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In recent times the term “industrial policy” has sparked a lively American debate. The apparent decline of America's competitive position in the world economy, widespread concern over the deterioration of such basic industries as steel and automobiles (also called “Rust belt industries”), and increasing concern about the potential of U.S. to main‐tain its lead in high technology have led to renewed reap‐praisal of government's role in economic life.

Examines the key elements that are involved in managing successful turnarounds. An analysis of the turnaround strategies of more than ten global companies revealed that these strategies incorporated similar sequential processes: identification of problem and need for change; replacement of incumbent CEO; major cost‐cutting attempts; refocusing on core businesses, and reinvesting for the future.

In recent years, the concept of generic strategies for achieving competitive advantage has gained prominence in the field of strategic management (BCG, 1976; Buzzell, Gale & Sultan, 1976; Porter, 1980; Hambrick, 1983; Karnani, 1984; Wright, 1987). Two generic strategies often mentioned in the literature are low‐ cost position and high differentiation position. Porter also mentions a third generic strategy called ‘focus’. However, this strategy is merely a specialised application of the two main generic strategies in a narrow market segment.

The different types and characteristics of mergers and acquisitions are examined, and some defensive and offensive strategies and tactics explained. Reasons for mergers and takeovers are also dealt with. The article includes a glossary of terms, an example of a summary of Rights to Purchase for a corporation (Bell Atlantic) and three case examples of merger and takeover (Chrysler/AMC′s friendly merger; Shamrock′s hostile and unsuccessful bid for Polaroid; and Campeau′s takeover of Federated Department Stores).

The US health care industry has experienced dramatic economic, social and technological changes since the late 1970s. These changes have reshaped the structure and function of inpatient hospitals and continue to drive their evolution into the 1990s. Examines the causes and effects of these changes on major for‐profit hospital firms, and suggests viable strategies for them to compete in the future.

Consider the case of Procter and Gamble (P&G), when it ships carloads combining diapers and other paper products. It saves transportation costs (about 10% of sales) relative to a firm that sells only diapers. This is one example of synergies among divisions that seem to explain the superior performance of companies like P&G. Examples of other related companies are General Foods, General Mills, Pillsbury, Dupont, 3M, Westinghouse etc., each of which try to exploit some form of synergy or other. But at the same time, managers also find that there are several conglomerate firms comprised of unrelated business units which are also performing well. Examples of conglomerates in this category include ITT, Rockwell International, Dart Industries, Signal Companies, United Technologies, Gulf and Western Industries, Tenneco, Textron, USX etc. An erudite manager is thus faced with a dilemma. Are synergies real? If they exist, why are they not ubiquitous? Why and when is unrelated growth pattern an attractive alternative?

Introduces the concept of client‐centred marketing to consultants in order to help them market their professional services. This approach comprises several components, including a strategic evaluation of the consulting practice, setting goals and objectives, establishing activity priorities, allocating resources, scheduling activities, task implementation and monitoring results.

Franchising, as a popular form of entrepreneurship, continues to be increasingly accepted throughout the world. However, due to many frauds and failures in the past, franchise laws have been established to ensure full disclosure on the part of the franchisor to all prospective franchisees. Surveys 101 companies and their disclosure documents, to ascertain how they operated their business and the extent to which they complied with the disclosure regulations. It was evident that the disclosure rules provided increased knowledge for prospective franchisees, although not all franchisors adhered to the spirit and letter of the law.

The USA, one of the world's largest markets for textile products, has protected its textile and apparel industries from foreign competition since the beginning of this century. The overall effect of such protectionism has created a hostile environment for major textile/apparel exporting countries, particularly those from Asia. Reviews the impact of US protectionism and examines the strategies undertaken by the Asian countries in response to such protectionism. In particular, it is observed that these countries have begun to shift from traditional low‐cost strategies based on cheap labour to more differentiation strategies.

During the 1980s, hospital merger activity was growing steadily due to fundamental changes in the provision of health care. Recently, however, the US Government has escalated its anti‐trust scrutiny of hospital mergers. Provides an indepth analysis of two recent hospital mergers, one of which was successful and the other was not. Any hospital considering a merger can benefit from analysing the strategies that were used to combat the anti‐trust challenge in both cases.