BUSI 311 CHAPTER 5 & 7 QUESTIONS AND ANSWERS
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Strategic Planning
-the process of identifying a desired future state for an organization and a means to
achieve it.
-ongoing analysis of organizations operating environment, matched against its own
internal capabilities, an organization's leadership is able to identify strategies that will be
able to excel from present to the future.
competitive advantage
specific aspect of how an organization offers unique qualities that outperform its
competitor
Strategic Planning Process
consists of mainly two interrelated activities: the development of the strategic plan and
the execution of the organization's strategy.
- the development of the plan is usually done within a multi year horizon and updated
annually.
-the strategic execution is done on a continuous basis and is a critical factor in
management of the organization's strategic intentions.
SWOT analysis
strengths, weaknesses, opportunities, threats
- provides a foundation for strategy development
Importance of a SWOT analysis
- gathers a snapshot of how the organization is currently interacting with the market in
comparison to the internal capabilities and intended strategy of the organization, and to
identify market opportunities and threats the organization may want to address in the
future.
SWOT related components
- the market assessment
- the vision, mission, values
- organizational assessment
Market Assessment
very complex and time consuming section of the plan that examines all parts of the
market to determine whether they represent opportunities or threats to the organization.
Five Forces Model
A model developed by Michael Porter that helps us understand the five competitive
forces that determine the level of competition and profitability in an industry.
(In healthcare this model can be seen by the interactions between the power of the
, health care workforce, the power of consumers and payers, innovations in technology,
the regulatory environment, competitive rivalry.
power of the health care workforce
an analysis of the availability of all subsets of health care providers who are critical to an
organizations success
- the workforce is composed of front-line of caregivers and support staff in providing
services.
- E.x. (potential ramification of the specific personnel shortage e.g. nursing. with a
shortage of personnel, wages and hiring expenses increase, jeopardizing the ability to
offer those specific services.
power of consumer and payers
patient is the central focus of customer service
patient-centric model of care
a health care delivery model where the patient is the central focus of customer service,
access, and quality
power of payers
the influence individuals and collective health care insurers have on health care
providers and consumers
-ex. (a market with 1 or 2 powerful payers that prefer a "late adopter" stance for new
medical technologies
innovations in technology
represents the threat of substitute products, as new technologies often replace standard
operations and services
regulatory environment
On all levels, federal, state and local - needs to be monitored for its effects on strategy
development as well.
Competitive Rivalry
the last market force to be considered, given the most significant attention by
organization's strategy development. organization's always track their competitors
moves and suspected intentions.
MVV statements
Mission, Vision, Value statements
- driving purpose of an organization, the MVVs are reviewed as part of the strategic
planning process to ensure they continue to be aligned with the organization's future
market environment to help with the future strategic direction.
mission
any organization's enduring statement of purpose. aims to identify what the organization
does, how it plans on doing it , and whom it serves
vision
strives to identify a specific future state of the organization, usually goals in the
upcoming years down the road
Values
help define the organization's culture , what characteristics it wants employees to
convey to customers.
EXAM LATEST UPDATE.Buy Quality Materials!
Strategic Planning
-the process of identifying a desired future state for an organization and a means to
achieve it.
-ongoing analysis of organizations operating environment, matched against its own
internal capabilities, an organization's leadership is able to identify strategies that will be
able to excel from present to the future.
competitive advantage
specific aspect of how an organization offers unique qualities that outperform its
competitor
Strategic Planning Process
consists of mainly two interrelated activities: the development of the strategic plan and
the execution of the organization's strategy.
- the development of the plan is usually done within a multi year horizon and updated
annually.
-the strategic execution is done on a continuous basis and is a critical factor in
management of the organization's strategic intentions.
SWOT analysis
strengths, weaknesses, opportunities, threats
- provides a foundation for strategy development
Importance of a SWOT analysis
- gathers a snapshot of how the organization is currently interacting with the market in
comparison to the internal capabilities and intended strategy of the organization, and to
identify market opportunities and threats the organization may want to address in the
future.
SWOT related components
- the market assessment
- the vision, mission, values
- organizational assessment
Market Assessment
very complex and time consuming section of the plan that examines all parts of the
market to determine whether they represent opportunities or threats to the organization.
Five Forces Model
A model developed by Michael Porter that helps us understand the five competitive
forces that determine the level of competition and profitability in an industry.
(In healthcare this model can be seen by the interactions between the power of the
, health care workforce, the power of consumers and payers, innovations in technology,
the regulatory environment, competitive rivalry.
power of the health care workforce
an analysis of the availability of all subsets of health care providers who are critical to an
organizations success
- the workforce is composed of front-line of caregivers and support staff in providing
services.
- E.x. (potential ramification of the specific personnel shortage e.g. nursing. with a
shortage of personnel, wages and hiring expenses increase, jeopardizing the ability to
offer those specific services.
power of consumer and payers
patient is the central focus of customer service
patient-centric model of care
a health care delivery model where the patient is the central focus of customer service,
access, and quality
power of payers
the influence individuals and collective health care insurers have on health care
providers and consumers
-ex. (a market with 1 or 2 powerful payers that prefer a "late adopter" stance for new
medical technologies
innovations in technology
represents the threat of substitute products, as new technologies often replace standard
operations and services
regulatory environment
On all levels, federal, state and local - needs to be monitored for its effects on strategy
development as well.
Competitive Rivalry
the last market force to be considered, given the most significant attention by
organization's strategy development. organization's always track their competitors
moves and suspected intentions.
MVV statements
Mission, Vision, Value statements
- driving purpose of an organization, the MVVs are reviewed as part of the strategic
planning process to ensure they continue to be aligned with the organization's future
market environment to help with the future strategic direction.
mission
any organization's enduring statement of purpose. aims to identify what the organization
does, how it plans on doing it , and whom it serves
vision
strives to identify a specific future state of the organization, usually goals in the
upcoming years down the road
Values
help define the organization's culture , what characteristics it wants employees to
convey to customers.
