Student Name Course Name Date Turnaround Strategy A turnaround strategy is needed for a firm when it has been doing poorly in its industry or in context with that of the gains of its competitors. The turnaround strategy should include both short term objectives for product and service differentiation. Strategies have to be in place for marketing and discounting. Strategies must also be evaluated from time to time. References Grant R. M. (1991). The resource-based theory of competitive advantage: implications for strategy formulation. Knowledge and strategy 33(3) 3-23. [...]
If your firm became bankrupt during the simulation, or if your firm finished in last or secondlast place within its industry, then your report must also include a turnaround strategy that clearly explains what you would do differently to remedy the situation. This may include changes to management, strategies, financial structure, products, or markets.