Question

A struggling manufacturing company recently developed a new vision and radical new strategies to reduce the number of products sold in order to reduce costs. This strategy worked and the company remained in business. The company utilized by developing a new vision and strategies

a crisis management
b. stratification
Crestructuring
d. total quality management )
e. turnaround management

Answer 1

Turnaround management is the strategy the manufacturing company used to revive its business by reducing its product offerings to cut costs and stay operational.

Step-by-step explanation:

The student is asking about the type of management strategy a manufacturing company implemented to stay in business after developing a new vision and radical strategies, which included reducing the number of products sold to reduce costs. Given this context, the correct answer to the student's question would be e. turnaround management. Turnaround management involves taking strategic steps to reverse the fortunes of a struggling company. This often includes comprehensive operational and financial restructuring to regain profitability.

Common practices in turnaround management can involve downsizing, cost-cutting, and focusing on core competencies. This process can be quite harsh as it may involve laying off employees, closing segments of the business, or shifts in corporate strategy. The intended result is to improve the company's financials and position it for long-term survival and growth.