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MGT 498 Week 5 Learning Team Assignment Strategic Plan Paper

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Riordan Strategic Plan 1
Riordan Strategic Plan
MGT/498
University of Phoenix

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Riordan Strategic Plan 2
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 creates innovative designs with extreme precision to meet a
vast array of customer needs (University of Phoenix, 2004). The strategic plan for Riordan
Manufacturing, Incorporated will take the company from its current state to where the business
needs to be. Furthermore, the strategic plan will guide the company and create step-by-step
instructions to ensure the organization meets set goals, which will help the organizations visions
become a reality.
Need for a Strategic Plan
Strategic planning is particularly effective at identifying new opportunities for growth
and in ensuring every manager has the same goals (Wheelen & Hunger, 2010). As previously
mentioned, Riordan is the leader in global plastics manufacturing with its major customers
coming from the automotive, aircraft, Department of Defense, beverage bottling, and appliance
fields. With a vast array of clients who are always searching for the newest and most innovative
products to launch into the market, clients rely on Riordan to supply the best. With the high
expectations that come from the customers it is imperative Riordan remains vigilant in

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Riordan Strategic Plan 3
remaining the leader in identifying industry trends. To accomplish this goal, Riordan must have
a strong research and development (R&D) department within the company.
The R&D department resides in the corporate headquarters in San Jose, California. 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, 2004).
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 trend setter 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 very chaotic and disorderly, causing Riordan
to fall from the position of industry leader. As a part of Riordan’s strategic planning initiative,
the company uses scorecards to document progress, goals, and document results to ensure the
plan is in line with the goals of the strategic plan. Regardless of the goal and research, Riordan

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