...Riordan Manufacturing Strategic Plan MGT/498 Riordan Manufacturing Strategic Plan Strategic managers have responsibility to both the employees and stakeholders of the organization. Engaging in strategic management decisions should include ethics and social responsibilities. The expectation of such responsibilities from stakeholders is to fulfill legal and ethical economic decisions. Satisfying the purpose of the strategic planning process for Riordan Manufacturing, the management team has taken into consideration the economic, legal, ethical and discretionary responsibilities. According to Wheelen and Hunger (2010), the ethical and discretionary responsibilities are also known as social responsibilities. Ethical responsibilities require decision-makers to follow expected behaviors of society and the community. Riordan may take substantial risk by upsetting customers by failing to meet existing ethical values. Understanding the existing ethical values and standards of Riordan, the management team will assist senior leaders in planning and committing to social responsibilities. Why a Strategic Plan? A strategic management plan will focus Riordan’s objectives, goals, and efforts on long-term performance and sustainability. Managing short-term goals and successes is relatively uncomplicated and easily attainable, yet longevity is much more difficult to accomplish. Strategic management lays the framework for lasting success. Corporations can no longer sustain...
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...Riordan Manufacturing Strategic Plan Why is strategic management necessary? Strategic management, and business policies are essential for organizations to gain competitive advantage within their respective markets. Organizations like Riordan Manufacturing implement policies, and procedures to provide structure, and standardize operations in efforts to maintain proper control of production, inventory, and logistics. Developing a strategic plan focuses on the need for planning, roles of ethical and social responsibility, current competitive advantages, innovation, sustainability, internal dynamics, influence of business continuity, and assessment, and feedback. The following discussion details a strategic plan for Riordan Manufacturing. Topics include areas of environmental scanning, strategy formulation, strategy implementation, evaluation, and control. Riordan Manufacturing Effective Strategy Guidelines Riordan Manufacturing is focused on what really matters, the bottom-line performance and long-term healthy survival of its organization. Now that Riordan Manufacturing has implemented an effective competitive strategy it must evaluate and measure its performance. Measuring its performance is critical to the success of Riordan Manufacturing. By implementing an effective measurement guideline, it would help Riordan Manufacturing in tracking the progress against its goals and objectives; identify areas of improvement; and ultimately compare performance against both its defined...
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...Riordan Manufacturing Strategic Plan Riordan Manufacturing Strategic Plan This paper was structured by Team A and based on the strategic plan of Riordan Manufacturing. Team A completed an environmental scan, strategy formulation, strategy implementation and also completed evaluation and controls. There is a significant amount of information that is discovered through this process which will benefit Riordan Manufacturing and their business operations. In result, Riordan Manufacturing is able to benefit from this process because they use it as an edge in the industry and gain a lead on the competition. Environmental Scan The internal environmental scan for Riordan Manufacturing is included in the SWOT analysis; a group which determines the weaknesses and strengths. A strength for Riordan would be their solidified brand name which helps them keep a strong reputation among their clientele. Furthermore, Riordan benefits from having access to high-end natural resources. In regards to downfalls, Riordan suffers from their high cost of structure and the lack of access to ideal key distributions. In addition, the external environmental scan of the SWOT analysis is comprised of opportunities and threats. Riordan has some potential in removing internal trade barriers and the introduction of the latest technology. Riordan’s threat is the increment of those trade barriers and the introduction of substituted products. Competitive Advantages The manufacturing...
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...Strategic Plan University of Phoenix MGT-498 Strategic Management Dr. George R. Monk May 01, 2013 Strategic Plan The purpose of this paper is to explain why it is important for Riordan Manufacturing to have a strategic plan so the company will be successful long term. Also within this paper, Learning Team D will discuss on how important ethical and social responsibility considerations are important in the company strategic management plan. In addition, the team will talk about how Riordan competitive strategies help improve sustainability and innovation domestically and internationally. Furthermore, in the discussion is on how Riordan Manufacturing uses measurement guideline to see how effective their strategies are used. When implementing a business strategy Riordan takes into considerations of cultural and structural leadership. Learning Team D will talk about how Riordan Manufacturing may or may not influence business continuity. The last thing will be discussed by “Team D” is if Riordan Manufacturer receives a feedback it will determine which direction they may want to go, and if they do not follow recommendations at what time is good to alter the plan. The final discussion is to consider as a team on how did we decide or justify the strategic plan based on what we have learned as a team. There are components that has helped us adjust to deciding what plan best fits Riordan Manufacturing so they can be a successful company. Why Should Riordan...
