Many organizations in todays world try to find different ways to improve their working conditions and in turn, increase their productivity to yield high profits or returns. Companies use competitive advantages to enhance their market share and sales more than their competitors (Higher Learning Commission & North Central Association of Colleges and Schools (U.S.), (2008). This paper examines which strategies Riordan could use to improve innovation and sustainability of the business both in the United States and in the global market. Taking back to history, Riordan is a manufacturing company that deals in producing plastics globally.
Riordan Competitive Strategies and Sustainability effect
The company needs a strategic competitive plan that should be both beneficial to the company operations and provides an edge cutting competition. The ideal competitive approach the Riordan needs to include is maintaining the promotion of their brand to increase the sustainability in the market.
Riordan needs to be trend-setting in innovation; the most critical part of the company sustainability is the ability to lead and become the trendsetter. Riordan Company began by globalizing their products through international measurement; this prepares them for global market. It takes the advantage of the differences in national costs such as production capital, supply of labour energy and land. Another thing is the affordability of the products is essential to the long-run performance since Riordan do not price themselves out there in the market; affordability of the product increases the company sales. The other competitive advantage is the ability to have a state of the Art designs capabilities, the ability allow them to provide to save time and provide a high quality in products to their customers.
Why Riordan needs a strategic plan
Strategic plan enables the business to have a secure solidified future and to reduce the future pending risks such as corruption. In addition, it helps the company to predict future financial needs and structure it. It is essential for the Riordan to know about the company future and how to maintain competition. The company can share plans and expectations with the stakeholders to identify any flaws that may affect its future long-term performance and business sustainability. Strategic planning is essential in moving the business towards its success. It's important to note that Riordan has a mission statement but does not publicize in the company website; this should change because their goals and ambitions should be known to provide a goal and future projections. Strategic planning allows the company to budget for future
Riordan has the responsibilities to establish strategies, these include:
The role of ethics and social responsibility; as a strategy Riordan must consider employee and the community rights, through their social obligation, fairness, integrity and possible implications of their products. In social responsibility, Riordan has the duty to take part in philanthropic events or to give back to the community.
Measurement guidelines; it is important for the company to revisit and continue improving their product quality day by day.
Have a strategic plan of assessing and feedback controls: it is important for any business to embrace feedback (International Conference on the Learning Sciences, Fishman, O'Connor-Divelbiss, University of Michigan & National Science Foundation (U.S.), 2000). Riordan must embrace the latest development innovation to compete effectively with others.
International Conference on the Learning Sciences, Fishman, B. J., O'Connor-Divelbiss, S. F., University of Michigan., & National Science Foundation (U.S.). (2000). Proceedings of ICLS 2000: The University of Michigan, Ann Arbor, Michigan, USA, June 14th-17th, 2000. Mahwah, NJ: Lawrence Erlbaum Associates.
Higher Learning Commission., & North Central Association of Colleges and Schools (U.S.). (2008). A collection of papers on self-study and institutional improvement, 2008. Chicago, Illinois: The Higher Learning Commission.
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