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STR 581 W1 Approaches to Global Strategy


STR 581 W1 Approaches to Global Strategy fin571

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STR 581 W1 Approaches to Global Strategy
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This 8 page Study Guide was uploaded by an elite notetaker on Wednesday November 11, 2015. The Study Guide belongs to fin571 at Kaplan University taught by in Fall 2015. Since its upload, it has received 157 views.

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Date Created: 11/11/15
Approaches to Global Strategy 1 Approaches to Global Strategy University of Phoenix International Strategic Planning and Implementation STR/GM581 Approaches to Global Strategy The purpose of this paper is to discuss the fundamental aspects of Riordan Management’s strategic management procedures in expanding the business globally. This document will  analyze the strategic management process and the steps associated.  “Riordan Manufacturing was founded in 1991 with prizes patent of the transformation of  the substrate plastic strong polymers with a basis of 550 employees and a $46 million projected  revenue, (University of Phoenix, 2009).” Riordan Manufacturing produces parts for cars,  aircrafts, and more. The company recently has suffered some strategic changes in the production  and marketing areas. Strategic Management Process A strategic management process consists of four elements: analysis, strategy  development, implementation strategy and evaluation strategy. Companies need to develop a  strategic plan for the management of these measures, if necessary, make changes, and  improvements, (Coulter, 2005). The analysis is the first step in the process of strategic management. The analysis  provides information required to create the company mission. This analysis can be performed in  different ways; these methods include monitoring and communication.  The strategy development strategy is necessary to help define the forces. These are  divided into operational and competitive strategy levels. These include short­term operational  strategies and business operations, human resources, finance, marketing and production  depending on a variety of sections.  The implementation strategy includes the development methods and procedures  necessary based on the priority of the issues.  The evaluation strategy aims to learn about strategy and how to fix any issues on the  previously established strategy. This step is in control of the performance measures and  procedures to be performed correctly and the need to determine what the deadlines, and the  results will be. Domestics and International Approaches In this case I have chosen to compare the Asian market with the Latin American one. Companies like this use the most effective use of historical data to predict the market cycle based on historical trends. First the company must collect data on sales prices and volumes of the industry in Asia, with this data the company will be able to predict the marketing potential of cars within the next years. The Asian market is very popular for their technological advances and popular brands imported to the United States. This country bases most of their sales on exportations across the world. Their product exportation adds up to 90% of their sales. Exports to Latin America do not exceed the 10 million dollars.         The Latin American market is very similar to the one in Asia, the difference can be found in the market size and buying trends. Brazil’s 18% of industrial production is attributed to the Asian industry. This has raised the country’s GDP to an outstanding 5.4. The industry has a big concern in the rising tax rates and wages for workers according to the appreciating currency; this can cause Brazilian products to be less competitive than other markets internationally. By year 2007 Brazil’s domestic sales added to a 2.46 million.  Brazil has skilled and specialized workers prepared in different areas of the industry to serve as­needed with relatively low labor cost comparing to other countries. This country has also has the largest number of assembly lines in the world. Role of Ethics and Responsibility “Production of plastics is influenced by many regulations worldwide, (Murner 2009).”  Riordan Manufacturing’s responsibility is to ensure full compliance with the law clean by  immediately respond to progress of infringements and monitor the victims of violations to  prevent future cases of violation of regulations of air and water. The responsible director should  review, update matters relating to the environment monitoring to ensure full compliance with the law and avoid public media attention and the negative impact future violations.  Business integrity is an open, honest and loyal commitment in relations with all its  customers ensures the maximum customer satisfaction of the goods and services of consumption. The employees who conduct Riordan Manufacturing standards are responsible for ensuring the  protection of integrity and responsibility of all documents. . Legal obligations and enforcement  of the market share of responsibility is responsible for the joint action on the basis of shared part  of the business.  Role of Strategic Management Process in Global Strategy Riordan needs to research on how the industry in the selected countries is moving and how productive would it be to expand to those countries. For example Japan provides services and manufacturers the finished goods. These companies conduct market research and analyze the evolution of competition. For example, if the competition is to develop a new product for Riordan in Brazil they study and develop a new product. Companies such in these countries commercialize their products by doing some research and sending their teams to compete others to compare features, and more.  The more a company knows its rival, the easier to make decisions and changes. Companies in this industry tend to compete more in terms of price and features than service.  The company’s success is based on their ability to predict the potential health of the automotive market and have a different perspective from other country’s point of view to compare sales. These companies use different strategies such as the development and the use of the qualities and the specific characteristics that fix their business aside from the other sectors within their industry. Its enterprise strategy defines its position in the market and it distinguishes the company from the competition. It determines the company’s identity of the market; it reflects the values of the base of the business, and leads what measures employees must take to maintain, and to support the competitive advantage. A viable enterprise strategy forces the result of a procedure of comprehensive decision­making.  Conclusion Strategic management process is an ongoing process. The results of performance assess  the impact of all levels in an organization. In addition, the company grows and changes, very  different strategies this is where the development of new strategies for change and strategies  come into play for the implementation of a continual improvement. For this process to be  effective, the company must complement it with a good market research. Market research will  give companies a competitive edge well­planned and regular feedback on their competitors, the  market research helps to predict the outcome before taking action, which will reduce the loss of  jobs and costs. Developing a business without a market research is not likely to succeed because  is not going to be prepared to compete with other companies in the market. Business market  research provides updates that may help identify the needs of consumers changing all the time.  References: rd Coulter, M (2005). Strategic Management in Action (3  ed.). Upper Saddle River, NJ: Pearson  Prentice Hall Mintzberg, H., Lampel, J., Quinn, J. B., & Ghoshal, S (2003). The strategy process: Concepts,  contexts, cases (4th ed.). NJ: Pearson­Prentice Hall. Murner, Christine (2009). Plastics, Electronics and the Environment: How New  Global Regulations Affect Materials Choices. Retrieved on September 1, 2010 from University of Phoenix.  Pearce, J. A., II, & Robinson, R. B., Jr (2009). Strategic management: Formulation,  implementation, and control (11th ed.). NY: McGraw­Hill. University of Phoenix (2009). “Riordan Manufacturing Virtual Organization” Retrieved from  STR/GM 581 Materials Page  Yip, G. S. (2003). Total global strategy II (2nd ed.). NJ: Prentice Hall.


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