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...Strategic Plan: Riordan Kevin Music, John Beard, Paul Brown, Elza Milivic MGT/498 November 11th, 2013 John Hawes University of Phoenix Strategic Plan: Riordan A strategic plan is an important part of every company that helps to keep each department focused and to ensure long-term success. Ethics and social responsibility play large roles in strategic planning because these concepts are part of the foundation for the strategy and the strategy has a long-term effect on the company as well as any communities that are under the effect of these decisions. The competitive advantages Riordan possesses and careful analyzing of strategy options are important issues that must be near the forefront of the decision making process. The effect each strategy may have on innovation and sustainability in domestic and international domains will vary greatly, which means this effect will be extremely important when making this decision. Measurement guidelines are another area that will vary greatly between every situation, which can lead to difficulty in displaying the strategy’s effectiveness. Riordan has to tailor the measurement guidelines to the chosen strategy to ensure accurate measurement of effectiveness. Internal dynamics, cultural leadership, and structural leadership are important parts of the company and certain parts of the concepts will be useful in implementing the business strategy. The way these concepts influence business continuity is also under scrutiny...
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...Riordan Manufacturer Strategic Plan MGT/498 University of Phoenix Professor James Powell October 29, 2012 Mike Mohler, Kanosha Mitchell, DeUndra Askew, Skye Richey, Joseph Okakpu Executive Summary Riordan’s Plan A fortified company is not known for its success in the short run or best time during a booming economy, but in actuality a fortified company is known for setting different plans in place during the hardest economic periods and still manages to remain profitable during this time. The plan that a company follows throughout with plenty room for upgrades or change is strategic planning. Riordan is company that has benefited from a strategic plan to keep the company goals at the forefront and maintain company values as the company matures and adapts to the ever changing competitive market. As a group, we will focus on explaining different aspects of strategic planning while explaining the need for a strategic plan, and defining the role of ethical and social responsibility for the company. The team will list the competitive advantages of Riordan Company and how constant innovation and sustainability affect domestic and international markets. The team will discuss the measurement guidelines to follow and determine strategy effectiveness, setting internal dynamics with consideration to cultural and structural leadership, influencing business continuity, and finally setting up a strong resolution team to deal with assessments and feedback to improve on the strategic plan of...
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...Strategic Plan Paper Strategic Plan Paper Riordan Manufacturing recognizes the fact that they are an industry leader in plastic injection molding and supplier of plastic medical devices. Riordan also recognizes that they are not progressing in the industry as they would like. Recognizing the need to create better value products which will increase sales is the first step in this plan for sustainability. Riordan needs to obtain new customers. In order to do this, they must predict customer needs, become familiar with global changes, create better relationships, and secure sustainability. Gaining a competitive edge by utilizing newer technology will help reduce costs. After a closer look at the structure of Riordan, it is believed that several shortfalls exist between the relationship of goals and reality. Riordan is urged to consider the following strategic plan which outlines structure, plan goals, implementation, and evaluation. Riordan Manufacturing is a state-of-the-art plastic industrial company that specializes in plastic injection molding and innovative designs of plastic products and packaging. Because of their progressive thinking and innovative products, Riordan’s has now established a reputation as one of the world’s leading plastic manufacturers as this global enterprise now employs over 500 employees worldwide (University of Phoenix, 2012). In 2000, Riordan’s manufacturing undertook major expansion efforts and because of those efforts, you can now find Riordan’s...
