Riordan Manufacturing
Strategic Plan: Riordan Manufacturing Inc.
What role should ethical and social responsibility considerations have in Riordan’s strategic management plan?
Ethical and social responsibility should be strongly considered in Riordan’s strategic management plan. Companies that support strategic corporate social responsibility focus on factors such as identifying opportunities and threats facing stakeholders, managing relationships with stakeholders, creating sustainable business practices, and most important, balancing societal and economic value (Ballowe, 2013). Companies that participate in socially responsible and ethical decision-making practices thrive. These same companies are guided by values that are well expressed tend to develop strong …show more content…
cultures and thrive as an organization (Payne & Joyner, 2006). Employees who are active in a positive and thriving environment are usually more productive than employees who do not have the same opportunity. Because Riordan plans to increase their customer list, it is necessary for all employees, from production to marketing, and middle management to be involved in positive and strong work cultures.
What competitive advantages does Riordan have, and which competitive strategies should Riordan utilize to improve innovation and sustainability in both domestic and international applications?
Riordan is already a pioneer in the plastics manufacturing industry for their process in turning polymers into high tensile strength plastic substrates and supplying heart valves and stent. Because of this fact, Riordan has the competitive advantage over their competitors. If Riordan sustains their pioneering position, it is possible that innovations in medical devices, as well as other plastics products, will continue to provide sustainability as baby boomers are coming to an age where more health care is necessary to maintain health. The CDC predicts a baby boomer that makes it to the age of 65 by 2005 is expected to live an additional 19 years longer than originally predicted in 1950. With the increased life span of the average baby boomer, it is beneficial to be aware of the rising needs of health care (McCabe, 2008). Wheelen and Hunger (2010) believe competitive strategy begins when an organization can identify and take action to changes within the environment well in advance of competitors.
Much has been discussed about increasing Riordan’s customer base by way of their medical devices. It is important to remember that Riordan also manufacturers quality plastic containers for beverages and other materials as well as cooling fans for a variety of devices. A little more than half of Riordan’s customer base is international, so it is obvious there is a market that needs attention. Riordan’s competitive advantage may also serve as a disadvantage as technology continues to advance. In effort to remain sustainable, Riordan must not only remain innovative in their polymer processing procedures, but must also focus on acquiring more clients. If Riordan can gain a major client base by reaching out to smaller beverage, food, and other companies that can benefit from the Riordan product, they have the ability to continue to grow.
Some possible ways for Riordan to approach their customer-growth strategy are networking and acquiring referrals from current and potential clients, as well as developing strategic alliances with other manufacturing companies that require and prefer Riordan’s quality plastics. By increasing their customer base, Riordan is acting in a manner that should prove to be beneficial to Riordan’s sustainability in both the domestic and international markets. Networking with current customers, obtaining referrals, and developing strategic alliances may prove to be most beneficial in Riordan marketing. Furthermore, using current customers to build relationships with customers with like desires and needs will also increase Riordan’s market share. Riordan may also have ability to create strategic alliances with other medical companies and organizations such as equipment manufacturers for container and bottling supplies, surgical facilities for medical equipment and supplies, and schools that train using cooling units. Developing these relationships based on Riordan 's already, present high morals and values as well as current customer base should influence potential customers.
What measurement guidelines should be used to verify strategy effectiveness?
To measure and verify strategy effectively in any business it is important to know the measurement guidelines that are involved within the SWOTT such as: internal and external environment scanning, analyzing the information that is gathered and produced from the business, and the competitive advantages to know the pros and cons, and to know how to make changes of the business if needed (Wheelen, T. L., & Hunger, J. D., 2010). Being able to verify measurements and guidelines to know the progression of the business it is important to know the SWOTT analysis of the business, to know and understand what the goals are for the stakeholders that have involvement internally and externally of the business, and to find ways to improve and have growth to expand to learn new ways to produce products and services. It is also important to know the cost, product, and customer focus to measure the guideline of how a business is ran and to determine the changes and the future of the cost, product, and customers and how the needs and wants increase or decline in the future of the business (The Executive Corner, 2004). When there are changes within a business or with competitors it is necessary to stay ahead of what makes the changes in areas as followed: economic, technology, politics, sociocultural and to know how to adapt to the changes that are happening within the business. For a business like Riordan Manufacturing it is important to evaluate and have control over the processes of what the end outcome should be by following these steps: determine what to measure, establish standards of performance, measure actual performance, and compare actual performance with the standards (Wheelen, T. L., & Hunger, J. D., 2010).
