Final answer:
Makeown Ventures Inc.'s announcement of a workforce reduction by 12 percent due to declining global sales is an example of restructuring, which is aimed at cost-cutting and may include changes in operations.
Step-by-step explanation:
When Makeown Ventures Inc. announced that it would lay off 12 percent of its workforce due to declining global sales, this action is an example of restructuring. Restructuring often involves reducing the workforce to cut costs and can also be associated with other changes such as closing factories or altering the company's organizational structure. While terms like outsourcing and offshoring can be related to restructuring, they refer specifically to the practice of hiring outside firms to perform tasks or moving operations overseas to access cheaper labor markets, respectively.
In the context provided, the focus is on the layoffs occurring within the company as part of strategic changes to the business, making restructuring the most appropriate choice among the given options.