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 importance of planning for ABC Retail Chain in expanding their product range includes:
Option 1: Enhancing the decision-making process
Option 2: Limiting financial resources
Option 3: Ignoring external factors
Option 4: Restricting employee autonomy
Correct Answer:
Enhancing the decision-making process
Solution : The correct answer is (a) Enhancing the decision-making process
Planning is crucial for making informed and effective decisions. In the context of expanding the product range, planning helps ABC Retail Chain analyze market trends, consumer preferences, and competitive landscapes. It enables them to make strategic decisions about which organic and eco-friendly products to introduce, where to place them in stores, and how to market them. Limiting financial resources, ignoring external factors, and restricting employee autonomy can be detrimental to successful expansion efforts. Planning, on the other hand, provides a structured approach to consider various factors and make well-thought-out decisions.
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