Strategic Plan Paper

In: Business and Management

Submitted By humus303
Words 1858
Pages 8
Strategic Plan Paper
MGT/498

Strategic Plan Paper
Since its inception 1991 Riordan has been an industry leader in the injection mold industry. Dr. Riordan had a vision when he opened the first plant in Michigan, and his vision was growth, innovation, and to always meet his customers needs. His vision was the driving force for Riordan’s strategic plan in the 90s and early millennia just as it is today, but the scope of his vision has grown into new marketing arenas and will need refining if it is to keep Riordan growth rate and financial success at its current level (Riordan, 2013). With the expansion of Riordan into China as well as the retooling of existing plants for custom plastic injecting has changed the internal dynamic of Riordan and both internal and external strategies will need to be adjusted to maximize production and marketing potentials.
Riordan’s Strategic Plan
The Future Strategic Planning is a widespread development for shaping a business into what it will become and how to achieve the goals in a systematic way. Riordan manufacturing needs a strategic plan to become the top industry globally to manufacture plastic in injection molding. Strategic management process is strategies, decisions, and actions define by a company to determine the performance of the organization. The components Riordan needs to succeed in business are (Wheelen & Hunger 2010). The use of Environmental Scanning, Strategy Formulation, Strategy implementation, Evaluation, and Control. It includes gathering of information external and internal, developing extended range of plans, putting strategies into action, monitoring the performance, and monitoring the results. The process is set in place to meet the goals of the competitors for future development as new products is introduced through technology.
Riordan needs a Strategic Plan
(Virtual Organization Portal. 2013)…...

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