University of Phoenix
Professor , Instructor
Decide which competitive advantages Riordan has in common with the companies researched last week, and estimate which competitive strategies Riordan could use to improve innovation and sustainability of business operations both in the United States and in the global market. Last week our group researched and discussed two companies that have many competitive advantages in common with Riordan Manufacturing. After discussing, we decided that the commonalities could all be related to one of three main advantages. Theses advantages are: 1. Being an industry leader – Riordan is an industry …show more content…
Having each of these areas running efficiently increases innovation and will promote sustainability for any company. Increasing the efficiency of production, logistics, and customer service can improve innovation and business sustainability without decreasing quality in several ways. Improving the production processes can decrease the cost of production by reducing waste of both materials and time. Improvement in logistics can save the company money on material stored, improve the speed in which materials are received, put away, picked, and shipped. Making the logistics process more efficient gets the product to the customer correct and on time, reducing their need to contact customer service. Customer service is an area every company needs to evaluate and improve in order to make it more efficient. Many companies try to improve customer service by having a computer answer the phone and handle customer issues or transfer them to the correct department. For some companies this has made their customer service more efficient, for others it has failed. Improving the efficiency of each of these areas will cut a lot of wasted time, and costs, while improving the way customers feel when they have to contact customer service.
Explain how the global market would affect the business strategy of Riordan. In our previous team assignments, we learned how global markets affected business strategies. Joint Venture was a strategy