Strategic Choices
Key Distinction between Strategies
- Adaptive Strategy: This concept “focuses on the best practices and approaches that can support an organization’s directional outcomes” (Hagen, 2013, p. 39). Such outcomes include business visions and values. A good example of this strategy is the introduction of a new institutional change. A healthcare facility might decide to change its operations in order to offer quality medical services.
- Market-entry strategy: These approaches make it easier for organizations to achieve their adaptive strategies. For example, a company can introduce modern technologies in order to offer quality services.
- Competitive Strategy: This concept “ensures every healthcare institution competes with the other firms” (Moseley, 2012, p. 49). For instance, a healthcare organization might introduce a new training program in order to empower its caregivers. This approach will produce quality services that can make the targeted institution competitive.
SWOT Analysis
This tool identifies “the external factors that affect the performance of a healthcare institution” (Moseley, 2012, p. 75). The model also examines the internal factors that can support a firm’s performance. This tool identifies the major “opportunities, weaknesses, threats, and strengths that can produce the best outcomes” (Hagen, 2013, p. 93).
This tool will ensure the healthcare institution implements new market-entry strategies. The tool identifies the existing opportunities in the targeted industry. This “knowledge will make it easier for the healthcare facility to identify new competitive advantages” (Ginter, Duncan, & Swayne, 2013, p. 27). The healthcare institution can introduce new educational programs in order to empower its caregivers. The facility can also use its strengths in order to offer better medical services. SWOT Analysis encourages managers to introduce new changes that can produce the best outcomes.
Deciding on a Strategy
Product Life Cycle Analysis
The “product life cycle model examines the performance of a commodity (or service) in a specific market” (Moseley, 2012, p. 92). This analytical tool “monitors the progress of the targeted product throughout its lifespan” (Ginter et al., 2013, p. 53). The “first phase of this tool is introduction” (Moseley, 2012, p. 92).
The level of sales increases during the growth stage. The maturity stage occurs when more consumers begin to purchase the targeted service. The product “will eventually decline and result in losses” (Hagen, 2013, p. 68). A healthcare organization “can use the above tool to determine whether to continue or discontinue a specific medical service” (Stern & Deimler, 2012, p. 37). The institution can also introduce a new medical service. The service will support more clients and patients. The institution can also use the above tool to improve every uncompetitive service.
The Boston Consulting Group (BCG)
A healthcare organization can use the Boston Consulting Group (BCG) model to develop a unique adaptive strategy. To begin with, the model can create a long-term value. The institution can offer quality services using its financial capabilities and resources. The model “can also create a bigger market share depending on the targeted medical outcomes” (Stern & Deimler, 2012, p. 37).
The BCG method can encourage the targeted institution to identify the best strategies. Adaptive strategies “focus on the best practices and operations that can support the targeted institutional goals” (Stern & Deimler, 2012, p. 72). The BCG method will ensure the targeted healthcare facility increases its market share. The healthcare institution will focus on the Cash Cows in order to emerge successful (Moseley, 2012). The institution can also restructure its operations in order to achieve its goals.
Reference List
Ginter, P., Duncan, W., & Swayne, L. (2013). Strategic Management of Health Care Organizations. Francisco, CA: Jossey-Bass.
Hagen, J. (2013). Concepts in Health Care Entrepreneurship. New York, NY: Remedy Books.
Moseley, G. (2012). Managing Health Care Business Strategy. New York, NY: Jones and Bartlett Learning.
Stern, C., & Deimler, M. (2012). The Boston Consulting Group on Strategy: Classic Concepts and New Perspectives. New York, NY: Wiley.