Strategic Plan Paper
August 25, 2014
Strategic Plan Paper
According to (Wheelen & Hunger, 2010) "Strategic management is a set of managerial decisions and actions that determines the long-run performance of the corporation." The basic components of the strategic management process are environmental scanning, strategy implementation, strategy formulation, and evaluation and control. Over time, many organizations have used strategic management concepts developing them overtime and using them successfully. As a team, we will center on explaining various aspects of strategic planning and the need for one and defining the ethical and discretionary responsibility which are known as social responsibilities for the company. Environmental scanning observes, assesses, and distributes external and internal information to important personnel within the organization. These strategic factors will determine the future outcome of the organization. The easiest way to analyze environmental scanning is by determining the strengths, weaknesses, opportunities, and threats known as (SWOT). Those variables outside the external environment of an organization consist of opportunities and threats while the inside variables consist of strengths and weaknesses in the internal environment. The strategy formulation is long range plans developed to manage the environmental outside variables effectively. Included in the plans are the organization mission, objectives, strategies and policies. Riordan Manufacturing internal factors include their organizational structure, employee’s demographics, interactions between managers and employees, access to natural resources to assist in implementing a strategic plan for the organization. External factors to consider in helping with this plan would be political influences, legal factors, economic conditions, and geographic conditions. With Riordan Manufacturing utilizing SWOT as a tool to help determine their strengths and weaknesses, this will be beneficial in meeting their company mission and objectives. In the strategy implementation phase middle to low level managers are responsible for putting the process into action. Different programs are needed to accomplish the plan, and the cost of the program is also implemented in this process. There must be a sequence of how the procedures will be implemented. In this process, the organization will experience changes in the management system and its structure. Riordan strategy plan must focus on aligning the four company's plants that include their Human Resources, Finance and Accounting Divisions, Sales and Marketing, Research and Development and Operations. Throughout the implementation phase, Riordan must concentration on information flow, control systems and risk management. Management is a big part of the implementation phase because of its complex process. Why a Strategic Plan?
A strategic management plan will keep Riordan Manufacturing vision, goals and objectives at the forefront while remaining competitive in the ever changing market of the plastic industry, and maintaining the company values. Riordan needs a strategic plan for their corporation to be globally on top in the industry of manufacturing plastic in injection molding using modern design to continue providing innovative plastic products to customers worldwide. In order for Riordan to accomplish their strategic plans, they must focus on long-term performance and sustainability through economic hard times by remaining profitable. Managing long-term successes for a corporation is more difficult than short term goals which can be more attainable and uncomplicated. As the world markets continue to evolve constantly, companies must have plans in place to accommodate the changing environment. Companies cannot maintain business activities as the usual status quo if they desire to be profitable. Managers should be ready to implement change that is consistent with...
References: Apollo Group, Inc. (2013). Riordan manufacturing intranet. Retrieved from https://ecampus.phoenix.edu/secure/aapd/CIST/VOP/Business/Riordan/index.asp
Wheelan, T., & Hunger, D. J. (2010). Introduction to Strategic Management and Business Policy (12th ed.). Retrieved from The University of Phoenix eBook Collection database.
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