Correct Answer: Remuneration of personnel

Solution : The correct answer is (d) Remuneration of personnel

The principle of "Remuneration of personnel" in management emphasizes providing fair and equitable compensation to employees for their efforts and contributions to the organization. It involves offering appropriate wages, salaries, bonuses, incentives, and other forms of compensation to ensure that employees are fairly rewarded for their work. XYZ Apparel Company's belief in providing fair and equitable compensation aligns with the principle of remuneration of personnel, reflecting their commitment to valuing and compensating their workforce appropriately.

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 policies that guide the overall direction of the entire organization. They are at the highest level of the organizational hierarchy and have the most significant influence on the company's long-term success. Developing strategic plans and policies is a primary function of top management.

Correct Answer: Indirect Distribution

Solution : The correct answer is (b) Indirect Distribution. 

Indirect distribution involves utilizing intermediaries, such as wholesalers, retailers, or agents, to sell products to consumers. In this case, ABC Apparel is utilizing wholesalers, retailers, and online platforms (which often involve intermediaries in the form of e-commerce platforms) to distribute their clothing products. The involvement of intermediaries in the distribution process makes it an example of indirect distribution.

Correct Answer: Openness

Solution : The correct answer is (d) Openness

Openness in management principles emphasizes transparency, honesty, and open communication between management and employees. It encourages a culture of trust and clear communication, where information is shared, feedback is welcomed, and decisions are made in a transparent manner. This helps create a positive and collaborative work environment.

Correct Answer: Remuneration of personnel

Solution : The correct answer is (d) Remuneration of personnel

The principle of "Remuneration of personnel" in management emphasizes providing fair and equitable compensation to employees for their efforts and contributions to the organization. It involves offering appropriate wages, salaries, bonuses, incentives, and other forms of compensation to ensure that employees are fairly rewarded for their work. XYZ Apparel Company's belief in providing fair and equitable compensation aligns with the principle of remuneration of personnel, reflecting their commitment to valuing and compensating their workforce appropriately.

Correct Answer: Indirect Distribution

Solution : The correct answer is (b) Indirect Distribution. 

Indirect distribution involves utilizing intermediaries, such as wholesalers, retailers, or agents, to sell products to consumers. In this case, ABC Apparel is utilizing wholesalers, retailers, and online platforms (which often involve intermediaries in the form of e-commerce platforms) to distribute their clothing products. The involvement of intermediaries in the distribution process makes it an example of indirect distribution.

Correct Answer: Offer a wide range of trendy clothing options
  

Solution : The correct answer is (b) Offer a wide range of trendy clothing options

Providing a wide range of trendy clothing options is a specific and relevant objective for a fashion apparel retailer like ABC Retailers. While maximizing profits is an important consideration for any business, the core focus of a fashion apparel store is typically to offer a diverse and attractive selection of clothing to meet customer preferences and needs. Providing outstanding customer service is essential, but it's often a means to achieve the broader objective of offering attractive clothing options. Expanding into new markets could be a strategic goal that supports the primary objective but may not be the primary objective itself.

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: Middle-level management

Solution : The correct answer is (b) Middle-level management

Middle-level management is often responsible for translating the broad strategies and goals set by top management into detailed plans and policies that can be implemented at the departmental or unit level. They play a crucial role in aligning the organization's overall objectives with the specific actions and policies needed to achieve those objectives within their areas of responsibility.

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.