Birla Institute of Management Technology (BIMTECH) offers a Post Graduate Diploma in Retail Management. The programme provides in-depth knowledge to students in all aspects of retail marketing, and core management areas such as Marketing Management, Financial Accounting, Quantitative Management, and Economics.

The institute has a strategic tie up with the Retail Association of India (RAI), Mumbai. On the job training is provided to students in order to enhance the student- industry interaction so that students can acquire the experience of a retail store working, which bridges the gap between academics and field learning. This also helps students to gain knowledge and experience in the functioning of a retail stores.

BIMTECH also organises visits to various industries to enable students to have first-hand knowledge of procedures and formalities in the industries. A number of industry interactions and experts visits are regularly organised by the institute.

PGDM Retail Management students undertake a number of projects as a part of the course curriculum. The institute follows the case study pedagogy. During the course of the programme, students are required to undergo a three months mandatory summer internship assignment between the first and second year. Therefore, you will get a lot of opportunities for practical learning, such as internships, projects, and case studies in the PGDM Retail Management programme offered at BIMTECH Greater Noida.

Correct Answer: National Payments Corporation of India

Solution : The correct answer is National Payments Corporation of India.

NPCI stands for National Payments Corporation of India and is an umbrella organization for all retail payments and settlement systems in India. It was set up under the guidance and support of the Reserve Bank of India and the Indian Banks’ Association under the provisions of the Payment and Settlement Systems Act 2007.

Correct Answer: Setting customer service standards.

Solution : The correct answer is (a) Setting customer service standards.

The first step for IJK Retail in the process of controlling would be to set customer service standards. This involves defining clear and specific expectations for the level of customer service that the company aims to provide across all its retail outlets. These standards serve as benchmarks against which actual performance can be measured and evaluated. Once the standards are established, IJK Retail can then proceed with the subsequent steps of the controlling process, including measuring customer satisfaction, comparing performance to standards, and taking corrective action if necessary.

Correct Answer: Strategic plan
   

Solution : The correct answer is (a). Strategic plan

A strategic plan is designed to provide a roadmap for the overall direction and goals of the organization. In the case of ABC Retail Chain expanding their product range, a strategic plan would help outline the long-term objectives, market positioning, target audience, and key initiatives related to the introduction of organic and eco-friendly products.

In summary, developing a strategic plan is crucial for ABC Retail Chain to provide a comprehensive and forward-looking approach to successfully expand their product range, especially when introducing organic and eco-friendly products to their stores.

Correct Answer: Government policies

Solution : The correct answer is (C) Government policies

The business environment factor affecting PQR Enterprises in this case is government policies, particularly those related to taxation. Changes in government policies can have a significant impact on a business, and in this scenario, PQR Enterprises needs to adapt its operations to comply with these new policies and minimize the impact on its profitability.

Correct Answer: Marketing Concept

Solution : The correct answer is (c) Marketing Concept

The marketing concept is centered around understanding and meeting customer needs and preferences, delivering superior value, and prioritizing customer satisfaction and long-term relationships. XYZ Retail's focus on building strong relationships with customers and emphasizing customer satisfaction and long-term loyalty aligns with the principles of the marketing concept.

Correct Answer: Method analysis

Solution : The correct answer is (c) Method analysis

Method analysis, a scientific management technique, is appropriate for improving efficiency by optimizing work methods and eliminating unnecessary actions. It involves analyzing and breaking down a task into its constituent steps, studying each step, and identifying the most efficient way to perform the task. By optimizing the methods used to complete a task, ABC Retail Corporation can eliminate wasteful actions, streamline processes, and enhance overall efficiency in their operations.

Correct Answer: Selecting an alternative
  

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

After evaluating different courses of action, the organization needs to choose the most suitable and feasible option. Selecting an alternative involves making a decision on which course of action aligns best with the company's objectives and goals. Once the alternative is selected, the company can then move on to developing premises, setting specific objectives and goals, and allocating resources as part of the detailed planning process.

Correct Answer: Social environment

Solution : The correct answer is (B) Social environment

The business environment factor affecting ABC Ltd. in this case is the social environment. The challenges the company faces due to differences in cultural practices and consumer preferences in different countries are directly related to social factors, such as cultural diversity, social practices, and consumer behavior.

Correct Answer: Advertising

Solution : A technique for promoting a product called advertising. Hence, the correct option is 3.