WEEK 5 Riordan Manufacturing Strategic Plan

Topics: Strategic management, Strategic planning, Management Pages: 10 (2634 words) Published: April 22, 2015
Riordan Manufacturing Strategic Plan
MGT/498
Riordan Manufacturing Strategic Plan
Strategic managers have responsibility to both the employees and stakeholders of the organization. Engaging in strategic management decisions should include ethics and social responsibilities. The expectation of such responsibilities from stakeholders is to fulfill legal and ethical economic decisions. Satisfying the purpose of the strategic planning process for Riordan Manufacturing, the management team has taken into consideration the economic, legal, ethical and discretionary responsibilities. According to Wheelen and Hunger (2010), the ethical and discretionary responsibilities are also known as social responsibilities. Ethical responsibilities require decision-makers to follow expected behaviors of society and the community. Riordan may take substantial risk by upsetting customers by failing to meet existing ethical values. Understanding the existing ethical values and standards of Riordan, the management team will assist senior leaders in planning and committing to social responsibilities. Why a Strategic Plan?

A strategic management plan will focus Riordan’s objectives, goals, and efforts on long-term performance and sustainability. Managing short-term goals and successes is relatively uncomplicated and easily attainable, yet longevity is much more difficult to accomplish. Strategic management lays the framework for lasting success. Corporations can no longer sustain profitable business activities by simply maintaining a business as usual or status quo strategy. As the world and economic markets continue to evolve, companies must also transform to accommodate an ever-changing environment. During such transformations, managers should be careful to implement change that is consistent with the company’s core mission and objectives. Strategic planning assists in effectively accomplishing these changes and provides business owners and managers the opportunity to induce innovative thinking to preserve competitive advantages. Riordan, like other companies, needs a strategic plan. The plastic injection molding company uses modern design capabilities to provide innovative plastic products to national and international customers. Riordan advertises that “attention to detail, extreme precision and enthusiastic quality controls are the hallmarks of Riordan Manufacturing” (Apollo Group, Inc., 2004, Internet). By setting such high standards in a lucrative and competitive industry, it is imperative to Riordan’s success that they implement a strategic plan to manage long-term profitability and sustained growth. Ethical and Social Responsibility

To understand the role that ethical and social responsibility considerations occupy in the development of Riordan’s strategic organizational planning, one must first recognize what these concepts mean. According to Merriam-Webster (2011), ethics is “the discipline dealing with what is good and bad and with moral duty and obligation” (para. 1). Outside of this general definition that ethics are standards for morality, researchers and philosophers have actively sought for many years for a comprehensive and all-encompassing explanation of what is and is not ethical. Many factors contribute to the meaning of ethics and corresponding behaviors, including but not limited to culture, religion, societal influences and pressures, and various stages of moral development. Though social responsibility works hand in hand with ethics, it does possess unique implications. Wheelen and Hunger (2010) describe that “the concept of social responsibility proposes that a private corporation has responsibilities to society that extend beyond making a profit” (p. 72). This notion exists because the decisions and actions of a business or organization often are far reaching and affect many others beyond the boarders of the company’s facilities and operations. Management has a responsibility to balance that which is good for the...

References: Apollo Group, Inc. (2004). Virtual Organization: Riordan Manufacturing. Retrieved from Apollo Group, Inc., Simulation, MGT498 - Strategic Management website.
Merriam-Webster, Incorporated (2011). Ethic. Retrieved from http://www.merriam-webster.com/dictionary/ethics.
Wheelen, T. L., & Hunger, J. D. (2010). Concepts in strategic management and business policy: Achieving sustainability (12th ed.). Prentice Hall.
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