Week 5 Team Presentation

Strategic Plan  Develop Strategic Plan ○ Environmental Scan ○ Strategy Formulation ○ Strategy Implementation ○ Evaluation and Control

Environmental Scan Environment Scan Internal Analysis StrengthWeakness External Analysis OpportunitiesThreats

Strengths – Patents – Strong band names – Good reputation among customers Weaknesses - A Weak brand name - A lack of access to key distribution channels - High cost structure Internal Analysis

Opportunities – Arrival of new technology – Loosening of regulations – A unfulfilled customer need Threats – New regulations – Increased trade barriers – Emergence of substitute products External Analysis

Competitive Advantages Innovative Trend Setting – Building Sustainability State of the art Capabilities – Efficient & Effective Creative Marketing Strategies – Building for the best and worst economic times

Strategic Plan  Riordan Manufacturing

Identify Employee Rights Identify Community Rights Identify Social Obligations Social Responsibilities

Fairness Integrity Potential Implications Ethical Responsibilities

Innovative Trend Setting State-of-the-Art Design Constant Assessment of Goals Competitive Advantages

Improve Human Life Improve the Environment Develop Fair Procedures Commitment to Planet Earth Competitive Strategies

Economic Legal Ethical Discretionary Ethical and Social Responsibilities

Paperless Mandatory Recycling Water Conservation Energy Conservation Procedures

Future Goals Total Quality Growth Development Budget Planning Improvements Review Leadership Products Services Technology Pricing The Importance of Strategic Planning

Commitment Communication Creditability The mentioned topics are critical to the success of the organization through the application of a strategic plan. Effectiveness

Create a Mission Statement Establish a timeline 3-5 years Create an annual objective Implement the Plan Conduct regular reviews Suggested Outline

It forces the organization to review The plan provides a future goal/goals Provides awareness internal and external Gives direction Focuses on the mission and objectives Why a Strategic Plan

Internal Dynamics – Tangible Goals – Innovative Practices – Internal Influence Senior Leaders Environmental Scan Workforce Culture – Assessing cultural matches Internal Dynamics

External Dynamics – Sustainability – Threats – External Influence Competition Market Sustainability External Dynamics

New Technology Telecommunications Communication Loyal Employees – Employee Relations – Create Career Day – Compensation Package Assessment and Feedback Controls

1. Provides the capability to quantify measures of performance. 2. Quantifies the gap between your organization and best practices. 3. Encourages new ideas, innovation and creative thinking. 4. Provides a foundation for strategic planning and operations improvement. 5. Maximizes the fact that physicians are researchers and generally accept an objective data driven process. 6. Provides an objective basis for discussing operations improvement. 7. Identifies specific improvement opportunities Benchmark

Justification of Decisions  What decisions? Why?

Conclusion  Environmental Scan Identified organizational needs Identified competitive advantages Developed strategic plan

References  Bono, E. d., & Heller, R. (2006). Thinking managers. Retrieved -, from  Ekarius, C. (2010). Up your sustainability. Retrieved -, from  Gyermeh, D. (2009). How TQM can benefit your business. Retrieved -, from  Mallinger, M. (2001). Personality traits and workplace culture. Retrieved -, from  Wheelen, T. & Hunger, J. (2008). Concepts in strategic management and business policy, eleventh edition.[University of Phoenix Custom Edition e- text]. Upper Saddle River, NJ: Pearson Education. Retrieved February 2, 2011, from University of Phoenix, rEsource, MGT498 – Strategic Management Course Web site.