Execitove Summary for Riordan Manufacturing Essay

Execitove Summary for Riordan Manufacturing - Essay Example uch as Operations, Finance and Legal Counsel, with Vice Presidents of various departments such as Transportation, Sales and Marketing, Human resources, Finance, Product Support and Information Services. Each operating entity of Riordan Manufacturing has its own Finance and Accounting System, however compliance with new Government reporting systems has proved to be a costly, labor intensive process. Another problem faced by the Company is in terms of the F&A systems compatibility among the various entities, so that part of the data generated is relegated into hard copies involving labor intensive, costly work. These are two of the most significant problems the Company faces, for which effective solutions must be developed. Riordan has 15 to 20 major, regular customers for its products, of which the U.S. Government is one, with several additional minor customers. Sales and customer data is available to every member of the Sales and Marketing team and the Company also maintains profit and loss statements of all the items that are sold. Sales initiatives include discounts for key customers, sales promotions, public relations, tradeshows and sponsorships, among others. The Company invests annually in marketing research by conducting research in brand development, opportunity studies and by using customer focus groups. The current projected annual earnings of the Company are $46 million, however the Marketing Department has set a target of $50 million in revenues to be achieved in the next two years. The new Sales Promotional approach focus on two major aspects (a) increased sales to existing customers and (b) expanding the sales outreach to new customers. Old customers are to be subdivided on the basis of the size of the accounts, customer needs for the large accounts will be thoroughly assessed, and they will be provided with RFP updates such that these can be developed around Riordan products. Riordan employees will develop sales growth plans for individual