What internal dynamics along with cultural and structural leadership considerations should be used in implementing business strategy for Riordan?
When implementing a strategic business plan there are internal objectives that are factors such as: structural, culture, and resources and how they are used and performed to deal with the strengths and weaknesses of the business.
Strategy implementation is the sum total of the activities and choices required for the execution of a strategic plan. It is the process by which objectives, strategies, and policies are put into action through the development of programs, budgets, and procedures (Wheelen, T. L., & Hunger, J. D. 2010). Riordan Manufacturing has a lot of resources that can be used to branch out to others and competitors internationally that are being implemented in the business plan. There are many departments within the company that plays a big part as well and every department and person has their own action plan to obtain to make sure there is success and goals are being accomplished. Following the mission, vision, values are necessary to contribute and abide by to know and understand the purpose and the outcome of what is being giving by the company as a whole. With the company wanting to increase client base they can implement new products, technology, and new market segments to clients by taking that first step to reach out and voice the changes of products and services to innovate new and improve materials to make connection to different people in the industry, and how the outcome can change for the future of the …show more content…
company.
How do they influence business continuity? A strategic plan is necessary at Riordan Manufacturing to sustain business continuity. A strategic plan is an expression by stakeholders and any group who has an investment in the business. Strategic planning functions as the “design” just as a blueprint functions as the “how” a structure will be built (Pirraglia, 2014). Strategic planning has a major influence on business continuity because it dictates how the business will function and the route it will take to be successful. Strategic planners develop a “feeling” of how to create a strategic plan based on the company, industry, and the corporate “wish list”. The SWOTT analysis will reveal internal strengths and weakness which strategic planners will use to exploit competitors and ensure Riordan capitalizes accordingly. The SWOTT will similarly analyze the opportunities, threads, and trends of the plastics industry in which Riordan has interests. The strategic plan for Riordan will ensure continuity by effectively envisioning goals and clearly defining the method Riordan will take to achieve the desired result (Pirraglia, 2014). A strategic plan is critically important to the success of Riordan, however all plans are useless unless they are followed by action. Riordan will achieve business continuity by following the rudiments of the strategic plan.
What assessment and feedback controls should be used to determine the direction to take Riordan? Riordan will need to use assessments in conjunction with other evaluation tools to measure the achievements of the organization. Riordan can use a Manufacturing Readiness Assessment (MRA) to effectively compare a program, system, or products manufacturability at various stages of development (WILLCOR, 2002). The MRA tool will effectively determine the readiness of a product or technology which Riordan may be considering. Essentially, the MRA tool will assist decision makers to determine the maturity of a program from a manufacturing perspective. Decision makers will be able to assess the MRA’s result and determine if the manufacturing program meets the needs of Riordan. The performance of employees will need to be evaluated because they play an important role in the success of Riordan. Employees will be evaluated at the beginning of the year and at the end. Evaluations will be based on standards, error rate, quality of work, and meeting deadlines. Although it may be easier to measure the quantity output or sales at Riordan, the results have an insignificant meaning if they are not measured for quality (Johnston, n.d.). The performance evaluation tool will measure the quality of employees at Riordan and make it an efficient and productive organization. The feedback gathered from the MRA tool and employee evaluation will help decision makers determine the direction Riordan will take to achieve success. The MRA tool will identify which product has a higher success ratio if manufactured. Decision makers will have more information to make a business decision and move forward with the product. The performance of employees will also be measured twice a year which will make Riordan act accordingly if an employee does not meet the standards of the organization.
