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. 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
Correct Answer: Enhancing decision-making process
Solution : The correct answer is (b) Enhancing decision-making process
Effective planning is crucial for enhancing the decision-making process within an organization. Planning provides a structured approach to setting objectives, identifying strategies, and allocating resources, which in turn facilitates informed decision-making. By having a well-thought-out plan, ABC Retail Chain can make better decisions regarding its expansion, product range, market entry, and overall business strategy.
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:
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
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
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
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