Strategic transformation as the essential last step in the process of business turnaround

Just over a decade ago, the work of strategic management scholars helped to broaden the perspectives of executives caught in the throes of declining organizational performance. In addition to the traditional turnaround options that stabilized financial performance, managers were shown approaches tha...

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Bibliographic Details
Published in:Business horizons 2008-03, Vol.51 (2), p.121-130
Main Authors: Pearce, John A., Robbins, D. Keith
Format: Article
Language:English
Subjects:
Acquisition strategies
Collaboration strategies
Executives
Financial performance
Retrenchment
Strategic management
Strategic transformation
Studies
Turnaround
Turnaround management
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Summary:Just over a decade ago, the work of strategic management scholars helped to broaden the perspectives of executives caught in the throes of declining organizational performance. In addition to the traditional turnaround options that stabilized financial performance, managers were shown approaches that they could deploy to reduce the chances of a recurrence of the turnaround situation. This article updates the progress that has since been made in understanding the turnaround process. Further, we look at an ambitious approach to redirecting the strategies of a reemerging company toward a more promising competitive position, as the essential last step in the process of business turnaround. Called strategic transformation, this approach to reformulating strategy cultivates company growth in strong or emerging markets.
ISSN:0007-6813
1873-6068
DOI:10.1016/j.bushor.2007.11.003