Consider the following statements and identify the correct answer of true statements.
1. When an organisation's survival is threatened and it is not competing effectively, retrenchment strategies are often needed.
2. Turn around strategy is used when an organisation is performing well but has not yet reached a critical stage.
3. Divestment strategy involves selling the business or setting it up as a separate corporation.
4. Liquidation strategy involves closure of business which is no longer profitable.