If the strategy of Riordan does not go according to plan, at what point would you consider altering the strategic plan you have suggested? There is no perfect formula for a strategic plan; therefore they are never really complete. A strategic plan revolves around achieving the goals of an organization. Riordan must be flexible enough to adjust to external impacts such as competitors increasing market share or the economy may change either positively or negatively. Internal impacts must be considered as well, such as the development of a new product or technology. The strategic plan is a process which evolves through phases. The strategic plan should be altered when external and internal factors change in order to ensure the health of Riordan.
References
Ballowe, T.
(2013). Strategic Corporate Responsibility. Retrieved from http://mystrategicplan.com/resources/strategic-corporate-social-responsibility
Carpenter, M. A., & Sanders, W. G. (2009). Strategic Management: A Dynamic Perspective Concepts and Cases (2nd ed.). Upper Saddle River, NJ: Prentice Hall.
Johnston, K. (n.d.). Performance Appraisal For Quality of Work. Retrieved from http://smallbusiness.chron.com/performance-appraisal-quality-work-13099.html
Light, D. W. (2004, June). The Executive Corner. Retrieved from http://businessbuilders.bz/archives/06-15-04.htm
McCabe, J. (2008, October). Elder Care. Journal of Practical Estate Planning, 10(5), 7-49.
Payne, D., & Joyner, B. E. (2006, May). Succesful U.S. Entrepreneurs: Identifying Ethical Decision-Making and Social Responsibility Behaviors. Journal of Business Ethics, 65(3). doi:10.1007/s10551-005-4674-3
Pirraglia, W. (2014). Why Is Strategic Planning Important to a Business? Retrieved from http://smallbusiness.chron.com/strategic-planning-important-business-2671.html
WILLCOR. (2002). Manufacturing Readiness Levels. Retrieved from
http://willcor.com/pages/mrls/mrls.php
Wheelen, T. L., & Hunger, D. J. (2010). Concepts in Strategic Management and Business Policy: Achieving Sustainability (12th ed.). Upper Saddle River, NJ: Prentice Hall.
What role should ethical and social responsibility considerations have in Riordan’s strategic management plan?
Ethical and social responsibility should be strongly considered in Riordan’s strategic management plan. Companies that support strategic corporate social responsibility focus on factors such as identifying opportunities and threats facing stakeholders, managing relationships with stakeholders, creating sustainable business practices, and most important, balancing societal and economic value (Ballowe, 2013). Companies that participate in socially responsible and ethical decision-making practices thrive. These same companies are guided by values that are well expressed tend to develop strong …show more content…
cultures and thrive as an organization (Payne & Joyner, 2006). Employees who are active in a positive and thriving environment are usually more productive than employees who do not have the same opportunity. Because Riordan plans to increase their customer list, it is necessary for all employees, from production to marketing, and middle management to be involved in positive and strong work cultures.
What competitive advantages does Riordan have, and which competitive strategies should Riordan utilize to improve innovation and sustainability in both domestic and international applications?
Riordan is already a pioneer in the plastics manufacturing industry for their process in turning polymers into high tensile strength plastic substrates and supplying heart valves and stent. Because of this fact, Riordan has the competitive advantage over their competitors. If Riordan sustains their pioneering position, it is possible that innovations in medical devices, as well as other plastics products, will continue to provide sustainability as baby boomers are coming to an age where more health care is necessary to maintain health. The CDC predicts a baby boomer that makes it to the age of 65 by 2005 is expected to live an additional 19 years longer than originally predicted in 1950. With the increased life span of the average baby boomer, it is beneficial to be aware of the rising needs of health care (McCabe, 2008). Wheelen and Hunger (2010) believe competitive strategy begins when an organization can identify and take action to changes within the environment well in advance of competitors.
