Stakeholder Management

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Question 1 of 10

1. Question
What are the key factors to consider when managing relationships with suppliers in retail?
- a) Communication, transparency, reliability, and mutual benefit
- b) Price negotiation, competition, exclusivity
- c) Quality control, marketing strategies, customer service
- d) Inventory management, employee training, store layout
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Question 2 of 10

2. Question
How can retail businesses ensure effective communication and collaboration with their suppliers?
- a) By relying solely on verbal communication without any written records
- b) By implementing clear communication channels and regular meeting
- c) By avoiding all forms of technology and sticking to traditional communication methods
- d) By ignoring the need for regular meetings and communication channels
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Question 3 of 10

3. Question
What are some effective customer engagement strategies for retail businesses?
- a) Personalised marketing, social media engagement, excellent customer service, and creating a seamless shopping experience
- b) Cold calling customers
- c) Ignoring customer feedback
- d) Having limited product options
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Question 4 of 10

4. Question
How can retail businesses use technology to enhance customer engagement?
- a) By sending messages in a bottle
- b) By using carrier pigeons and smoke signals
- c) By using telegrams and Morse code
- d) By using mobile apps, personalised recommendations, and chatbots.
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Question 5 of 10

5. Question
What are the key considerations for inventory management in retail stakeholder management?
- a) Not tracking inventory at all
- b) Forecasting demand, optimising stock levels, managing supplier relationships, and implementing efficient inventory tracking systems.
- c) Overstocking without forecasting
- d) Ignoring customer demand
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Question 6 of 10

6. Question
How can retail businesses optimise their inventory to meet stakeholder needs?
- a) By using demand forecasting, implementing efficient inventory management systems, and leveraging technology to track and analyse inventory levels
- b) By ignoring stakeholder needs and focusing only on profit
- c) By using outdated inventory management systems
- d) By randomly guessing inventory levels
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Question 7 of 10

7. Question
What are some effective communication strategies for retail employees?
- a) Active listening, clear and concise messaging, using positive language, providing feedback, and utilising nonverbal communication
- b) Using negative language
- c) Not paying attention to nonverbal cues
- d) Ignoring customer feedback
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Question 8 of 10

8. Question
How can retail businesses ensure effective communication with employees at different levels?
- a) By using various communication channels
- b) By sending letters through postal mail
- c) By using structured communication channels based on the importance of the message
- d) By sending messages using emojis
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Question 9 of 10

9. Question
What are some ethical considerations in stakeholder management for retail businesses?
- a) Exploiting employees for maximum profit
- b) Concealing business practices from stakeholders
- c) Using unethical means to source products
- d) Fair treatment of employees, transparency in business practices, and responsible sourcing of products
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Question 10 of 10

10. Question
How can retail businesses ensure ethical practices in their stakeholder management approach?
- a) By ignoring the ethical concerns of stakeholders
- b) By bribing stakeholders to overlook unethical practices
- c) By avoiding any communication with stakeholders
- d) By establishing clear ethical guidelines and codes of conduct and conducting regular ethical training for employees
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