Competitive Strategies of Riordan
Competitive Strategies of Riordan
The decision to begin, enter, or continue with a business venture has a specific amount of risk associated with the undertaking and once begun specific goals and objectives need outlining and measurement devises put in place to confirm the future success of the entity. In a simple form, a strategic plan determines where an organization is going during the year to two years, how it will get there, and if it can reach the objective desired. There is a variety of approaches in a strategic plan but what need the most consideration is the leadership in an organization, organizational culture, and the organizational environment. One manner of ensuring the continuity and attainment of a company is by way of a comprehensive strategic plan in which a business “lays out its future direction, performance targets, and strategy” (Gamble, Strickland III, & Thompson, Jr., p 30, 2006). When crafting a strategic plan the roles of ethical and social responsibility, competitive advantages, sustainability in foreign and domestic markets, measurement guidelines, internal dynamics, cultural and structural leadership concerns, and assessment and feedback controls need consideration to move the company in a direction that promotes longevity of the business. Riordan, a manufacturer and supplier of high-grade plastic products will incorporate each of the individual requirements outlined as well as employing the specific strategies and tactics essential to remain competitive and successful in an ever-shrinking market.
Why Riordan Needs a Strategic Plan
Riordan, like other companies, needs to have a specific strategic plan laid out for every employee as well as stockholders to see. It sets a guideline for managers and employees to obtain to make a goal set for a company. Measurements come from the strategic plan to determine the area of responsibility of each individual in the company. Employees as well as managers can track
The decision to begin, enter, or continue with a business venture has a specific amount of risk associated with the undertaking and once begun specific goals and objectives need outlining and measurement devises put in place to confirm the future success of the entity. In a simple form, a strategic plan determines where an organization is going during the year to two years, how it will get there, and if it can reach the objective desired. There is a variety of approaches in a strategic plan but what need the most consideration is the leadership in an organization, organizational culture, and the organizational environment. One manner of ensuring the continuity and attainment of a company is by way of a comprehensive strategic plan in which a business “lays out its future direction, performance targets, and strategy” (Gamble, Strickland III, & Thompson, Jr., p 30, 2006). When crafting a strategic plan the roles of ethical and social responsibility, competitive advantages, sustainability in foreign and domestic markets, measurement guidelines, internal dynamics, cultural and structural leadership concerns, and assessment and feedback controls need consideration to move the company in a direction that promotes longevity of the business. Riordan, a manufacturer and supplier of high-grade plastic products will incorporate each of the individual requirements outlined as well as employing the specific strategies and tactics essential to remain competitive and successful in an ever-shrinking market.
Why Riordan Needs a Strategic Plan
Riordan, like other companies, needs to have a specific strategic plan laid out for every employee as well as stockholders to see. It sets a guideline for managers and employees to obtain to make a goal set for a company. Measurements come from the strategic plan to determine the area of responsibility of each individual in the company. Employees as well as managers can track
References: Investing Answers, Inc. (2012). Merger. Retrieved from http://www.investinganswers.com/financial-dictionary/businesses-corporations/merger-1821 Olsen, E. (2012). Does every company need a strategic plan? Retrieved from http://www.dummies.com/how-to/content/does-every-company-need-a-strategic-plan.html Pearce II, J. A., & Robinson Jr., R. B., p 202, (2009). Strategic Management Formulation, Implementation, and Control (11th ed.). New York, NY: McGraw-Hill/Irwin. Wheelen, T. L., & Hunger , D. J. (2010). Concepts in Strategic Management and Business Policy Acheiving Sustainabliity Gamble, J. E., Strickland III, A. J., & Thompson, Jr., A. A., p 30 (2006). Strategy Winning in the Marketplace Core Concepts, Analytical Tools, Cases (2nd ed.)