Companies must develop a manufacturing strategy that plays up their strengths and pits them competitively in their market. Manufacturers that employ this strategy attempt to remain competitive by allowing for small-run batches and the ability to cheaply customize their products for clients to provide an advantage. Flexibility also allows manufacturers who employ this strategy to adapt to market changes more readily than competitors with other strategies. Lean Manufacturing Lean manufacturing strategies, also known as just-in-time manufacturing, aims to make the manufacturing process as efficient as possible by eliminating inventories and streamlining the manufacturing process to reduce wasted labor and materials.
Get Full Essay Get access to this section to get all help you need with your essay and educational issues. Over time, many organizations have used strategic management concepts developing them overtime and using them successfully.
As a team, we will center on explaining various aspects of strategic planning and the need for one and defining the ethical and discretionary responsibility which are known as social responsibilities for the company.
Environmental scanning observes, assesses, and distributes external and internal information to important personnel within the organization. These strategic factors will determine the future outcome of the organization.
The easiest way to analyze environmental scanning is by determining the strengths, weaknesses, opportunities, and threats known as SWOT.
Those variables outside the external environment of an organization consist of opportunities and threats while the inside variables consist of strengths and weaknesses in the internal environment. The strategy formulation is long range plans developed to manage the environmental outside variables effectively.
Included in the plans are the organization mission, objectives, strategies and policies. External factors to consider in helping with this plan would be political influences, legal factors, economic conditions, and geographic conditions.
With Riordan Manufacturing utilizing SWOT as a tool to help determine their strengths and weaknesses, this will be beneficial in meeting their company mission and objectives. Different programs are needed to accomplish the plan, and the cost of the program is also implemented in this process.
There must be a sequence of how the procedures will be implemented. In this process, the organization will experience changes in the management system and its structure.
Throughout the implementation phase, Riordan must concentration on information flow, control systems and risk management.
Management is a big part of the implementation phase because of its complex process. Why a Strategic Plan? 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 needs a strategic plan for their corporation to be globally on top in the industry of manufacturing plastic in injection molding using modern design to continue providing innovative plastic products to customers worldwide.
In order for Riordan to accomplish their strategic plans, they must focus on long-term performance and sustainability through economic hard times by remaining profitable.
Managing long-term successes for a corporation is more difficult than short term goals which can be more attainable and uncomplicated.
As the world markets continue to evolve constantly, companies must have plans in place to accommodate the changing environment.
Companies cannot maintain business activities as the usual status quo if they desire to be profitable. Managers should be ready to implement change that is consistent with Riordan mission and objectives.
Ethics is defined as a known moral standard of behavior by an individual or a group of individuals. Riordan can create a positive impact addressing cultural, economic, and social issues that are acceptable within the organization and that which is unacceptable behavior. They would need to consider the effects environmental pollution in using plastic and air pollution created by manufacturing facilities.
Riordan ethical and social role affects stakeholders, employees, customers and its local and international communities as a whole. If these partners are satisfied with Riordan ethical and social plans for the company, they will continue to have a successful business.
Competitive Advantages and Competitive Strategies Riordan does have several competitive advantages over the competition the first being that they provide a wide variety of products, the first being heart valves and stents for medical procedures.
Riordan is also a leading developer in fan cooling systems and the latest technology in plastics and polymers.Riordan Manufacturing Supply Chain Evaluation ISCOM/ Riordan Supply Chain Evaluation The management team at Riordan has completed a high-level strategic business initiative to improve its supply chain as a competitive advantage to ensure customer satisfaction.
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Riordan Manufacturing Strategic Plan University of Phoenix Strategic Management MGT/ Riordan Manufacturing Strategic Plan A world renowned plastics manufacturer employing nearly workers worldwide, Riordan Manufacturing Co. a leader in the industry of plastic injection molding, has more than $1 billion in revenue.
Production Plan for Riordan Manufacturing The intended principle of this study is to submit suggestions for a new process design and the supply chain at Riordan Manufacturing, Inc.
The reformation will utilize the theory of Lean Production in the application of the electric fans manufacturing.