Much has been discussed about increasing Riordan’s customer base by way of their medical devices. It is important to remember that Riordan also manufacturers quality plastic containers for beverages and other materials as well as cooling fans for a variety of devices. A little more than half of Riordan’s customer base is international, so it is obvious there is a market that needs attention. Riordan’s competitive advantage may also serve as a disadvantage as technology continues to advance. In effort to remain sustainable, Riordan must not only remain innovative in their polymer processing procedures, but must also focus on acquiring more clients. If Riordan can gain a major client base by reaching out to smaller beverage, food, and other companies that can benefit from the Riordan product, they have the ability to continue to grow.
Some possible ways for Riordan to approach their customer-growth strategy are networking and acquiring referrals from current and potential clients, as well as developing strategic alliances with other manufacturing companies that require and prefer Riordan’s quality plastics. By increasing their customer base, Riordan is acting in a manner that should prove to be beneficial to Riordan’s sustainability in both the domestic and international markets. Networking with current customers, obtaining referrals, and developing strategic alliances may prove to be most beneficial in Riordan marketing. Furthermore, using current customers to build relationships with customers with like desires and needs will also increase Riordan’s market share. Riordan may also have ability to create strategic alliances with other medical companies and organizations such as equipment manufacturers for container and bottling supplies, surgical facilities for medical equipment and supplies, and schools that train using cooling units. Developing these relationships based on Riordan 's already, present high morals and values as well as current customer base should influence potential customers.
What measurement guidelines should be used to verify strategy effectiveness?
To measure and verify strategy effectively in any business it is important to know the measurement guidelines that are involved within the SWOTT such as: internal and external environment scanning, analyzing the information that is gathered and produced from the business, and the competitive advantages to know the pros and cons, and to know how to make changes of the business if needed (Wheelen, T. L., & Hunger, J. D., 2010). Being able to verify measurements and guidelines to know the progression of the business it is important to know the SWOTT analysis of the business, to know and understand what the goals are for the stakeholders that have involvement internally and externally of the business, and to find ways to improve and have growth to expand to learn new ways to produce products and services. It is also important to know the cost, product, and customer focus to measure the guideline of how a business is ran and to determine the changes and the future of the cost, product, and customers and how the needs and wants increase or decline in the future of the business (The Executive Corner, 2004). When there are changes within a business or with competitors it is necessary to stay ahead of what makes the changes in areas as followed: economic, technology, politics, sociocultural and to know how to adapt to the changes that are happening within the business. For a business like Riordan Manufacturing it is important to evaluate and have control over the processes of what the end outcome should be by following these steps: determine what to measure, establish standards of performance, measure actual performance, and compare actual performance with the standards (Wheelen, T. L., & Hunger, J. D., 2010).
What internal dynamics along with cultural and structural leadership considerations should be used in implementing business strategy for Riordan?
When implementing a strategic business plan there are internal objectives that are factors such as: structural, culture, and resources and how they are used and performed to deal with the strengths and weaknesses of the business.
Strategy implementation is the sum total of the activities and choices required for the execution of a strategic plan. It is the process by which objectives, strategies, and policies are put into action through the development of programs, budgets, and procedures (Wheelen, T. L., & Hunger, J. D. 2010). Riordan Manufacturing has a lot of resources that can be used to branch out to others and competitors internationally that are being implemented in the business plan. There are many departments within the company that plays a big part as well and every department and person has their own action plan to obtain to make sure there is success and goals are being accomplished. Following the mission, vision, values are necessary to contribute and abide by to know and understand the purpose and the outcome of what is being giving by the company as a whole. With the company wanting to increase client base they can implement new products, technology, and new market segments to clients by taking that first step to reach out and voice the changes of products and services to innovate new and improve materials to make connection to different people in the industry, and how the outcome can change for the future of the …show more content…
company.
