Project 1
The following scenario is the introduction to the company you will be using for these assignments:
Your group has just been hired as the top management team for a midsize firm. The firm has been floundering, market share and profits have dropped, morale is low, and the firm’s stock price is at an all-time low. The board of directors has decided that retrenchment is needed to turn the firm around. Thus, the board fired the old team, hired your team, and gave you total responsibility for the anticipated turnaround. The facts are as follows:
Your firm has been making home appliances, such as refrigerators, stoves, and microwaves.
Ten years ago, the company had 20 percent of the market, annual revenues of $500 million, and a workforce of 15,000 employees.
Today, the company has 7 percent of the market, annual revenues of less than $300 million, and a workforce of 14,500. (No new employees have been hired in 3 years, but few have left.)
As a first step, the board wants the workforce trimmed, product quality improved, and a more effective marketing strategy developed.
In the long term, the board wants the firm to diversify into other, less competitive markets.
Part 1 – Due Sunday at midnight – (This portion worth 30 points)
For each of these sub-headings, each group member will need to add at least one item, putting your name after the item you add.
Under the “Issues” sub-heading, each group member will need to identify a human resource strategy issue facing the firm immediately. (10 points)
Under the “Opportunities” sub-heading, each group member will need to identify at least one opportunities facing the firm immediately. (10 points)
Under the “Challenges” sub-heading, each group member will need to identify at least one challenge facing the firm immediately. (10 points)