Competitive Advantage

983 WordsSep 4, 20124 Pages
Competitive Advantage MGT/498 September 13, 2012 Competitive Advantage Riordan Manufacturing is a leader in the industry of plastic injection molding. Business strategies require assurance that the organization can anticipate business conditions for the future that will improve performance and profitability. Organizations should create a strategic framework for a noteworthy achievement. The framework entails formulating a mission that defines the business product of the organization. This paper will discuss competitive advantages Riordan has in common with Nike and T–mobile and what Riordan can use to improve innovation. Competitive strategies can have an effect on the long term organizational performance. Riordan will also…show more content…
Before an organization can begin can begin strategy formulation, it must scan the environment to identify possible opportunities and threats and its internal environment for strengths and weaknesses (Wheeler & Hunger, 2010). Global Market Affects on Riordan The global market is an important aspect of business. Globalization affords Riordan the opportunity of outsourcing work and finding potential clients throughout the world. The global market affects Riordan’s opportunities and threats. Globalization influences trade and investments as well as boost investment and market potential (Gillespie, Jeannet, & Hennessey, 2010). The global market also has the potential of possessing negative effects on Riordan’s business strategy. Because of the impact of globalization Riordan must compete with companies around the world for business. When entering the global market the company also faces a degree of uncertainty. The global market affects the amounts and types of competition that Riordan faces. Because of the opportunities and threats brought about by globalization Riordan must adjust the company’s business strategy and structures in an effort of establishing and maintaining a competitive advantage in the global market. By making the adjustments Riordan
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