FORMATIVE ASSESSMENT $1$

Read the case study below and answer ALL the questions:

Transforming a Failing Company: A Case Study on Management Functions

Introduction:

In the competitive landscape of the retail industry, companies face numerous challenges ranging from changing consumer

preferences to economic downturns. This case study examines the transformation of XYZ Retail, a struggling company on

the verge of bankruptcy, through the effective application of management functions.

Background:

XYZ Retail was once a thriving chain of department stores known for its wide selection of products and excellent customer

service. However, in recent years, the company began experiencing declining sales, increasing operational costs, and a

deteriorating brand image. Poor management decisions, lack of innovation, and ineffective leadership contributed to the

company's downward spiral, leading to significant losses and employee layoffs.

Management Functions Applied:

Planning:

Recognizing the urgent need for change, the newly appointed CEO of XYZ Retail initiated a comprehensive planning

process to chart the company's course towards recovery. This involved conducting a thorough analysis of the market,

identifying key opportunities and threats, setting clear objectives, and developing actionable strategies to achieve them.

The planning process also involved restructuring the company's product offerings, streamlining operations, and redefining

the brand identity to appeal to modern consumers.

Organising:

To streamline operations and improve efficiency, the CEO implemented a restructuring plan that involved reorganising the

company's departments and teams. This included consolidating redundant functions, redistributing resources to high$-$

priority areas, and creating cross$-$functional teams to foster collaboration and innovation. Additionally, the CEO introduced

new performance metrics and accountability measures to ensure alignment with the company's strategic goals.

Leading

Effective leadership played a crucial role in rallying employees behind the company's vision for transformation. The CEO

and senior management team communicated openly and transparently with employees, addressing concerns, and soliciting

feedback throughout the change process. They led by example, demonstrating a commitment to excellence, integrity, and

accountability. Additionally, the CEO empowered middle managers and frontline employees to take ownership of their roles

and contribute to the company's success.

Controlling:

Continuous monitoring and evaluation were essential to ensure that the company remained on track towards its goals.

The CEO implemented robust control mechanisms to track key performance indicators, monitor financial metrics, and

assess the effectiveness of strategic initiatives. Regular performance reviews, feedback sessions, and course corrections

were conducted to address any deviations from the plan and maintain momentum towards achieving long$-$term success.