Strategic Management Plan for Riordan Manufacturing Company
Company background
Riordan Manufacturing Inc. is an international plastics making company. It is located in the United States and has operations in several other countries.
Dr. Riordan who is a chemistry professor started it in the year 1991. At first the company majored on research development and licensing of its patents.
The company offer products, such as the plastic beverage container, which is manufactured at the company’s plant located in Albany. The custom plastic parts are produced in Pontiac, one of Riordan’s plants among many while the plastic fan portions are manufactured at its lavatories located in Hangzhou China. It has a staff of 550 employees whose yearly earnings add up to $46 million. The research and development of Riordan is undertaken at the company headquarters located in San Jose where the department is situated.
Its major customers are the makers of the automotive parts, aircraft makers, the department of defense (DoD), the beverage makers, and bottlers and the appliance manufactures. The company is focused to achieve and maintain profits in order to assure that financial and capital are always available for sustained growth. Riordan Manufacturing is in a very competitive market, and to make sure they remain at the top always they have to strategize on how to go about their operations regularly (Riordan, 2009).
Need for Planning
Riordan manufacturing needs a strategic plan. This plan will enable it to incorporate a visibility study, which will help determine whether their idea is commercially viable in addition to the issues they need to address. A plan will secure investors sponsors suppliers and staff and ensure their needs are catered for.
This plan will help the company to focus on the efforts goals and objectives on long-term sustainability of the company, and also help them achieve their desired vision. A good plan should, therefore, be simple, clear, logical, truthful, and backed up by figures whenever possible, as emphasized in structured learning resources like the Integrated Marketing Communications: Strategic Planning Perspectives test bank (Canadian 5th Edition) , which highlights practical approaches to evaluating strategy. (Grunig, Clark, & Kuhn, 2010).
Environmental scanning
In environmental scanning, Riordan manufacturing should use past records of their business in order to know the progress and locate the time that their sales dropped. Having done this they should now be in a position to evaluate on the possible causes of the drop in sales and prevent such occurrences in the future.
They should then upgrade their sales database and files for marketing research in order to be always informed about a change or upcoming businesses with the same products that are coming up. The company should then motivate its employees and the society around which are the target customers in order to make them interested with their products. This can be done through promotions and offering of discounts.
A database should be created which will give customers an opportunity for service and keep past records, which will be used to improve future sales and production of higher volumes of products. Environmental scanning will also give the employees a chance to contribute their input using their knowledge and experience they have acquired. Work force that is knowledgeable about competitor studies should be employed by doing this the company will be positioned to perceive the trends that are in the industry and creatively strategize on techniques for growth.
Culture and customs
The company should go further and explore the habits characteristics and customs of the other countries in the world. This will aid the firm to recognize the likes and dislikes of its esteemed customers. By doing this the company will be able to expand and grow globally.
Management process
This should be carried out through four stages; namely, analysis strategy formulation strategy implementation and evaluation and control. First, the company is supposed to gather enough information from the environment within the organization and outside. This will be important while accomplishing the company’s vision. The main agenda of this analysis will be to get to know the needs of the company and its customers.
This will help the company to create initiatives that will help it grow. While doing the analysis the paper will identify external and internal issues that can affect the goals and objectives set by the firm. The scrutiny of the company strengths and the company weaknesses will also be examined. This will help in planning how to tackle the company’s weak points and add more vigor to the strengths.
When undertaking the analysis, there is the need to review the information that was gathered as part of strategy formulation. This form the time to make a decision on the resources available to the company intended to help it reach its goals. Issues that are facing the company should be prioritized by their importance to the company’s success.
After formulating the strategies, the next step regards putting into practice what one has analyzed and formulated. Every person in the company should be made clear of his/her responsibilities and how their contribution will add up to the company achieving its goal. Therefore, this is regarded as the time when resources and capital should be secured. When the funding is in place and all employees are ready then execute the plan.
When the plan has already been executed, the last process will involve evaluating and control done through measuring of the performance regular review of issues inside and outside the company. In case of a problem, it should be handled as fast as possible. The company should then determine the progress by measuring the actual results that it has achieved and compare it to the plan that was stipulated. By monitoring both the internal and external issues of the company, Riordan will be able to react to any substantial change that has been encountered in the business environment.
Ethical considerations and social responsibility
When evaluating the strategic organization planning of Riordan, it is vital to consider the ethical considerations and social responsibility in the process. Ethics are the disciplines, which distinguish what is regarded as good from what is regarded as bad. Therefore, ethics will help to set a moral standard for morality, which comprises of societal influences and pressure. By adhering to social responsibilities, the company will experience an increase in profit and this will be a good example to the society thereby acting as a giving back to the society.
Conclusion
When the Riordan Manufacturing takes note of the above strategic plan and the already competitive strategies and advantages associated with its Manufacturing, there is much growth expected of the company. There is no single factor, which will hinder Riordan from becoming the leading worldwide plastic manufacturer in the industry. The strategic plan will have a contribution in making the organization successful in the years to come. The organization should now start projecting to the future. The paper, therefore, concludes that a viable strategic plan is vital for the success of any company. Looking ahead, Riordan must continue aligning strategic planning with operational improvements. An important step toward this is the Inventory System Modernization Proposal, which outlines how automation and integration can support Riordan’s global competitiveness.
References
Grunig, R., Clark, A., & Kuhn, R. (2010). Process-based Strategic Planning. New York: Springer Science & Business Media.
Riordan Manufacturing. (2009). Riordan Manufacturing.
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