Affiliations: FORE School of Management, New Delhi, India
Correspondence:
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Corresponding author: Ms. Janvee Garg, FORE School of Management, Adhitam Kendra, B 18, NRPC Colony, Block B, Qutab Institutional Area, New Delhi, 110016, India. Tel.: +91 9811190450; E-mail: fpm21005@fsm.ac.in/janveegarg38@gmail.com. ORCID ID: 0000-0001-8060-4573.
Note: [1] ORCID ID: 0000-0003-4363-4452.
Note: [2] ORCID ID: 0000-0003-2108-6547.
Abstract: BACKGROUND:In order to gain a competitive advantage or survive, organizations need to reorient themselves once in a while, and in distress tend to rely on turnaround strategies. The organization must ensure that the turnaround strategy implemented is effective. OBJECTIVE:This study explores and investigates the implementation of turnaround strategies during a crisis by manufacturing firms with the help of a conceptual model combining turnaround strategies and McKinsey’s 7s framework as the mediating variables. METHODS:A questionnaire comprising 35 questions was circulated amongst the employees of various manufacturing firms operating in India and 230 data samples were collected. RESULTS:The findings of this study indicate that manufacturing firms tend to implement turnaround strategies in the form of Operational, Financial, Leadership, Structural and Strategic methods for their survival and reorientation. Additionally, turnaround strategies and strategic reorientation variables of the McKinsey 7s framework showed a significant relationship through a set of Hard S and Soft S.
