Riordan Manufacturing Strategic Plan
University of Phoenix
Riordan Manufacturing Strategic Plan
A world renowned plastics manufacturer employing nearly 550 workers worldwide, Riordan Manufacturing Co. a leader in the industry of plastic injection molding, has more than $1 billion in revenue. With operations based in California, Michigan, Georgia, and China, review of current resources within Riordan’s business structure reveal numerous areas in need of redefining to improve operational efficiency company-wide. Implementation of this proposed strategic plan will address issues areas of improvement including • Ethical and social responsibility considerations
• Competitive advantages, strategies, improved innovation, and sustainability
in domestic and international markets
• Strategy effectiveness measurement guidelines to be used
• Internal dynamics, cultural, and structural leadership
• Business continuity
• Assessment, feedback, and alternative directions as needed
Since the founding of the company in 1991, Riordan manufacturing enjoys status as Fortune 1000 company and shares a number of competitive advantages with many other companies in various lines of business. Riordan shares the competitive advantages of direct selling along with customer, employee, and shareholder commitment with global Internet retailer Amazon.com and juvenile product and toy retailer Toys”R” Us. 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., Homes.com, and Federal Express have in their markets. Riordan is also known for their strength of quality in engineering on par with the Ford Motor Co.
Riordan was founded by Dr. Riordan, a professor in chemistry in 1991 (Apollo Group, Inc., 2008). 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 2000 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. Riordan’s strategic plan should serve as the framework for future decisions, it should inform, motivate, and involve their stakeholders. 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. Riordan’s strategic plan should address the finance and accounting department’s inability to obtain seamless data reporting within the three locations that cause delays in month end reporting (Apollo Group, Inc., 2008). 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., 2008). The Role of Ethical and Social Responsibility
Ethical and social responsibility will have an intricate role in Riordan strategic management plan. Ethics involves...