Question : Case Study: ABC Retail Chain
ABC Retail Chain is a popular brand with multiple stores across the country. The company is planning to expand its product range and enter new markets to attract a wider customer base.
Question:
The importance of planning for ABC Retail Chain lies in:
Option 1: Restricting employee autonomy
Option 2: Enhancing decision-making process
Option 3: Limiting financial resources
Option 4: Ignoring external factors
Correct Answer:
Enhancing decision-making process
Solution : The correct answer is (b) Enhancing decision-making process
Effective planning provides a structured approach to making decisions. In the context of ABC Retail Chain's plan to expand its product range and enter new markets, planning is essential for setting objectives, identifying strategies, and allocating resources. This, in turn, enhances the decision-making process by providing a clear roadmap and guiding principles for the organization.
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