Correct Answer: Guiding and motivating employees to achieve organizational goals
 

Solution : The correct answer is (b) Guiding and motivating employees to achieve organizational goals

Leading is the management function that focuses on inspiring, guiding, and motivating employees to work towards the achievement of the organization's objectives. It involves creating a positive work environment, communicating a clear vision, and supporting and developing employees to help them reach their full potential. Setting performance standards and measuring actual performance and monitoring and evaluating employee performance are typically part of the controlling function of management. Assigning tasks and responsibilities to employees is related to the organizing function.

Correct Answer: Personal objective

Solution : The correct answer is (d) Personal objective

Personal objectives in management refer to the individual goals and aspirations of employees or other stakeholders, rather than the goals of the organization as a whole. These personal objectives are typically aligned with the individual's career or personal development and may include aspects such as job satisfaction, career advancement, and personal growth. While personal objectives are important to employees, the primary focus of management within the organization is usually on economic, social, and organizational objectives, which relate to the overall success and sustainability of the company.

Correct Answer: Setting organizational goals and strategies

Solution : The correct answer is (c) Setting organizational goals and strategies

Planning 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 outstanding customer service, and then creating strategies to realize those goals. 

Correct Answer: Top management
    

Solution : The correct answer is (a) Top management

Top management, also known as senior management or executive management, is responsible for making strategic decisions, setting organizational goals, and formulating long-term plans and policies that guide the overall direction of the entire organization. Developing long-term strategic plans is a primary function of top management. Lower-level management focuses on more operational and day-to-day activities, while middle-level management is often involved in translating top-level strategies into specific departmental or unit plans.

Correct Answer: Dynamic and adaptive

Solution : The correct answer is (c) Dynamic and adaptive

Management in modern organizations, such as ABC Retailers, is dynamic and adaptive because it needs to respond to changing market conditions, consumer preferences, technological advancements, and other external factors. In a rapidly evolving business environment, successful management involves the ability to adapt, make strategic adjustments, and be responsive to new challenges and opportunities. Rigid or static management approaches are often less effective in today's competitive and constantly changing markets.

Correct Answer: Social objective
    

Solution : The correct answer is (b) Social objective

The social objective of management is concerned with creating a positive work environment, fostering employee well-being, and ensuring that employees are satisfied with their jobs. It encompasses aspects such as workplace safety, employee engagement, work-life balance, and employee development. While the economic objective is related to financial goals, the social objective emphasizes the welfare and satisfaction of the workforce.

Correct Answer: Guiding and motivating employees to achieve organizational goals

Solution : The correct answer is (c) Guiding and motivating employees to achieve organizational goals

Leading is the management function that focuses on inspiring, guiding, and motivating employees to work toward the achievement of the organization's objectives. It involves creating a positive work environment, communicating a clear vision, and supporting and developing employees to help them reach their full potential. While other functions, such as setting performance standards and measuring actual performance , assigning tasks and responsibilities to employees , and monitoring and evaluating employee performance , are important, they are typically part of the controlling and organizing functions of management.

Correct Answer: Initiative

Solution : The correct answer is (d) Initiative

Initiative in management principles encourages employees to take the initiative, be proactive, and seek opportunities for growth and development. It involves empowering employees to take on new responsibilities, learn and develop new skills, and contribute to the organization's success beyond their basic job requirements. This principle aligns with the idea of fostering a culture of continuous learning and improvement within the organization.

Correct Answer: Both internal and external factors

Solution : The correct answer is (c) Both internal and external factors

Management in any organization, including ABC Retailers, is influenced by a combination of both internal and external factors. Internal factors can include the organization's structure, culture, resources, and internal strengths and weaknesses. External factors can encompass the competitive environment, economic conditions, legal and regulatory factors, technological advancements, and changes in the market or industry. Effective management requires consideration of both internal and external factors to make informed decisions and adapt to the changing business environment.

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.