1. Lulu group is one of the fast-growing retail chains of hypermarkets in the world and...

1. Lulu group is one of the fast-growing retail chains of hypermarkets in the world and operates over 25
branches in Oman. The company has four decades journey of commitment for implementing fair business
procedures as dedication, consistency, loyalty and hardwoking. Why did the Lulu group focused for
implementing fair business procedures in the company? Discuss any five (5) importances of fair business
procedures for Lulu with suitable examples. (Answer in about 200 words) (2x5=10 marks)

Expert Solution

1. Maintain existing chain of customers.

2. Maintaining the existing suppliers.

3. Adding on new suppliers and customers.

4. Improving and maintaining quality of the product and thereby providing value to the customers.

5. Low attrition rate among employees

Example

The company has four decased of journet of commitment for implementing fair business procedures as dedication, consistency, loyalty and hardworking. Lulu group focused for implementing fair business practices to make their business more successful and sustainable in long run. Implementing fair business practices will generate trust among all the stakeholders eg. customers, suppliers, employers, debtholders, shareholders, society etc. Trust if a very big factor for a sustainable business. If Lulu group wants to better the relationship with the suppliers it should be loyal to them, pay them duly on time, also, they should check for the products which they receive from suppliers before selling, so as to maintain brand loyalty.

Rahul Sunny answered 2 years ago

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