Internal Dynamics for Riordan

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Companies may experience fluctuation or desired standards not being achieved. This provides the company with an opportunity to take corrective action and re-evaluate the strategic plan. Should Riordan’s strategic plan fluctuate or not achieve predetermined goals as according to plan, management would consider altering the specific strategy. Some of the changes to be considered are based on the feedback, but may include the competitive strategies, measurement guidelines, and internal dynamics. These areas provide opportunities for improvement but could also reflect similarities to the original plan with minor adjustments and still provide successful outcomes. Alterations of the strategic plan would be evaluation of:

Competitive Strategies - In the area of competitive strategies, we will limit the high-volume production methods and not add any new innovation.

Measurement Guidelines - In the area of measurement guidelines, we will eliminate the differentiation to sell specialty products to organizations for a higher price which leads to return on investment. Riordan will focus on maintaining the product line that already exists.

Internal Dynamics - In the area of internal dynamics, Riordan could not go forward with the new changes to the company culture and job placement process. Only a few minor adjustments are needed for this particular area. Job placement should be considered upon experience and the company culture should remain the same.

If Riordan fails to make these corrections prior to implementation of the new strategic plan, the company could be at risk of losing market share, not having the ability of expanding globally, jeopardizing the relationship with stakeholders, and lose of profitability.

Conclusion

Companies are respected and rated by their ethical and social responsibilities to the stakeholders and employees. These responsibilities are as important as the ROI. The purpose of business is to make a return on investment, and this factor is used to evaluate the performance of management and offers a market comparison to similar firms and industries. Key performance measures are essential for achieving the desired strategic outcome. A comprehensive plan that includes environmental scanning, strategy formulation, strategy implementation, evaluation processes and control processes will provide assurance of a well-developed strategic approach to business strategies and growth initiatives.

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References

Wheelen, T. L., & Hunger, J. D. (2010). Concepts in strategic management and business policy: Achieving sustainability (12th ed.). Prentice Hall.

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