Final answer:
A manufacturing company recently utilized strategic management to reduce the number of products sold in order to reduce costs, focusing on streamlining production processes and improving operational efficiency.
Step-by-step explanation:
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 strategic management by developing the new vision and strategies. Strategic management involves the formulation and implementation of long-term goals and initiatives to achieve organizational success. In this case, the company made deliberate decisions to reduce product offerings, which is a strategic choice aimed at improving operational efficiency and reducing costs.
By reducing the number of products sold, the company can streamline its production processes, focus on producing the most profitable items, and eliminate less profitable or underperforming products. It may also involve making decisions to close certain factories or sales facilities that are no longer aligned with the company's new vision and strategies.
Overall, the company's use of strategic management in developing a new vision and implementing radical strategies to reduce the number of products sold reflects a proactive approach to improving operational efficiency and cost-effectiveness.