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 .