Riordan Manufacturing is one of the leading plastic products manufacturing company in a global plastic industry business. The main products that are manufactured by Riordan include appliance manufacturers, automotive parts, defense development, beverage makers, health care and aircraft manufacturers. Riordan is considered as the leading producers of plastic products and serving a wide range of industries. Although the company is in a sustainable situation but the ever changing competitive business world has forced almost all companies and industries to revolutionize and develop their management strategies that would cope with the current economical demands and trends.
To capture the global market, an organization needs a comprehensive strategic management plan that should be followed successively to ensure the conformity with global business rules and requirements (Kiechel, 2010). Strategic management of a company is a process by which a company can successfully exploit minimum amount of resources available to maximize the profits and enjoy the greater market shares (Dess, 2009). Ideally, the strategic management includes the knowledge of competitors, analysis of strengths and weaknesses of a company and meeting all the goals and objectives of the company.
The SWOT analysis will allow the company to design the strategic management plan. Riordan Manufacturing Company needs the strategic management plan to motivate the employees and management at every level along with formulating strategies that would allow maximum profits (Dess, et. al., 2009). The strategic management plan for Riordan Manufacturing should have the following components: 1) Development of mission statement along with formulation of measurable and time specified objectives of the company. 2) SWOT analysis is the second step in this plan to evaluate the internal strengths of the company.
Analyzing the external threats like industry, social, political, regulatory, technological and macro-economic threats along with internal threats including marketing, financial etc. Based on this analysis, the company would be in a better position to capitalize on best possible opportunities available in the market 3) The factors that might affect the strategy itself are also acknowledged. It includes regulatory forces, society forces, company’s culture and personal managerial ambitions. 4) The most important part of the strategic plan is the implementation of the strategy. This includes the implementation in an organization by changing its environment with the help of budgeting, marketing, feasible work environment, reward structure and information systems.
5) Lastly, observation of the outcomes and adjusting the process in terms of mission, objectives, processes and goals. Ethical and social responsibility in the strategic management plan for Riordan Manufacturing is considered important from the view point of investors, creditors and stakeholders. If a company fails in considering these facts in the strategic management plan, it would soon lose its worth in the public eyes. The stakeholders not only involve the investors and shareholders but it also includes the people living in the environment that might or might not be affected by the business processes of the company.
The business ethics are an important part of this plan to conduct the business and act responsible for the stakeholders. The management of the company is responsible to contribute towards charity and social causes to develop trust among the people. It is also the responsibility of a company to offer job opportunities to permanently unemployed people. Last but not the least, accuracy of the financial statements of the firm is also a social and ethical responsibility of the company.
References: Dess, G. (2009) Strategic Management. 4th Edition. Non Basic Stock line. Dess, G., Lumpkin, G.T. and Eisner, A. (2009) Strategic Management: Creating Competitive Advantage. New Jersey: McGraw-Hill/Irwin. Kiechel, W. (2010) The Lords of Strategy: The secret intellectual history of the new corporate world. Harvard Business School Press.