Assume that you are the CEO of an organisation of your choice that is in decline. With the passage of time, the organisation has seen a decrease in its overall performance, effectiveness, and competitiveness. Sales have plunged, market has been last and customers are unhappy with the organisation. In response to this situation, you and your executive team have decided to pursue a turnaround strategy to return the organisation to it former competitiveness.

With this scenario in mind and using examples, discuss how you would ensure that the turnaround strategy is successful.