An Evaluation of Turnaround Strategies in Failing Businesses: A Case Study of Manufacturing Firms in Adamawa State
- Project Research
- 1-5 Chapters
- Abstract : Available
- Table of Content: Available
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- Recommended for :
- NGN 5000
Background of the Study
Turnaround strategies are implemented by businesses facing significant challenges, aiming to restore profitability and operational effectiveness. In manufacturing firms, especially those located in regions with economic instability like Adamawa State, turnaround strategies are critical for survival and growth. These strategies may involve restructuring operations, cutting costs, improving product quality, or adopting new management approaches (Sulaimon & Jibril, 2024).
Manufacturing firms in Adamawa State are often affected by factors such as infrastructural deficits, poor access to finance, and the fluctuating costs of raw materials, which contribute to financial distress. Implementing effective turnaround strategies is therefore crucial for the survival of these businesses. While turnaround strategies have been widely studied in other contexts, their application and impact on manufacturing firms in Adamawa State require closer scrutiny.
Statement of the Problem
Although turnaround strategies are commonly used in failing businesses, their effectiveness in addressing the specific challenges faced by manufacturing firms in Adamawa State remains unclear. Many manufacturing firms in the region continue to face financial difficulties despite implementing turnaround measures, indicating that the right mix of strategies may not have been applied. Understanding the barriers to successful turnarounds and identifying best practices for manufacturing firms in Adamawa State is essential for improving their performance and ensuring long-term survival (Mustapha & Ahmed, 2023).
Objectives of the Study
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To evaluate the effectiveness of turnaround strategies in improving the performance of manufacturing firms in Adamawa State.
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To identify the key factors that contribute to the success of turnaround strategies in manufacturing firms.
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To assess the challenges faced by manufacturing firms in Adamawa State when implementing turnaround strategies.
Research Questions
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How effective are turnaround strategies in improving the performance of manufacturing firms in Adamawa State?
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What factors contribute to the success of turnaround strategies in manufacturing firms?
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What challenges do manufacturing firms in Adamawa State face in implementing turnaround strategies?
Research Hypotheses
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Turnaround strategies do not significantly improve the performance of manufacturing firms in Adamawa State.
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Factors such as leadership, financial management, and operational efficiency do not significantly contribute to the success of turnaround strategies in manufacturing firms.
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Challenges such as limited resources, market instability, and inadequate infrastructure do not significantly hinder the success of turnaround strategies.
Scope and Limitations of the Study
The study will focus on manufacturing firms in Adamawa State and will evaluate the turnaround strategies employed to address their challenges. Limitations include difficulties in accessing company data and variability in the types of turnaround strategies applied by different firms.
Definitions of Terms
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Turnaround Strategies: Strategic measures taken by a company to reverse its decline and restore profitability and growth.
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Manufacturing Firms: Businesses involved in the production of goods through the use of labor, machines, and materials.
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Performance Improvement: The enhancement of a company’s financial, operational, and market position through strategic interventions.
