Correct Answer: Selecting an alternative
 

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

This involves making a decision on which approach aligns best with the company's objectives, goals, and overall strategic plan for expanding its product range. Selecting an alternative sets the direction for further planning activities, including developing premises, setting specific objectives and goals, and allocating resources accordingly. Making a well-informed decision at this stage is crucial for the successful execution of the chosen course of action.

Correct Answer: By finding alternative suppliers

Solution : The correct answer is (B) By finding alternative suppliers

Adapting to changes in government policies, particularly in the context of taxation, may involve finding alternative suppliers, optimizing the supply chain, or making adjustments to the procurement process to minimize the impact of the policy changes on the company's operations and 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: 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: Unity of direction

Solution : The correct answer is (a) Unity of direction.

Unity of direction is one of the principles of management introduced by Henri Fayol, a pioneer in the field of management theory. It emphasizes the importance of ensuring that activities within an organization are directed towards a common goal or objective. This principle suggests that related activities should be grouped together under one coordinated effort, with a single plan of action to achieve a specific objective.

Correct Answer: Right to be heared

Solution : Every consumer has the right to have his or her complaint taken seriously under the Right to Be Heard. A consumer has the right to protest about anything that compromises his interests. Hence, the correct option is 4.

Correct Answer: By complying with the regulations and adopting eco-friendly practices

Solution : The correct answer is (C) By complying with the regulations and adopting eco-friendly practices

Understanding government policies can help ABC Ltd. in meeting regulations related to packaging and waste management by enabling the company to comply with the regulations and adopt eco-friendly practices. This approach involves aligning the company's operations with the specific regulatory requirements, implementing sustainable packaging and waste management practices, and ensuring adherence to government-mandated standards.

Correct Answer: By finding alternative suppliers

Solution : The correct answer is (B) By finding alternative suppliers

Adapting to changes in government policies, particularly in the context of taxation, may involve finding alternative suppliers, optimizing the supply chain, or making adjustments to the procurement process to minimize the impact of the policy changes on the company's operations and profitability.

Correct Answer: Strategic plan
    

Solution : The correct answer is (b) Strategic plan

A strategic plan is the most appropriate for guiding the overall direction and long-term goals of the organization. It involves making decisions about resource allocation, defining objectives, and setting strategies to achieve those objectives. In the case of ABC Retail Chain, a strategic plan would help outline the expansion goals, target markets, product range, and overall approach to achieving success in new areas. However, the initial focus for expansion and attracting a wider customer base is on developing a strategic plan.

Correct Answer: By adapting to local customs and practices

Solution : The correct answer is (C) By adapting to local customs and practices

Understanding the social environment can help ABC Ltd. in dealing with differences in cultural practices and consumer preferences in different countries by enabling the company to adapt to local customs and practices. This approach acknowledges the importance of respecting and aligning with the cultural nuances of each market. By doing so, the company can create marketing strategies and product offerings that are more appealing and relevant to local consumers.