Explanation : Corporate social responsibility focuses on what an organization does that affects the society in which it exists. In simple words, it answers ‘how should we live in relation to
other’. The evolution of the concept of social responsibility can be traced back to 1899 when Andrew Carnegie; founder of conglomerate U .S. Steel Corporation,
published a book entitled ‘The Gospel of Wealth’. Carnegie emphasized on two principles—the ‘Charity principle’ and the ‘Stewardship principle’. Both of these saw business owners in a parent-like role to childlike employees and customers who lacked the capacity to act in their own best interests. Charity principle required the more fortunate members of society to assist its less fortunate members; while stewardship principle, required businesses and wealthy individuals to view themselves as the stewards, or caretakers of their property. However, it was only as late as 1930, did executives in large numbers take an independent interest in the social impact of business.
Explanation : Retailing is the process of reaching out to
customers through suitable ‘formats’ to
provide a choice of product offerings
providing value for the money they spend
and in a pleasing ambiance so that the
the consumer keeps getting back to the same
store again and again. The ‘format’ is
obviously the physical features of the store
and the ‘service’ it provides. Retailers use
the format to distinguish themselves from
each other. The format could include the
location of the store, its size, layout/design,
the range of offerings and also the service.
Retail formats are defined by location,
merchandise offered size, price of goods, and
any special offers to the consumers. It is only
the modern organised retailers who have given
the consumer newer formats. For ages, the
only format known to the Indian consumer
has been the small shopkeeper nearest to his
place of residence. The consumer has been
concerned with the location which has to be
close by rather than what is the physical
characteristics of the store he frequents. The
storekeeper also started extending the
convenience of home delivery, payment once
a month, and hence the physical format did
not matter to the consumer. Modern retail
formats have added to the pleasure of
shopping through their ‘formats’.
For the consumer, he now has the choice of
shopping using a store format which is a
physical entity or a non-store format which
could be through the internet or through a
catalogue. In the physical store format be has
the benefit of getting a look and feel of the
product he is buying and assisted by a store
salesman. The physical store format therefore
provides more satisfaction to the consumers.
Explanation : Managers need to make decisions that will have a significant impact on the organization. Decision making is the most important activity of every manager. Hence, managers
are often called as decision-makers. Managers make different types of decisions ranging from strategic decisions to operational decisions. Good and timely decision making is the
quality that distinguishes the successful managers from unsuccessful managers.
Decision making is defined as the selection of the future course of action from among various alternatives. A decision is a choice made from available alternatives. Decision making is the process of identifying problems and opportunities and then resolving them by choosing the right solutions for that particular situation.
Explanation : The Delphi Technique: This problem-solving the method was originally developed by the Rand Corporation for technological forecasting. It now is used as a multi-purpose planning tool. The Delphi technique is a group process that anonymously generates ideas or judgments from physically dispersed experts. Unlike the NGT, experts’ ideas are obtained from questionnaires or via the Internet as opposed to face-to-face group discussions.
A manager begins the Delphi process by identifying the issue(s) he or she wants to investigate. For example, a manager might want to inquire about customer demand, customers’ future preferences, or the effect of locating a plant in a certain region of the country. Next, participants are identified and a question air is developed. The questionnaire is sent to participants and returned to the manager. In today’s computers networked environments, this often means that the questionnaires are e-mailed to participants. The manager then summarizes the responses and sends feedback to the participants. At this stage, participants are asked to (1) review the feedback, (2) prioritize the issues being considered, and (3) return the survey within a specified time period. This cycle repeats until the manager obtains the necessary information.