THE RESPONSE TO THE PEER ANSWER MUST BE 150 words or more, excluding references, at least 1 reference
QUESTION:
Using an example of a specific organization, what might that organization do (or have they done) if they need to change or find a “turnaround” strategy to maintain their competitive advantage (consider product or industry diversification, mergers and acquisitions, joint ventures/strategic alliances, and/or a strong differentiation strategy). Use the Ormanidhi & Stringa (2008) article as one of your sources.
PEER ANSWER:
When I think of a company that needs a turnaround strategy, I think of the once gigantic Sears. The mail order become huge brick and mortar store of the past. Perhaps it was the lack of changing with the times in the past two decades that did them in. “Hoffman Estates-based Sears lost $2.2 billion last year, its sixth straight year of losses” (Zumbach, 2017). As you can see the damage is there and continues for years. It may be too late to salvage what’s left.
My suggestion would be to seek a merger or perhaps a joint venture to save what is left of the box stores. To seek the new mail order of the past by building a larger online presence. Finding that new competitive advantage is key and perhaps low cost is the way to go. They are not alone in such an endeavor as many other box stores are in salvage mode with the ever growing online shopping experience that is hard to beat with low shipping costs.
Perhaps Sears is “stuck in the middle” as stated in the readings that results in poor performance (Ormanidhi, Stringa, 2008). This position they find themselves in has attributed to their downfall. Going with low cost and building an online empire is their only salvation. Even though they are down 44% in past years of what them once had with open stores (Zumbach, 2017). They have the name recognition to slowly climb back up with a different strategy than of the past.
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