Riordan Virtual Organization, Concepts in Strategic Management and Essay

Riordan Virtual Organization, Concepts in Strategic Management and Business Policy, and Competitive Advantages Paper - Essay Example The changing and advancing technology compels Riordan Company to adopt  new strategy and business policies. The corporation should adopt a good strategic plan to achieve its goals and long-term performance. The evaluation and adoption of production expertise is a result of technological advancement (Hill & Jones, 2012). The evolving world economic market calls for companies to transform and adapt to the new environment. Strategic planning is necessary in accomplishing new changes. It lays a framework for business success and objectives. Riordan Company should set its priority and values for the company to realize its mission and goals in the industry. It should improve interaction to bring unity and teamwork that is the root of success. In addition, the company should align duties and priorities that can help in decision-making (Lawrie et al., 2005). Strategic plan focuses on making proper decision for the future. To develop a successful business plan, Riordan should have a well-developed strategy for achieving them. It should focus on the formation, implementation, evaluation and control measures. When doing a strategy planning, an environmental scan is essential. Environmental scan concentrates on factors that affect the company performance externally. Riordan Company being a leading producer in plastic manufacturing is facing environmental pressure from other company in China, USA and the global world. Environmental scanning focuses on economic forces, technology drives, change in government policy and socio-cultural force (Hill & Jones, 2012). The company should train its workers to impart in them the necessary practice skills. The move will also ensure that the workers are competent and well motivated. Environmental scanning takes place in the societal surroundings and industrial atmosphere. To compete with the outside environment, Riordan should lower their prices to attract potential