Question : Case Study: ABC Retail Chain
ABC Retail Chain is a popular brand with multiple stores across the country. The company is planning to expand its product range and enter new markets to attract a wider customer base.
One of the characteristics of effective planning that ABC Retail Chain should focus on is:
Option 1: Lack of flexibility
Option 2: Ambiguous objectives
Option 3: Measurable and specific goals
Option 4: Ignoring external opportunities
Correct Answer: Measurable and specific goals
Solution : The correct answer is (c) Measurable and specific goals
Measurable and specific goals are crucial in effective planning because they provide clarity and allow for objective evaluation of progress. When goals are measurable, it means there are clear criteria for assessing whether the objectives have been achieved. Specific goals provide a detailed and unambiguous description of what needs to be accomplished, leaving little room for confusion or misinterpretation.
Question:
The importance of planning for ABC Retail Chain lies in:
Option 1: Restricting employee autonomy
Option 2: Enhancing decision-making process
Option 3: Limiting financial resources
Option 4: Ignoring external factors
ABC Retail Chain is a popular brand with multiple stores across the country. The company is planning to expand its product range and enter new markets to attract a wider customer base. Question:
The type of plan that ABC Retail Chain needs to develop for their expansion is:
Option 1: Tactical plan
Option 2: Strategic plan
Option 3: Contingency plan
Option 4: Operational plan
What is the first step ABC Retail Chain should take in the planning process for its expansion?
Option 1: Setting objectives and goals
Option 2: Identifying potential risks
Option 3: Allocating resources
Option 4: Evaluating alternatives
ABC Retail Chain is a popular brand with multiple stores across the country. They are planning to expand their product range by adding organic and eco-friendly products. Question:
The importance of planning for ABC Retail Chain in expanding their product range includes:
Option 1: Enhancing the decision-making process
Option 2: Limiting financial resources
Option 3: Ignoring external factors
Option 4: Restricting employee autonomy
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile