Gideon Gumede was the owner of a medium-sized manufacturing company that produced consumer electronics. The company had been in operation for over 30 years and had a loyal customer base. However, due to a combination of internal and external factors, the company was considering closing its operations.

Some of the internal factors were:

1. Management issues: The company suffered from poor management practices that resulted in financial mismanagement, lack of direction, and poor decision-making. This led to a decline in profits and a loss of investor confidence.

2. Inefficient operations: The company had outdated manufacturing processes that were inefficient and costly. This resulted in high production costs, poor quality products, and inability to compete with competitors.

3. Lack of innovation: The company failed to innovate and keep up with changing consumer trends and preferences. This led to a decline in demand for their products.

External Factors:

1. Economic recession: The global economic recession in 2008 had a significant impact on the company's sales and revenue. Consumers reduced their spending on non-essential items, including consumer electronics, leading to a decline in demand for the company's products.

2. Competition: The company faced intense competition from both domestic and international competitors. These competitors had lower production costs, better product quality, and innovative product offerings.

3. Regulatory changes: The company faced regulatory changes that increased production costs and reduced profit margins. These regulatory changes included new environmental regulations and safety standards.

Question: Develop a strategy for Gideon and articulate how it can be implemented including key success factors and core competencies.