Essay on Riordan Strategic Plan

736 Words May 11th, 2013 3 Pages
Riordan Strategic Plan

MGT/498
April 29, 2013

Riordan Strategic Plan
Strategic planning is the process of developing strategies for a business to achieve the greatest success possible with the best information currently available. The idea is to build a solid structure and plan of action to meet the objectives of the business. Additionally, a strategic plan focuses on the necessary guidelines the plan must have to ensure the organization meets set objectives. In connection, Riordan Manufacturing, Incorporated is a leader in the industry of manufacturing products by plastic injection molding.
Riordan is a leader in the industry because the organization pays strict attention to detail and quality control. Riordan also
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The location of the R&D department provides direct access to the customers’ needs, budgeting, and contracts. Riordan will need a strategic plan to remain innovative and a leader for its customers. To be a leader in the industry an organization must have demanding quality controls, up-to-date resolutions, a responsive business approach and practical pricing (University of Phoenix, 2013). A strategic plan will allow Riordan to set up a plan to achieve these goals seamlessly with minimal setbacks. A strategic plan will keep employees up-to-date company initiatives and provide employees with the necessary support to achieve long-term company goals. Environmental scanning is a large part of strategic planning. Environmental scanning requires an organization to monitor, evaluate, and disseminate information from the external and internal environments to key or high-level employees within the organization (Wheelen & Hunger, 2010). Environmental scanning will be the key to Riordan maintaining innovative solutions to customers concerns and desires. Riordan must remain one-step ahead of the market trends to remain a leader. Consumers expect Riordan to be the trendsetter instead of following market trends.
Companies always want to be the first to launch a new product, and the research and development department has to responsibility to provide the current information for its customers. Without a strategic plan, this would be

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