How do they influence business continuity? A strategic plan is necessary at Riordan Manufacturing to sustain business continuity. A strategic plan is an expression by stakeholders and any group who has an investment in the business. Strategic planning functions as the “design” just as a blueprint functions as the “how” a structure will be built (Pirraglia, 2014). Strategic planning has a major influence on business continuity because it dictates how the business will function and the route it will take to be successful. Strategic planners develop a “feeling” of how to create a strategic plan based on the company, industry, and the corporate “wish list”. The SWOTT analysis will reveal internal strengths and weakness which strategic planners will use to exploit competitors and ensure Riordan capitalizes accordingly. The SWOTT will similarly analyze the opportunities, threads, and trends of the plastics industry in which Riordan has interests. The strategic plan for Riordan will ensure continuity by effectively envisioning goals and clearly defining the method Riordan will take to achieve the desired result (Pirraglia, 2014). A strategic plan is critically important to the success of Riordan, however all plans are useless unless they are followed by action. Riordan will achieve business continuity by following the rudiments of the strategic plan.
What assessment and feedback controls should be used to determine the direction to take Riordan? Riordan will need to use assessments in conjunction with other evaluation tools to measure the achievements of the organization. Riordan can use a Manufacturing Readiness Assessment (MRA) to effectively compare a program, system, or products manufacturability at various stages of development (WILLCOR, 2002). The MRA tool will effectively determine the readiness of a product or technology which Riordan may be considering. Essentially, the MRA tool will assist decision makers to determine the maturity of a program from a manufacturing perspective. Decision makers will be able to assess the MRA’s result and determine if the manufacturing program meets the needs of Riordan. The performance of employees will need to be evaluated because they play an important role in the success of Riordan. Employees will be evaluated at the beginning of the year and at the end. Evaluations will be based on standards, error rate, quality of work, and meeting deadlines. Although it may be easier to measure the quantity output or sales at Riordan, the results have an insignificant meaning if they are not measured for quality (Johnston, n.d.). The performance evaluation tool will measure the quality of employees at Riordan and make it an efficient and productive organization. The feedback gathered from the MRA tool and employee evaluation will help decision makers determine the direction Riordan will take to achieve success. The MRA tool will identify which product has a higher success ratio if manufactured. Decision makers will have more information to make a business decision and move forward with the product. The performance of employees will also be measured twice a year which will make Riordan act accordingly if an employee does not meet the standards of the organization.
If the strategy of Riordan does not go according to plan, at what point would you consider altering the strategic plan you have suggested? There is no perfect formula for a strategic plan; therefore they are never really complete. A strategic plan revolves around achieving the goals of an organization. Riordan must be flexible enough to adjust to external impacts such as competitors increasing market share or the economy may change either positively or negatively. Internal impacts must be considered as well, such as the development of a new product or technology. The strategic plan is a process which evolves through phases. The strategic plan should be altered when external and internal factors change in order to ensure the health of Riordan.
References
Ballowe, T.
(2013). Strategic Corporate Responsibility. Retrieved from http://mystrategicplan.com/resources/strategic-corporate-social-responsibility
Carpenter, M. A., & Sanders, W. G. (2009). Strategic Management: A Dynamic Perspective Concepts and Cases (2nd ed.). Upper Saddle River, NJ: Prentice Hall.
Johnston, K. (n.d.). Performance Appraisal For Quality of Work. Retrieved from http://smallbusiness.chron.com/performance-appraisal-quality-work-13099.html
Light, D. W. (2004, June). The Executive Corner. Retrieved from http://businessbuilders.bz/archives/06-15-04.htm
McCabe, J. (2008, October). Elder Care. Journal of Practical Estate Planning, 10(5), 7-49.
Payne, D., & Joyner, B. E. (2006, May). Succesful U.S. Entrepreneurs: Identifying Ethical Decision-Making and Social Responsibility Behaviors. Journal of Business Ethics, 65(3). doi:10.1007/s10551-005-4674-3
Pirraglia, W. (2014). Why Is Strategic Planning Important to a Business? Retrieved from http://smallbusiness.chron.com/strategic-planning-important-business-2671.html
WILLCOR. (2002). Manufacturing Readiness Levels. Retrieved from
http://willcor.com/pages/mrls/mrls.php
Wheelen, T. L., & Hunger, D. J. (2010). Concepts in Strategic Management and Business Policy: Achieving Sustainability (12th ed.). Upper Saddle River, NJ: Prentice Hall.