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...Introduction This paper will examine how quality is linked to Riordan’s strategic plan and its strategic objectives. The analysis has been made of a process improvement plan in which the organization currently uses. Listed below are some tools and techniques that are used to measure quality and customer satisfaction within Riordan. Discussion will also include what party is ultimately responsible for quality assurance. Finally, a look at how Riordan’s process improvement plan is related to their strategic plan. Quality in the Strategic Plan and Objectives Quality is a key objective to any successful organization; this is true with the Riordan manufacturing group as well. The strategic plan is simply to develop and deliver a quality product on time. Building the brand through delivery is an excellent design and a key to the “Time to market” approach. With some improvements, the time to market will improve the quality of the products. Collaborating on the design of the Riordan product will assist in the over all quality as well. Identifying future needs within the organization will aid with sales and give the customers a brand to identify with for years to come. To accomplish this, Riordan is using its customers to help in the development of plans that address the needs of quality they seek. With this quality, the customer relationship will be strengthened and this is a strategic objective identified as a need. To achieve this in minimal time the company will use a sales...
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...Course Materials Carpenter, M. A., & Sanders, W. G. (2009). Strategic management: A dynamic perspective concepts and cases. (2nd ed.). Upper Saddle River, NJ: Pearson/Prentice Hall. Wheelen, T. L., & Hunger, J. D. (2010). Concepts in strategic management and business policy: Achieving sustainability (12th ed.). Upper Saddle River, NJ: Pearson/Prentice Hall. All electronic materials are available on the student website. |Individual |Write a 1,050- to 1,400-word paper in which you complete the following: |Day 7 |150 | |Environmental Scan Paper | | | | | |Research and describe the internal and external environments of 2 to 3 real-world companies | | | | |using an environmental scan. | | | | |Determine what competitive advantages each company has and what strategies each company is | | | | |using. | | | | | ...
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...2010, 2005) Organizations must constantly strive to maintain a competitive advantage within the marketplace; the development of a strategic plan is essential to the success or that endeavor, as it helps to deliver the best possible results for both business decisions and practices and determines the long-run performance of a corporation. Strategic management is designed to focus management’s attention on internal, external, and overall policy implementation of their management systems and includes four phases; financial planning, forecast based planning, externally oriented strategic planning, and strategic management (Greenberg, 2013,2010, 2005). It is a step by step process that clarifies organizational objectives and anticipated end results with a method of evaluation, providing a picture of the future based on current trends and forces that might influence the organization (Ahoy, 1998). There are five compelling reasons for Riordan Manufacturing to develop a strategic plan besides that of taking charge of the organization’s future. First, strategic planning forces management to look into the future and develop a proactive position of influence. It provides a better awareness of needs, facilities-related, and environmentally-related objectives, and helps define the overall mission of the organization with a clear focus on objectives. Strategic planning provides a sense of continuity, direction, and enables effective staffing and leadership, while ensuring involvement and...
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...Strategic Plan: Riordan Manufacturing MGT/498 October 2013 Riordan Manufacturing Strategic Plan Why is strategic management necessary? Strategic management, and business policies are essential for organizations to gain competitive advantage within their respective markets. Organizations like Riordan Manufacturing implement policies, and procedures to provide structure, and standardize operations in efforts to maintain proper control of production, inventory, and logistics. Developing a strategic plan focuses on the need for planning, roles of ethical and social responsibility, current competitive advantages, innovation, sustainability, internal dynamics, influence of business continuity, and assessment, and feedback. The following discussion details a strategic plan for Riordan Manufacturing. Topics include areas of environmental scanning, strategy formulation, strategy implementation, evaluation, and control. Riordan Manufacturing Effective Strategy Guidelines Riordan Manufacturing is focused on what really matters, the bottom-line performance and long-term healthy survival of its organization. Now that Riordan Manufacturing has implemented an effective competitive strategy it must evaluate and measure its performance. Measuring its performance is critical to the success of Riordan Manufacturing. By implementing an effective measurement guideline, it would help Riordan Manufacturing in tracking the progress against its goals and objectives; identify areas of improvement;...
