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.
The management function of planning in ABC Retailers involves:
Option 1: Allocating resources to different departments
Option 2: Guiding and motivating employees
Option 3: Setting organizational goals and strategies
Option 4: Monitoring employee performance
Correct Answer: Setting organizational goals and strategies
Solution : The correct answer is (c) Setting organizational goals and strategies
Planning in management involves defining the organization's goals and objectives, and determining the strategies and actions necessary to achieve them. In the context of a retail business like ABC Retailers, this would include setting goals related to providing a wide range of trendy clothing options and achieving specific financial and operational objectives, and then creating strategies to realize those goals.
The management function of organizing in ABC Retailers involves:
Option 1: Guiding and motivating employees
Option 2: Setting performance standards
Option 3: Allocating resources and assigning tasks
The management function of controlling in ABC Retailers involves:
Option 1: Setting performance standards and measuring actual performance
Option 2: Guiding and motivating employees to achieve organizational goals
Option 4: Monitoring and evaluating employee performance
The management function of leading in ABC Retailers involves:
Option 3: Monitoring and evaluating employee performance
Option 4: Assigning tasks and responsibilities to employees
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