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INTRODUCTION
Bankruptcies are not the only option for firms that are in decline. Performance decline is a part of a business cycle and Todaytoday’s economic environment underscores, managerment’ss are now concerned about ways and strategy strategies to recover from crisis. The question of "How how can we get out of this mess and come back up?" is really what top management's major concern must be during decline. As we have discussed on our previous lectures in ADMS 4940, the persistence of strategy and performance model explains that, a firm's internal and external strategy must be strongly closely aligned to the environment for better performance. HoweverYet, the fast changing environments will later on catch up whichcan overtake the strategy and decreases itsthe applicability of a company's strategy. Performance decline is a part of a business cycle, but it it is important therefore for firms to realize that a change must be implemented in order to improve their overall performance. We will see in this paper that, firms who focus to on solve solving both internal and external problems will haveincrease their chances of a successful turnaround. However, a greater emphasis to solvinge internal problems must be highly prioritized because it isthese represent factors something that managers have direct control on rather than external problemscan influence most directly..
In this paper, we explore turnaround strategies. The first part of the paper will discuss the factors that contributed to the decline of firm's performance. These factors can be considered from different perspectives. For example, Barker III (1996) have been dividesd intothem into two categories: which is, firm-specific or and industry-wide problems. (Barker III, Patterson Jr., 1996, p. 306), ). and in otherAlternatively, they might entail literatures it was referred to as internal (or...