Final answer:
A manufacturing company recently developed a new vision and radical new strategies to reduce the number of products sold in order to reduce costs. The company utilized Turnaround Management by developing the new vision and strategies.
Step-by-step explanation:
Turnaround management involves implementing significant changes to revive a struggling or underperforming company. In this scenario, the manufacturing company opted for a radical shift by reducing the number of products sold, which is a strategic approach to cut costs and streamline operations. The process likely included evaluating the existing product line, identifying areas for cost reduction, and reshaping their vision to focus on a more efficient and profitable model.
Turnaround management isn't solely about cost-cutting; it often involves redefining strategies, reshaping company culture, and repositioning the business in the market. In this case, the company's decision to limit the number of products sold aligns with the principles of turnaround management, aiming to bring about positive change in a challenging business situation.
Correct answer: Turnaround management