Question

Cedarmont Clothing Limited is rapidly losing its market share to more aggressive competitors and its CEO want to turnaround the fortunes of the company. As a strategic management consultant, describe turnaround strategy and explain three ways that this strategy can be employed.

Answer 1

Answer-

Turnover strategy also alluded to as conservation strategy is a strategy utilized by the business organizations to resuscitate the business from failing or loosing. It is utilized when the business realizes that the initial decision made by the organization has refuted and in this way attempt to recover the situation through transforming and adjusting the operations of business to divert the business from misfortune making to profitable business enterprise.

In other words this strategy aims at corporate renewal and advancement of a pained or complex organization through correcting the mistakes done in past to promise the better future.

As a management consultant of Cedarmont Clothing Limited I will utilize pivot strategy to guarantee that business organization is able to recoup and sustain in the earth of Intense rivalry.

For gaining the market share back, I would propose the business following

1) Products and Process Improvement:

The primary important technique through which I will use to utilize pivot strategy in the business would be improving the items and procedures of business so both align with the customer prerequisites, match with the market standards and are able to endure the competitors moves. In other words the procedures of business will be adjusted through incorporating latest practices so as to guarantee that they are either equally productive or far superior to the competitors assets.

Item modifications, process renovations and constant upgradations would be required to guarantee that procedures are not old or old and items are attractive enough to appeal to the customer base.

2) Change management and Innovation :

The another most important technique which I will use to utilize the turnover strategy is incorporate the change management strategy in the business. I will encourage marketing department to undertake constant marketing research to watch out for the new marketing patterns, changing inclinations, different preferences of target market, competitors strategies and so forth to guarantee that business is able to stay aware of these changes through ceaselessly adopting and accommodating to them.

I will advance assorted variety and adaptability in the organization to advance and easy incorporate the changes through challenging the status quo. Decent variety will assist with acquiring innovation and creativity the organization to make items more better in performance and appearance to gain serious edge.

3) Becoming Digital and Customer maintenance :

I will advance the online nearness and digital productivity of business through encouraging the workforce to utilize various digital platforms to advertise the items. I will start an online application of organization to showcase the beautiful and variety of inventory so the potential customers are reached and existing customers are retained.

Offering loyalty programs, impetuses for repeat purchases and other such offers will help in customer maintenance. Incorporating the utilization of social media , sites and other such platforms will assist business with widening its reach.

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