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This article considers the literature on corporate turnaround. It examines the nature of decline as well as the causes and the various indicators of decline. Following this Hofer’s now well-established framework of analysis for the development of a turnaround strategy is described. This analysis falls into two stages: firstly, an assessment of current operational and strategic health of a firm and secondly, a consideration of turnaround options which may incorporate strategic and/or operational change. This model is then assessed in the context of a number of Irish firms in a turnaround situation. Important issues in turnaround strategy, such as management change, financial re-structuring and strategic realignment are addressed. In particular, the role and importance (and indeed, sometimes the unimportance) of marketing in strategic realignment are considered.
Wrynn, J., O'Mahony, T.: Company turnaround strategies: a context for marketing. Irish Marketing Review, Vol. 3, 1988, pp.132-142.