Final published version
Research output: Contribution in Book/Report/Proceedings - With ISBN/ISSN › Entry for encyclopedia/dictionary
Research output: Contribution in Book/Report/Proceedings - With ISBN/ISSN › Entry for encyclopedia/dictionary
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TY - CHAP
T1 - Turnaround strategy
AU - Angwin, Duncan Neil
AU - McGee, John
AU - Sammut-Bonnici, Tanya
PY - 2015
Y1 - 2015
N2 - Turnaround strategy is about doing different things and attempting to change companies' fortunes by fundamental adjustments in strategy, such as acquisition and divestment. Operating turnarounds are about doing things differently in terms of processes such as manufacturing, so that the firm's efficiency can be improved.Three categories of turnarounds are proposed: traditional asset cost surgery, product-market pruning, and piecemeal strategies. The characteristics identified in successful turnaround strategies involve good management, which is seen to be critical to a sustained recovery. An appropriate organizational structure often means a much leaner one, with fewer layers in the hierarchy. Tightly controlled costs mean better controls, rather than cutting costs.Turnaround strategies typically go through three stages. In the first stage leadership and organizational culture face a restructuring. In the second stage costs are reduced, assets redeployed, and product and market strategies become more selective. As a result, the company moves to a third stage where it repositions itself in the market and industry.
AB - Turnaround strategy is about doing different things and attempting to change companies' fortunes by fundamental adjustments in strategy, such as acquisition and divestment. Operating turnarounds are about doing things differently in terms of processes such as manufacturing, so that the firm's efficiency can be improved.Three categories of turnarounds are proposed: traditional asset cost surgery, product-market pruning, and piecemeal strategies. The characteristics identified in successful turnaround strategies involve good management, which is seen to be critical to a sustained recovery. An appropriate organizational structure often means a much leaner one, with fewer layers in the hierarchy. Tightly controlled costs mean better controls, rather than cutting costs.Turnaround strategies typically go through three stages. In the first stage leadership and organizational culture face a restructuring. In the second stage costs are reduced, assets redeployed, and product and market strategies become more selective. As a result, the company moves to a third stage where it repositions itself in the market and industry.
U2 - 10.1002/9781118785317.weom120049
DO - 10.1002/9781118785317.weom120049
M3 - Entry for encyclopedia/dictionary
VL - 12 Strategic Management
BT - Wiley Encyclopedia of Management
PB - Wiley
ER -