Does anyone know of any specific business turnaround strategies that have failed in the past? What happened with GM? Did they try to do a turnaround? What was their strategy and why did it fail?
To find information on business turnaround strategies that have failed in the past, we can start by conducting a search on reliable sources such as business journals, news articles, or academic databases. In this case, we will focus on General Motors (GM) and their attempted turnaround strategy. Here's how you can proceed to find more detailed information on GM's situation:
1. Begin by searching for recent articles or news stories about GM's turnaround efforts. Use search engines like Google or Bing and enter keywords such as "GM turnaround strategy" or "GM business transformation."
2. Look for reputable sources such as business publications like Forbes, Harvard Business Review, or The Wall Street Journal. These sources often provide detailed analysis and insights into GM's specific turnaround strategy and the reasons behind its failure.
3. Scan through the articles to identify key points about GM's turnaround efforts. Pay attention to the timeframe when GM faced challenges and embarked on a turnaround plan.
4. Analyze the strategy that GM pursued to address its problems. Examine their approach, including any reorganizations, cost-cutting measures, market focus changes, or product revamps.
5. Look for information on the factors that contributed to the failure of GM's turnaround strategy. This could include internal challenges such as issues with leadership, culture, or decision-making, as well as external factors like competition, market shifts, or economic circumstances.
6. Take note of any significant events, decisions, or milestones during GM's turnaround journey that further shaped the outcome.
By following these steps and conducting thorough research using reliable sources, you should be able to find detailed information on GM's turnaround strategy and the reasons behind its failure.