Riordan Strategic Plan Team C MGT/498 November 20, 2013 Instructor Riordan Strategic Plan Strategic planning is necessary for a company’s growth and success. Businesses clearly must define company goals and conduct extensive research to get a grasp of industry trends, which allows them to take advantage of available business opportunities. They can achieve this by carefully analyzing a particular business industry, and an honest assessment of their company's strengths and weaknesses in meeting the needs of the industry. The strategic plan will allow Riordan Manufacturing to focus on a particular niche in the marketplace, which makes sales, advertising, and customer management more effective. The plan allows
Research competitors and industry trends to create new ideas and incentives. Compete with competitors – Price matching. With accurate information and efficient communication within the business will ensure business continuance despite possible problems. 4.0 Reports: Identify the types of reports you would be required to review regularly in order to monitor business performance, why is it important to create and use this report and who would the report be written for. 4.1: Performance Report: This report shows how well/poorly a business is doing based on a current revenue, and can identify performance areas that may need improvement.
Determine how best to use your company's strengths to overcome the strengths and overall performance of the competition you've found. How can you do even better? Possibly you'll have an offsetting strength that offers even more to customers. Start working on plans to develop your business into the dynamo you planned for it to become invest the time to double check your competitors for changes they've made. Examine the marketplace to make sure new competitors haven't found a way in without you knowing it.
Innovation and Change Chantelé Shaw QHT1 Task 3 Innovation and Change Student # 000258452 6/15/13 1|Page Innovation and Change The Concept of Innovation in Business Entrepreneurs use innovation as a tool to exploit change and take that opportunity to show a new business style or service. Innovation can be learned and practiced as it is a discipline. However there needs to be a sense of purpose when entrepreneurs are searching for their sources of innovation. Once the sources are found they will need to learn how to successfully apply those principles. Business opportunities are chances to do things better and differently.
A procedure can be build to help the managers and consultant at the customer interface achieve new insights into the customer’s requirements and favorites. Lastly, customer-focused strategy is to enter industry that has strong strategic relations to the core adjoining industries. This is a mainly tempting alternative when the core industry is moving toward its operating effectively, produce surplus cash for reinvestment and full capabilities. Therefore industries are most situated to this strategy because it creates relationship with the customers. The executive growth strategy- The three customer-focused growth strategies explains the need supporting infrastructure to raise the chance of victorious implementation.
Organizational change processes are theories that can be applied in the business world. Carefully planned businesses changes are helpful because the theories have been carefully prepared and researched. Business owners should consider business trends to stay competitive in today’s economy. The staff mayt need to learn new skills or modify job duties. Because management and boards oversee businesses, they should carefully examine the impact of any change on the business.
ORGANIZATIONAL IMPACT Innovation is important and significant to an organization. A lot of today’s organizations in order to be in competition have to come up with new strategies to stay a step ahead of each other. The people of these organizations have to brainstorm new ideas to have customers come back to their business. What really makes customers come back to a certain business? Could it be the company’s service?
Role of Technology Paper Anthony Bando University of Phoenix BIS/318 Damien Edwards October 24, 2011 In today's business society, technology including hardware and software, is a critical role of all major businesses and corporations. Technology is essential in this current place in time to compete in the retail business. Technology can make the lives of a company easier as well as consumers who are willing to use it and save time and sometimes money. Technology can be in many different forms within an organization. Certain technologies enable customers and employees to communicate needs faster.
Article Review MGT/426 Article Review Learning Organizations are essential in helping a business operate efficiently. When an organization learns collectively they acquire knowledge and innovate faster, which will help them survive and thrive in a rapidly changing environment. When companies establish a learning organization, it creates a culture that supports and encourages employee learning, risk taking with new ideas and critical thinking. Organizations that promote learning allow employees to make mistakes and learning from your mistakes is part of the learning process. Learn from the experience, experiment and come up with the best solution.
Diversity Training Dianne Moser Rasmussen College Author Note This outline is being submitted on February 19, 2012 for Dr. Jennifer (Jenn) Strauss’s Work and Family – G425/SYO4180, Section 05course at Rasmussen College by Dianne Moser Introduction As the United States becomes more diverse, it is important for businesses to mirror that diversity in their workforce. A diverse workforce has proven to be more creative and innovative. It keeps companies competitive in a global business community. Discussion Diversity training has become a necessity in businesses today. Because of people’s differences in the work force such as race, gender, culture, age, and disabilities, it is important that employers provide effective diversity training for their employees in order to educate them to develop organized communication patterns regarding business goals, policies and procedures as well as increase an employee’s awareness,