Question : Case Study: ABC Retailers
ABC Retailers is a chain of stores specializing in fashion apparel. They have a hierarchical management structure with top management, middle-level management, and lower-level management. The company aims to provide a wide range of trendy clothing options and outstanding customer service.
XYZ Retailers' management team is known for its ability to adapt to changing market trends and consumer preferences. This demonstrates the management principle of:
Option 1: Unity of direction
Option 2: Initiative
Option 3: Flexibility
Option 4: Centralization
Correct Answer: Flexibility
Solution : The correct answer is (c) Flexibility
Flexibility in management principles relates to an organization's capacity to adapt to changing circumstances, market dynamics, and consumer preferences. It involves being open to new ideas, being willing to adjust strategies and approaches, and being agile in response to evolving business conditions. In the case of XYZ Retailers, their ability to adapt to changing market trends and consumer preferences suggests that they are flexible in their operations and decision-making, allowing them to stay competitive and responsive in a dynamic market environment.
The primary objective of ABC Retailers is to:
Option 1: Maximize profits
Option 2: Offer a wide range of trendy clothing options
Option 3: Provide outstanding customer service
Option 4: Expand into new markets
ABC Retailers' management team believes in empowering employees to make decisions and take initiatives. This reflects the management principle of:
Option 1: Equity
Option 2: Authority and responsibility
Option 4: Initiative
Which objective of management focuses on achieving the financial goals of ABC Retailers?
Option 1: Economic objective
Option 2: Social objective
Option 3: Organizational objective
Option 4: Personal objective
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