Riordan Manufacturing Strategic Plan
Strategic Plan Paper
Strategic Plan Paper
Introduction
Riordan Manufacturing is a plastic manufacturing company founded in 1991, employing 550 people and has projected annual earnings of $46 million. They are a global company with three total manufacturing locations, two being in the United States and one in China. Riordan Manufacturing recognizes the importance of strategic planning as part of long term success of the business, which will be outlined in this paper. In order for a company to become and remain successful, they must take strategic risks. Strategic management involves creating new ideas and making changes to shape a company for long term success. “It includes environmental scanning (both internal and external), strategy …show more content…
Establishing an evaluation, control, and assessment process will provide timely feedback to leadership in anticipation of results or areas of concern. Areas of assessment include employee and customer satisfaction, environmental presence, and environmental scanning for external locations of the manufacturing facilities. Instituting assessment and feedback to determine the profitability and feasibility of the company is established through the strategic process. Management will determine and specify what measurements are necessary, establish standards of performance through specific implementations, measure performance by predetermined controls, and compare desired performance within a tolerance range. Should the performance fall outside of the predetermined tolerance range, leadership will have the ability to take immediate corrective …show more content…
This provides the company with an opportunity to take corrective action and re-evaluate the strategic plan. Should Riordan Manufacturing’s strategic plan fluctuate or not achieve predetermined goals as according to plan, management would consider altering the specific strategy. Some of the changes to be considered are based on the feedback, but may include the competitive strategies, measurement guidelines, and internal dynamics. These areas provide opportunities for improvement but could also reflect similarities to the original plan with minor adjustments and still provide successful outcomes. Alterations of the strategic plan would be evaluation of:
Competitive Strategies - In the area of competitive strategies, we will limit the high-volume production methods and not add any new innovation.
Measurement Guidelines - In the area of measurement guidelines, we will eliminate the differentiation to sell specialty products to organizations for a higher price which leads to return on investment. Riordan will focus on maintaining the product line that already exists.
Internal Dynamics - In the area of internal dynamics, Riordan Manufacturing could not go forward with the new changes to the company culture and job placement process. Only a few minor adjustments are needed for this particular area. Job placement should be considered upon experience and the company culture should remain the
Strategic Plan Paper
Introduction
Riordan Manufacturing is a plastic manufacturing company founded in 1991, employing 550 people and has projected annual earnings of $46 million. They are a global company with three total manufacturing locations, two being in the United States and one in China. Riordan Manufacturing recognizes the importance of strategic planning as part of long term success of the business, which will be outlined in this paper. In order for a company to become and remain successful, they must take strategic risks. Strategic management involves creating new ideas and making changes to shape a company for long term success. “It includes environmental scanning (both internal and external), strategy …show more content…
Establishing an evaluation, control, and assessment process will provide timely feedback to leadership in anticipation of results or areas of concern. Areas of assessment include employee and customer satisfaction, environmental presence, and environmental scanning for external locations of the manufacturing facilities. Instituting assessment and feedback to determine the profitability and feasibility of the company is established through the strategic process. Management will determine and specify what measurements are necessary, establish standards of performance through specific implementations, measure performance by predetermined controls, and compare desired performance within a tolerance range. Should the performance fall outside of the predetermined tolerance range, leadership will have the ability to take immediate corrective …show more content…
This provides the company with an opportunity to take corrective action and re-evaluate the strategic plan. Should Riordan Manufacturing’s strategic plan fluctuate or not achieve predetermined goals as according to plan, management would consider altering the specific strategy. Some of the changes to be considered are based on the feedback, but may include the competitive strategies, measurement guidelines, and internal dynamics. These areas provide opportunities for improvement but could also reflect similarities to the original plan with minor adjustments and still provide successful outcomes. Alterations of the strategic plan would be evaluation of:
Competitive Strategies - In the area of competitive strategies, we will limit the high-volume production methods and not add any new innovation.
Measurement Guidelines - In the area of measurement guidelines, we will eliminate the differentiation to sell specialty products to organizations for a higher price which leads to return on investment. Riordan will focus on maintaining the product line that already exists.
Internal Dynamics - In the area of internal dynamics, Riordan Manufacturing could not go forward with the new changes to the company culture and job placement process. Only a few minor adjustments are needed for this particular area. Job placement should be considered upon experience and the company culture should remain the