Retail
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
Question : What is the full form of NPCI, which is an umbrella organization for all retail payment systems in India?
Option 1: National Payments Corporation of India
Option 2: Non-cash Payments Corporation of India
Option 3: Non-cash Payments Cooperative Inc.
Option 4: Net Payments Company Inc.
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
Question : Case Study 6:
IJK Retail is a chain of retail stores. The company aims to maintain consistent customer service standards across all its outlets.
Question:
What would be the first step for IJK Retail in the process of controlling?
Option 1: Setting customer service standards.
Option 2: Measuring customer satisfaction.
Option 3: Comparing sales data with targets.
Option 4: Taking corrective action.
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
Question : Case Study: ABC Retail Chain
ABC Retail Chain is a popular brand with multiple stores across the country. They are planning to expand their product range by adding organic and eco-friendly products. Question: The type of plan that ABC Retail Chain should develop to expand their product range is:
Option 1: Strategic plan
Option 2: Operational plan
Option 3: Contingency plan
Option 4: Tactical plan
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
Question : Case Study 3:
PQR Enterprises is a retail company that has been affected by changes in government policies related to taxation. The company needs to adapt its operations to comply with the new policies and minimize the impact on its profitability.
Q:- What is the business environment factor affecting PQR Enterprises in this case?
Option 1: Economic environment
Option 2: Technological environment
Option 3: Government policies
Option 4: Social environment
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
Question : Case Study:
XYZ Retail focuses on building strong relationships with its customers and delivering superior value. They prioritize customer satisfaction and long-term loyalty. What marketing concept is demonstrated by XYZ Retail?
Option 1: Production Concept
Option 2: Selling Concept
Option 3: Marketing Concept
Option 4: Societal Marketing Concept
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
Question : Case Study: ABC Retail Corporation aims to improve efficiency by optimizing work methods and eliminating unnecessary actions. Which scientific management technique is appropriate for this purpose?
Option 1: Time study
Option 2: Motion study
Option 3: Method analysis
Option 4: Fatigue study
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
The next step ABC Retail Chain should take after evaluating alternative courses of action is:
Option 1: Selecting an alternative
Option 2: Developing premises
Option 3: Setting objectives and goals
Option 4: Allocating resources
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
Question : Case Study 12:
ABC Ltd. is a retail company that recently expanded its operations into international markets. It is facing challenges due to differences in cultural practices and consumer preferences in different countries.
Q:- What is the business environment factor affecting ABC Ltd. in this case?
Option 2: Social environment
Option 3: Technological environment
Option 4: Political environment
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,
Question : Two months prior to the festivals of Diwali, Trending House, a major retail establishment, offered a stock clearing. Newspapers, television, and radio are being used for promotion. Determine the marketing strategy being employed.
Option 1: Public Relations
Option 2: Personal Selling
Option 3: Advertising
Option 4: Sales Promotion
Correct Answer: Advertising
Solution : A technique for promoting a product called advertising. Hence, the correct option is 3.
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