Dr KN Modi University, Tonk All Questions

Correct Answer: Selecting an alternative
 

Solution : The correct answer is (a). Selecting an alternative

This involves making a decision on which approach aligns best with the company's objectives, goals, and overall strategic plan for expanding its product range. Selecting an alternative sets the direction for further planning activities, including developing premises, setting specific objectives and goals, and allocating resources accordingly. Making a well-informed decision at this stage is crucial for the successful execution of the chosen course of action.

Correct Answer: Selecting an alternative
  

Solution : The correct answer is (a). Selecting an alternative

Once ABC Retail Chain has assessed and evaluated different courses of action for expanding its product range, the next logical step is to select the most suitable alternative. Selecting an alternative involves making a decision on which option aligns best with the company's objectives and goals. After selecting the alternative, the company can then proceed with developing premises, setting specific objectives and goals, and allocating resources as part of the detailed planning process for implementing the chosen course of action.

Correct Answer: Setting objectives and goals
  

Solution : The correct answer is (a). Setting objectives and goals.

Setting objectives and goals is a crucial initial step in any expansion strategy as it helps define the direction and purpose of the expansion. By clearly outlining what the company aims to achieve, ABC Retail Chain can provide a framework for the entire planning process. This involves determining specific, measurable, achievable, relevant, and time-bound (SMART) objectives that align with the overall vision and mission of the company.

While identifying potential risks, allocating resources, and evaluating alternatives are all essential components of the expansion planning process, they are typically undertaken after establishing objectives and goals. Objectives set the foundation for subsequent steps, allowing the company to make informed decisions and prioritize activities based on the desired outcomes.

Correct Answer: Selecting an alternative
   

Solution : The correct answer is (a). Selecting an alternative

Selecting an alternative involves making a decision on which option aligns best with the company's objectives and goals. After selecting the alternative, the company can then proceed with developing premises, setting specific objectives and goals, and allocating resources as part of the detailed planning process for implementing the chosen course of action.

Correct Answer: Planning comes before controlling.

Solution : The correct answer is (b) Planning comes before controlling.

In the traditional management process, planning typically comes before controlling. Planning involves setting objectives, goals, and strategies, while controlling follows to monitor and ensure that actual performance aligns with the established plans. This sequential order allows organizations like ABC Pharmaceuticals to establish a clear direction and then use control mechanisms to measure and adjust their activities to meet their planned objectives.

Correct Answer: Natural environment

Solution : The correct answer is (C) Natural environment

The business environment factor affecting ABC Corp. in this case is the natural environment. The company is facing pressure to adopt eco-friendly practices due to increasing concerns about environmental sustainability, which is directly related to factors within the natural environment, including ecological and environmental sustainability concerns.

Correct Answer: By adopting renewable energy sources

Solution : The correct answer is (C) By adopting renewable energy sources

Understanding the natural environment can benefit ABC Corp. in adopting eco-friendly practices, primarily by helping the company make informed decisions about adopting renewable energy sources. By recognizing the importance of environmental sustainability and the role of natural resources, ABC Corp. can invest in renewable energy technologies and reduce its reliance on fossil fuels, thus making its production processes more eco-friendly.

Correct Answer: Selecting an alternative
  

Solution : The correct answer is (a). Selecting an alternative

Once ABC Retail Chain has evaluated the various courses of action, the next logical step is to select the most appropriate alternative based on the evaluation criteria. This involves making a decision and choosing the specific approach or plan that aligns with the company's goals and overall strategic objectives for expanding its product range.

Correct Answer: Planning and controlling are simultaneous processes.

Solution : The correct answer is (d) Planning and controlling are simultaneous processes.

In the context of ABC Pharmaceuticals, planning and controlling are not strictly sequential; they often occur simultaneously and in an iterative manner. While planning sets the goals, standards, and strategies, controlling continuously monitors and evaluates the actual performance against these plans. If deviations or discrepancies are identified during the controlling process, adjustments can be made to both the plans and the actions being taken.

In other words, planning and controlling are interconnected processes that work together to ensure the company's goals are achieved while maintaining quality and regulatory compliance.

Correct Answer: By adopting renewable energy sources

Solution : The correct answer is (C) By adopting renewable energy sources

Understanding the natural environment can benefit ABC Corp. in adopting eco-friendly practices, primarily by helping the company make informed decisions about adopting renewable energy sources. By recognizing the importance of environmental sustainability and the role of natural resources, ABC Corp. can invest in renewable energy technologies and reduce its reliance on fossil fuels, thus making its production processes more eco-friendly.