Teddy, Inc., a teddy bear manufacturer, is conducting strategic planning because of declining sales. They are thinking about adding new products and/or radically restructuring the business to deal with the decline. This is an example of a:

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The scenario describes a situation where the company is experiencing declining sales, which means that the business is not performing well. In this case, a turnaround strategy is needed, which involves making drastic changes to the company's operations, products, and services to improve its financial standing. This can include finding new products or restructuring the business entirely to reverse the decline.