Get Full Essay Get access to this section to get all help you need with your essay and educational issues. Over time, many organizations have used strategic management concepts developing them overtime and using them successfully.
Riordan shares the competitive advantages of direct selling along with customer, employee, and shareholder commitment with global Internet retailer Amazon. Riordan provides revenue and profitability growth as they provide products at the lowest cost along with a commitment to the communities Riordan serves.
Riordan also shares the advantage of strong brand recognition in their industry just as Nike, Ford Motor Co. Riordan is also known for their strength of quality in engineering on par with the Ford Motor Co.
Strategic Plan Riordan was founded by Dr. Riordan, a professor in chemistry in Apollo Group, Inc. Over the years Riordan has expanded the business from development, to manufacturing and, to production.
Riordan was able to accomplish this expansion by acquiring a manufacturing plant in Pontiac, Michigan, and an additional plant for production in Albany, Georgia. In Riordan took their operation global and opened a manufacturing plant in China. Riordan has been able to manage three locations successfully to date.
However, Riordan recognizes the need to develop a strategic plan to increase profitability by establishing new accounting and marketing systems. A strategic plan must be realistic and attainable.
The strategic plan should include benchmarking and performance monitoring. The plan should stimulate change and become the building block to future plans within Riordan Manufacturing. The ability to provide timely month end reporting to the board of directors is essential to recognizing potential financial threats and trends in the business.
In addition the strategic plan should address the antiquated marketing system. Riordan has achieved several accolades over the years.
However, most of this data is filed away and not easily accessible to the marketing department. The development of a marketing information system will give research and development the ability to use historical data for tracking units, volumes, and products sold for developing new marketing strategies Apollo Group, Inc.
The Role of Ethical and Social Responsibility Ethical and social responsibility will have an intricate role in Riordan strategic management plan. Ethics involves knowing right from wrong and simply doing the right thing.
Riordan must ensure they are reporting true and accurate financial records to all stakeholders. Today Riordan uses three separate accounting systems to compile financial data. This data is often re-entered by the headquarters office in San Jose. The Sarbanes-Oxley Act of mandated a number of reforms to enhance corporate responsibility, enhance financial disclosures and combat corporate and accounting fraud.
Riordan has a social responsibility to ensure the manufacturing plants are producing quality materials. Riordan must ensure they establish an effective quality control program consisting of design reviews, engineering analysis, adequate recordkeeping of raw materials and finished goods, inspection of incoming materials, testing during the manufacturing process and finished part inspections.
These records should be of sufficient detail to document the steps that were performed in manufacturing the product. Such records should include results of design reviews; supplier information, product testing and inspection; equipment calibrations; and product tracing information AM Trust North America,p.
The records will assist in timely detection of safety hazards and trends within Riordan Manufacturing. The company manufactures its products on two different continents, so it can reach an international market and reduce some costs by manufacturing in a more underdeveloped country, China.
Riordan has several weaknesses. The first is their costs of goods are directly related to the rising cost of oil.
|Riordan Manufacturing Strategic Plan - Your Personal Essay Writing Service||Get Full Essay Get access to this section to get all help you need with your essay and educational issues. The attributed discussed center upon the importance of a Quality Management Program, long-term relationships, innovative employees and sustaining future growth.|
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This has resulted in higher labor costs, costly monthly auditing, slow reaction time to financial dilemmas, compliance to government regulation strains, and high inventory costs Apollo Group, Inc.Riordan Strategic Plan MGT/ April 29, Riordan Strategic Plan Strategic planning is the process of developing strategies for a business to achieve the greatest success possible with the best information currently available.
Rirodan Strategic Plan Essay Sample. According to (Wheelen & Hunger, ) “Strategic management is a set of managerial decisions and actions that determines the long-run performance of the corporation.”.
Riordan needs to continue to see company growth through product innovation, financial and human capital in order to remain competitive. Role of Ethical and Social Responsibility Social and ethical responsibilities play an important factor in Riordan’s strategic management plan.
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Riordan Manufacturing Strategic Plan Development Essay Sample “Riordan Manufacturing is a global plastics manufacturer employing people with projected annual earnings of $46 million. Essay on Riordan Strategic Plan. Riordan Strategic Plan MGT/ April 29, Riordan Strategic Plan Strategic planning is the process of developing strategies for a business to achieve the greatest success possible with the .