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...Riordan Manufacturing [pic][pic] [pic] Strategic Plan 2013 - 2016 MGT 498 January 14, 2013 Contents Introduction 3 Background 3 Internal Structure 4 Background to the Vision, Mission Statement, and Strategic Objectives 6 Environmental Scan 7 Vision, Mission Statement, and Values 8 Vision 8 Values 8 Mission Statement 9 Our Focus 9 Our Customer Relationships 9 Our Employees 9 Our Future 9 SWOT Analysis 10 Key Success Factors 11 Driving Forces 12 Strategic Objectives 13 Meeting Critical Success Factors and Strategic Objectives 15 Strategic Objectives Actions Plans 17 Reference 18 Introduction Riordan’s Strategic Plan will provide the framework to guide stakeholders and management to meet and exceed strategic objectives of the organization. As the plan period progresses, the plan may change dependent upon policy change, leadership change, and/or industry change. This plan concludes Riordan’s discussions concentrating on any challenges to ensure the organization can meet expectations of stakeholders. The management of Riordan will use this strategic plan for direction in achieving objectives. The plan includes the following key points which will guide the direction of the organization: ▪ Vision; ▪ Mission statement; ▪ Environmental Scanning; ▪ Critical Success Factors; ▪ Strategic objectives; and ▪ Strategic objectives’ action plans. Background Riordan Manufacturing is...
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...Competitive Strategies of Riordan The decision to begin, enter, or continue with a business venture has a specific amount of risk associated with the undertaking and once begun specific goals and objectives need outlining and measurement devises put in place to confirm the future success of the entity. In a simple form, a strategic plan determines where an organization is going during the year to two years, how it will get there, and if it can reach the objective desired. There is a variety of approaches in a strategic plan but what need the most consideration is the leadership in an organization, organizational culture, and the organizational environment. One manner of ensuring the continuity and attainment of a company is by way of a comprehensive strategic plan in which a business “lays out its future direction, performance targets, and strategy” (Gamble, Strickland III, & Thompson, Jr., p 30, 2006). When crafting a strategic plan the roles of ethical and social responsibility, competitive advantages, sustainability in foreign and domestic markets, measurement guidelines, internal dynamics, cultural and structural leadership concerns, and assessment and feedback controls need consideration to move the company in a direction that promotes longevity of the business. Riordan, a manufacturer and supplier of high-grade plastic products will incorporate each of the individual requirements outlined as well as employing the specific strategies and tactics essential to remain...
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...Strategic Plan Paper MGT/498 Strategic Plan Paper Since its inception 1991 Riordan has been an industry leader in the injection mold industry. Dr. Riordan had a vision when he opened the first plant in Michigan, and his vision was growth, innovation, and to always meet his customers needs. His vision was the driving force for Riordan’s strategic plan in the 90s and early millennia just as it is today, but the scope of his vision has grown into new marketing arenas and will need refining if it is to keep Riordan growth rate and financial success at its current level (Riordan, 2013). With the expansion of Riordan into China as well as the retooling of existing plants for custom plastic injecting has changed the internal dynamic of Riordan and both internal and external strategies will need to be adjusted to maximize production and marketing potentials. Riordan’s Strategic Plan The Future Strategic Planning is a widespread development for shaping a business into what it will become and how to achieve the goals in a systematic way. Riordan manufacturing needs a strategic plan to become the top industry globally to manufacture plastic in injection molding. Strategic management process is strategies, decisions, and actions define by a company to determine the performance of the organization. The components Riordan needs to succeed in business are (Wheelen & Hunger 2010). The use of Environmental Scanning, Strategy Formulation, Strategy implementation, Evaluation, and Control...
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...Gap Analysis: Riordan Manufacturing Riordan Manufacturing is faced with some issues, challenges and opportunities to increase their sales and profitability, improve employee satisfaction, and improve their customer relationships in an effort to help them remain competitive in the marketplace. In this research an analysis will be conducted to evaluate the situations that face Riordan Manufacturing. This analysis will identify the issues and opportunities, explore the stakeholders’ perspectives, and review the problem and the end state goals. Once the analysis is complete the leadership team at Riordan Manufacturing will be able to put together a problem solution to begin to tackle the issues faced by the company. Situation Analysis Issue and Opportunity Identification “Riordan Manufacturing is a global plastics producer employing 550 people with a projected annual earnings of 46 $million” (University of Phoenix. n.d., p 1). The company is owned by Riordan Industries a Fortune 1000 enterprise with revenues over $1 billion (University of Phoenix. n.d., p 1). Over the past two years Riordan Manufacturing has experienced declining sales and uneven profits (University of Phoenix. n.d.). This change forced Riordan Manufacturing to make some strategic changes in the way they manufacture and market products and its sales processes. The strategic changes prompted Riordan Manufacturing to adopt a customer-relationship management system (CRM) which allowed customers to be serviced...
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