Riordan Manufacturing Strategic Plan

MGT/498
Riordan Manufacturing Strategic Plan Strategic managers have responsibility to both the employees and stakeholders of the organization. Engaging in strategic management decisions should include ethics and social responsibilities. The expectation of such responsibilities from stakeholders is to fulfill legal and ethical economic decisions. Satisfying the purpose of the strategic planning process for Riordan Manufacturing, the management team has taken into consideration the economic, legal, ethical and discretionary responsibilities. According to Wheelen and Hunger (2010), the ethical and discretionary responsibilities are also known as social responsibilities. Ethical …show more content…

72). This notion exists because the decisions and actions of a business or organization often are far reaching and affect many others beyond the boarders of the company’s facilities and operations. Management has a responsibility to balance that which is good for the business and for the surrounding communities and affected parties while formulating strategic plans. Experts in the fields of corporate ethics and social responsibility argue that profitability is not the only duty to be satisfied by a business. For example, William J. Byron believes that “profits are merely a means to an end, not an end in itself,” and Archie Carroll suggests that corporations “have four responsibilities: economic, legal, ethical, and discretionary” (Wheelen & Hunger, 2010, p. 72-73). Riordan is much more likely to experience success and provide greater returns to stakeholders if a well-rounded business approach is adopted, as opposed to a strictly profit-oriented method. An extensive internal and external environmental scan will help Riordan determine what ethical and social concerns to incorporate in the company’s strategic plan. For instance, considering present concerns with environmental pollution, including the over-use of plastics and the toxic air pollution created by manufacturing facilities, Riordan should take