Assertion (A): Services are perishable in nature.

Reason (R): Services cannot be stored for future use, unlike physical products.

1. A is true but R is false
2. A is false but R is true
3. Both A and R are true and R explains A.
4. Both A and R are true but R does not explain A.

…………… means exchange of a product, or service between a buyer and a seller while …………… means all the activities involved in planning, pricing, promoting and distributing want satisfying products and services.

1. Sales, selling
2. Market, marketing
3. Product, promotion
4. Cost, pricing

During the …………… stage, from 1950-1960; marketers' focus shifted from promotion to product improvement?

1. Marketing oriented stage
2. Product oriented stage
3. Production oriented stage
4. Sales oriented stage

…………… is the type of market on the basis of nature of goods.

1. Wholesale market
2. Retail market
3. Money market
4. Consumers' market