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.
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
Correct Answer: Economic objective
Solution : The correct answer is (a) Economic objective
The economic objective of management is primarily concerned with the financial performance and profitability of the organization. It involves managing resources and operations to ensure the company's economic well-being, which includes maximizing revenue, minimizing costs, and generating profits. While other objectives, such as the social objective or organizational objective, are important, the economic objective is a fundamental focus for most businesses, including retailers, to ensure their financial sustainability.
Which objective of management focuses on the well-being and job satisfaction of employees in ABC Retailers?
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
Which objective of management focuses on achieving personal goals and aspirations in ABC Retailers?
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