The role of managerial cognitive processes has so far been largely neglected within strategy research which examines organizational decline and recovery. Proposes that heuristics used by managers such as: availability, representativeness, adjustment and anchoring may contribute to the declining performance of the organization. Suggests that mental imagery could be used to adjust these heuristics and change the cognitive processes of the existing managers instead of replacing the top management team in declining organizations. This change in cognitive processes could help increase the ability of a declining firm to improve its performance.
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