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Riordan Manufacturing and Strategic Planning Essay

Assignment id 1001811
Discipline Other
Assignment type Essay
Words 2241
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Although Riordan Manufacturing includes a generic strategic leadership, a comprehensive strategic plan reevaluation and development must happen after the move to China. Environmental scanning, strategy formulation, strategy implementation, analysis, and control are fundamental to the introduction of a strategic plan (Wheelen & Hunger, 2010). Because, strategic planning is essential to the corporate plan and success of Riordan the board of supervisors' requesting Team B invent a comprehensive strategic plan for their own organization. Strategic Plan Reasoning A strategic plan will maximize Riordan's funds to achieve its business goals and maximize its value. For Riordan to have an effective strategic plan it's best for the company to perform a SWOT analysis. The first step is to identify Riordan's strengths. Riordan Manufacturing includes three operating entities situated in Georgia, Michigan and California, plus a joint venture in the People's Republic of China. This enables them to expand their reach into new markets in both domestic and foreign markets. Riordan has secured fifteen major customers, twelve minor customers, and a government contract for fans. Riordan Manufacturing has weaknesses within the corporation. It ought to consolidate customer information within all of its locations to be able to deliver better value to the client. Riordan needs to consolidate the close of the general ledger and the income statement and balance sheet in a more efficient and timely manner than is currently being conducted. Riordan has weaknesses in finding an inexpensive and labor friendly way in which to conduct audits. Riordan manufacturing has great potential for opportunity and growth. Riordan can reduce operating expenses, which will lead t.. .

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