Competitive Strategies of Riordan
The decision to begin, enter, or continue with a business venture has a specific amount of risk associated with the undertaking and once begun specific goals and objectives need outlining and measurement devises put in place to confirm the future success of the entity. In a simple form, a strategic plan determines where an organization is going during the year to two years, how it will get there, and if it can reach the objective desired. There is a variety of approaches in a strategic plan but what need the most consideration is the leadership in an organization, organizational culture, and the organizational environment. One manner of ensuring the ...view middle of the document...
Employees as well as managers can track themselves to determine if they are exceeding, or under exceeding the responsibilities given to him or her. It is not encouraged that the self-tracking method by employees be the main source of data, but it is available as a resource. Once the identification of how the organization is doing internally the lessons learned and the adjustments of the internal components made to reach a higher level of success. Riordan is a tool that can make this a seamless process for a company organization.
A strategic plan for a company such as Riordan is not sitting down and consistently writing out rules and regulations at one time. As time progresses managers make strategic plans that consistently watch the measurements that employees have set for them and make accommodations for the company to run smoother. No matter the size of a company, it should also prepare a strategic plan as it will help the results of the company and provide guidelines for employees as well as management (Olson, 2012).
Ethics and Social Responsibility in Riordan’s Strategic Management Plan
Ethical and social responsibility needs consideration when setting responsibilities for employees and management team. Because locations are set up globally, a global consideration will need to take place. Regulations and laws are different for states and countries and therefore need deliberation to make sure no violation of laws occurs.
In developing a strategic plan, there are various methods to consider as most effective, the understanding of the competitive strategies, sustainability and organized performance, and global markets all bear attention. The leadership of any organization can identify initiatives or departmental objectives that can assist in the development of the strategic plan. In the corporate strategies that Wal-Mart and Starbucks have comprised, the unintended consequences and the possibility of an existing need for improvement throughout the development of the plan, has been obviously a part of the plan. In possessing an effective strategic plan, both organizations consistently limit the occurrence of an unintended consequence. The focus has been a strategy that involves the proper resource allocation, employee training and development, asset accountability, and a high consumer demand for products. Starbucks, for example, has a mindset that a proprietary approach to coffee, brewing in-store, an online community for loyal consumers and expanding retail relationships globally enhances their ability to be effective. There are other companies with good business practices but putting a good strategic plan in place ensures them a successful direction for the achievement of all goals.
Competitive Advantages and Strategies of Riordan
Horizontal growth with companies, such as Starbucks, Wal-Mart, Sears, and even Riordan strives to hit multiple markets in the United States and even globally. Horizontal growth develops when a company...