is acquired because of its ability to meet a specific demand and does not contain the extended product in terms of after-sales services, spare parts availability, addressing complaints, and so on.