Strategies Adopted by Jiangxi Zhongmei for Performance Improvement in Turbulent Times
Abstract
The main objective of the study was to determine the strategies adopted by Jiangxi
Zhongmei ifor iperformance iimprovement iin iturbulent itimes. iThe istudy irevealed ithat
ithe imost idominant istrategy iadopted iby iJiangxi iZhongmei iwas ithe iuse iof itechnology ito
ipromote iremote iwork iprocesses iand iprevent iphysical iinteractions. iThe istudy
iestablished ithat iJiangxi iZhongmei ihad iadopted iseveral istrategies ifor iperformance
iimprovement. iIt ifurther ishowed ithat iall ithe istrategies iused iwere iappropriate iand
inecessary ito iaddress ithe iactual iand ianticipated ichallenges iresulting ifrom ithe iturbulent
itimes. iIn iimplementing iperformance iimprovement istrategies, imanagers ishould
iremember ithat iit iis inot ijust ithe isystems ior istructures ithat ineed ito ichange, ibut ithe
ibehavior iand iattitudes iof ithe iindividuals itoo, iand ithat iacknowledging iand irespecting
ithis iis iessential ifor isuccess. iThis iincluded iadjusting iwage iincentives, itighter istock
icontrol, ifinancial iand icapacity icontrols. iThe iresponses ialso ibrought iout iasset
iretrenchment iat iJiangxi iZhongmei iduring ithe i2008/2009 ieconomic irecession iand
irecently iduring ithe iCOVID-19 ipandemic. iThere iis ithe irisk ithat iasset isales iwill
icompromise ifuture istrategic ioptions, iwhile iconversely, ithey imay ibe inecessary ito
igenerate icash iand ireduce ilosses. iJiangxi iZhongmei ihad ito ifocus ion icore ibusiness
iactivities iand iabandon inon-core iactivities. iSuccessful iperformance iimprovements ihave
ibeen iassociated iwith ia ifocus ion imain iprojects ifor iwhich ithe ifirm iis ibest iknown,
icustomer isegments ithat iare iparticularly iloyal ior iless iprice-sensitive, iand iareas iwith
idistinct icompetitive istrength. The firm also maintained the activity for which it was
well known in the past construction. Put another way, Jiangxi Zhongmei maximized
its chance of recovery by exclusively serving the essential customers' desires to
strengthen or broad any favorability in the firm's current position as compared to its
competitors. Jiangxi Zhongmei realigned iits ioperations ito iwithstand ifuture ieconomic
iuncertainties. iBuilding ifor ithe future prospects of the firm ican ibe istressing following
ihard ieconomic times igiven that iworkers imay ifeel ithey irequire ia ibreak ifrom ithe
ichanges iand iturbulence ithey ihave iexperienced. iThere iis ia ineed ifor ia iharmonized irisk
imanagement iframework ifor iall iconstruction ifirms. iThis iwill iprovide iguidelines iand
iprocedures ito ibe ifollowed iin ithe ievent iof ithe ioccurrence iof ieconomic iturbulence. iA
idifferent iindustry imay ibring ia idifferent iperspective iof ithe istrategies iused ito iimprove
iperformance iduring iturbulent itimes. iA istudy ican imeasure ithe iimplementation iand
ieffectiveness iof ithe istrategies iused. iThe iimplementation iaspects ican iprovide ihelpful
iinsights iwhen icompared iwith ithe ifinancial iperformance iof ithe istudied ifirm.
iOrganizations iadopt idifferent istrategies, iand ia imeasure iof ithis iwould ibe ibeneficial
iinformation ito iestablish ia icorrelation ibetween ithe iimplementation iof ithe istrategy iand
ithe ifinancial iperformance. iOn ieconomic iconcerns ifor ifirms ithe istudy isuggests ithat
ithere iis ia ineed ifor ia iharmonized irisk imanagement iframework ifor iall iconstruction
ifirms. iThis iwill iprovide iguidelines iand iprocedures ito ibe ifollowed iin ithe ievent iof ithe
ioccurrence iof ieconomic iturbulence. iWhile ion ipolicy iand ipractice irecommendations
ithe istudy irecommends ithat ithe igovernment ishould ialso icompel iall iorganizations ito
iset iaside ispecial ifunds ito isafeguard ithemselves iagainst idisruptions iand irisks iduring
iunforeseen ievents isuch ias iCovid-19 ipandemics .
Publisher
University of Nairobi
Rights
Attribution-NonCommercial-NoDerivs 3.0 United StatesUsage Rights
http://creativecommons.org/licenses/by-nc-nd/3.0/us/Collections
- School of Business [1411]
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