Strategic Managment Coursework

Strategic Management
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Strategic Management
In the recent past, companies have been faced with tough choices where they have had to let go some of their staffs, relative to the harsh economic times. Downsizing being a tricky aspect, there are strategies that be applied to make the transition and the process much easier and successful. According to Wheelen, Hunger, Hoffman and Bamford, (2014) there are six strategies that companies can apply to make the downsizing process a success.
One of the strategies is that companies should look to eliminate all the work that is unnecessary, other than lay off staffs across the board (Wheelen, Hunger, Hoffman & Bamford, 2014). This is a crucial strategy as it advocates for research on all the places that the company is wasting money and cutting down on these activities other that retrenching.
It is also advocated that, tasks that can be done by other firms at a cheaper costs should be contracted out to them (Wheelen, Hunger, Hoffman & Bamford, 2014). This is a strategy that looks into the advantages outsourcing in terms of cost and efficiency other integrating th...