If the strategy of Riordan does not go according to plan, at what point would you consider altering the strategic plan you have suggested? Explain and justify all of the decisions you have made for your strategic plan, using research and understanding learned from the reading material. Format your paper consistent with APA guidelines.
The process begins with statement of company vision and objectives and a SWOT analysis of the current company strengths, weaknesses, available opportunities and possible threats.
From this basis, management develops, implements and monitors a strategy. Three common areas of focus in a strategic plan are vision planning, scenario planning and issues planning. Strategic Plans and SWOT Analysis Strategic plans may look similar because they regularly start with development of a company vision or mission and stated objectives.
The company vision and objectives describe what a company will strive to resemble and under what guiding principles it will operate. From these principles, a company analyzes what it does right and what internal challenges it faces in seeking growth.
A SWOT analysis could uncover weakness in business policy or processes or the strength of the company marketing objectives. The opportunities and threats are the external factors Examples are a promising new product or negative forces such as foreign competitors that stand in the way of reaching for overseas markets.
A company forges goals and a plan of action based on the initial mission statements and a recognition of internal and external factors. Vision Planning Vision planning is the basic template for a strategic plan.
A vision plan is more broad-based and can be implemented by companies new to the strategic planning process. Vision planning closely mirrors a standard business goal-setting process: A company creates a vision statement, sets overall objectives, performs a strategic assessments such as a SWOT analysis, lists stated goals, implements a plan to reach the goals and then regularly monitors the goals long the way.
The vision planning process yields to a longer term focus, aligning goals and specific planning to time frames that are often years into the future. Scenario Planning Scenario planning relies heavily on a SWOT analysis to determine opportunities and threats and develops strategic plans based on the most probable occurrences.
For example, if a company has a strategic vision to develop products to market internationally, a stated objective would be to develop plans for entering a specific overseas market.
After a SWOT analysis, the company chooses a specific country but finds that several competitors with similar products have entered that market recently. The company then develops plans to challenge the competitors, researching aggressive marketing efforts in order to introduce a new product that could challenge competitors successfully.
In scenario planning, the vision and objectives narrow in focus to address the most pressing threats or the most promising opportunities. Issues Planning Issues planning focuses even more narrowly, addressing one specific challenge an organization faces.
Issues planning still utilizes a strategic analysis, but the resulting plan often focuses on internal strengths and weaknesses as opposed to external opportunities or threats.
An example would be a smaller organization that is facing the departure of a member of senior management. The organization needs to determine how this departure will affect future direction and develop a plan for either maintaining the current course or setting a new vision statement and objectives.Riordan Manufacturing: Strategic Business Plan Outline MGT/ November 1, Al Funderburk Riordan Manufacturing: Strategic Business Plan Outline Endless possibilities.
Buy or sell anything downloadable. Week 3 LT Strategic Business Plan Outline in Business (Education) by neel. - Although Riordan Manufacturing has a generic strategic direction, a comprehensive strategic plan reevaluation and development must occur after the move to China.
Environmental scanning, strategy formulation, strategy implementation, evaluation, and control are fundamental to the creation of a strategic plan (Wheelen & Hunger, ). Strategic Plan Analysis Michelle Ballard University of Phoenix MGT/ George images from the Internet, or other sources.
I further agree that my name typed on the line below is intended to have, and shall have, the same validity as my handwritten signature. ). Influence Business Continuity Riordan Manufacturing Incorporated leads.
Riordan Manufacturing Strategic 2 This paper was structured by Team A and based on the strategic plan of Riordan Manufacturing. Team A completed an environmental scan, strategy formulation, strategy implementation and .
Jun 29, · Vision planning is the basic template for a strategic plan. A vision plan is more broad-based and can be implemented by companies new to the strategic planning process. Read this essay on Production Plan for Riordan Manufacturing. Come browse our large digital warehouse of free sample essays. Riordan Manufacturing Strategic Plan MGT/ Riordan Manufacturing Strategic Plan Strategic managers have responsibility to both the employees and stakeholders of the organization. The various business . 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 Manufacturing and Strategic Planning - Although Riordan Manufacturing has a generic strategic direction, a comprehensive strategic plan reevaluation and development must occur after the move to . May 15, · Resources: Riordan Virtual Organization, Concepts in Strategic Management and Business Policy, and Competitive Advantages Paper Scenario: The board of directors for Riordan Manufacturing has asked your team to create a strategic plan for the organization.