WEEK 5 Riordan Manufacturing Strategic Plan
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 profitable business activities by simply maintaining a business as usual or status quo strategy. As the world and economic markets continue to evolve, companies must also transform to accommodate an ever-changing environment. During such transformations, managers should be careful to implement change that is consistent with the company’s core mission and objectives. Strategic planning assists in effectively accomplishing these changes and provides business owners and managers the opportunity to induce innovative
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 profitable business activities by simply maintaining a business as usual or status quo strategy. As the world and economic markets continue to evolve, companies must also transform to accommodate an ever-changing environment. During such transformations, managers should be careful to implement change that is consistent with the company’s core mission and objectives. Strategic planning assists in effectively accomplishing these changes and provides business owners and managers the opportunity to induce innovative
References: Apollo Group, Inc. (2004). Virtual Organization: Riordan Manufacturing. Retrieved from Apollo Group, Inc., Simulation, MGT498 - Strategic Management website. Merriam-Webster, Incorporated (2011). Ethic. Retrieved from http://www.merriam-webster.com/dictionary/ethics. Wheelen, T. L., & Hunger, J. D. (2010). Concepts in strategic management and business policy: Achieving sustainability (12th ed.). Prentice Hall.