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The classic 4-step approach to strategic planning
Benefits and limitations of strategic planning
The classic 4-step approach to strategic planning
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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, 2010). Because, strategic planning is integral to the corporate strategy and success of Riordan the board of directors' requesting Team B formulate a comprehensive strategic plan for their organization. Strategic Plan Reasoning A strategic plan will maximize Riordan’s resources to achieve its business objectives and maximize its value. For Riordan to have a successful strategic plan it is best for the company to perform a SWOT analysis. The first step is to identify Riordan’s strengths. Riordan Manufacturing has three operating entities located in Georgia, Michigan and California, plus a joint venture in the People's Republic of China. This allows for 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 company. It needs to consolidate customer information within all of its locations in order to deliver better value to the customer. 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... ... middle of paper ... ...uture. (2011). Retrieved from http://www.artofthefuture.com/SD.html Dummies. (2011). Retrieved from http://www.dummies.com/store/product/Strategic-Planning- Kit-For-Dummies-2nd-Edition.productCd-1118077776.html Forbes. (2011). Retrieved from http://Change Management vs. Change Leadership -- What's the Difference? Riordan Manufacturing. (2006). Riordan Manufacturing Game Plan [PowerPoint slides]. Retrieved from https://ecampus.phoenix.edu/secure/aapd/CIST/VOP/Business/Riordan/Ops/StrategicPlanning.asp. Small Business Chron. (2013). Social or Ethical Issues Companies Face in a Foreign Market. Retrieved from http://smallbusiness.chron.com/social-ethical-issues-companies-face-foreign-market-48721.html Wheelen, T. L., & Hunger, J. D. (2010). In Concepts in Strategic Management and Business Policy Achieving Sustainability, Twelfth Edition. Pearson Education.