BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -If the organization chooses to focus on ways and means to reverse the process of decline, it adopts at turnaround strategy.

Detailed explanation-2: -The turnaround strategy is a set of strategies designed to rescue a failing business. This means that you have to increase sales, reduce expenses, and increase profits. In order to successfully implement a turnaround strategy, it is important to first understand what caused the downturn.

Detailed explanation-3: -Turnaround recovery strategies are a set of measures that companies use to address a decline in performance. Companies use turnaround recovery strategies to mark an upturn period after a significant period of negativity.

Detailed explanation-4: -Definition: The Turnaround Strategy is a retrenchment strategy followed by an organization when it feels that the decision made earlier is wrong and needs to be undone before it damages the profitability of the company.

Detailed explanation-5: -Turnaround, a concept that is ever-present in organizational decline, is described as the recovery of a company’s performance after serious decline (Balgobin and Pandit, 2001). The literature addresses two main turnaround strategies: retrenchment and recovery (Pearce and Robbins, 1993).