Unit 4 HCM640 DB Respond to Classmates

Unit

4 HCM640 DB Response to Classmates

Natasha Quinones

Unit 4 – Discussion Board

When formulating strategies, there are 5 categories of strategy formulation available to utilize: directional strategies, adaptive, market entry, competitive, and implementation strategies.

To be effective, the strategies must be formulated in a specific order.

Why is it so important to formulate strategies in this specific order?

When preparing and navigating through the process of the strategic planning process, leadership must make a conscience effort to understand each step of the process.

In order to do so, they must first understand each strategy and how they apply to the plan.  Respectfully, the strategies must remain sequenced in order for successful business objectives to be achieved.  The financial impact can be too great if the sequence were to become altered.

Provide an example of each category of strategy formation for discussion.

1. Directional Strategies – provides the guidance for the company to define its mission and vision.

1. The mission and vision of the company are established early on in the planning stage

2. Adaptive Strategies – Companies determine whether they want to become divisional or corporate level entities

3. Market Entry Strategies – establish the level at which the company shall enter the market

1. Corporate level – Skilled nursing Facility 

2. Divisional level – Pulmonary specialty clinic 

4. Competitive Strategies – the company reviews its stance against its competitors as well and its resources, services, and features it provides.  

5. Implementation Strategies – strategic distribution of action plans within essential areas in order to meet set forth objectives within a timely manner.  

Based on your perspective, is one type of strategy formulation more effective than another for an acute care hospital? Why or why not?

In my perspective, for an acute care hospital or organization for that matter, the directional strategy is most important.  In order to know where you what to go or be in business you need to know where you want to be.  The mission and vision are critical in order to carry out the remaining strategies.  

Reference:

Health Care Strategies (2020) M.U.S.E.

Strategy Formulation

[AIU Online] Retrieved from 

https://class.aiu-online.com/_layouts/MUSEViewer/Asset.aspx?MID=16477742&aid=16477743

Health Care Strategies (2020) M.U.S.E. Competitive and Implementation Strategies [AIU Online] Retrieved from 

https://class.aiu-online.com/_layouts/MUSEViewer/Asset.aspx?MID=16477742&aid=16477759

Rhonda Wilson

· Why is it so important to formulate strategies in this specific order?  

It is important to formulate strategies in this order to make sure that each element of the strategic plan is reached.   One of the most common ways to see how to carry out the ideas in a strategic plan.  

· Provide an example of each category of strategy formulation for discussion.

Directional strategies:  Gives direction for plans.  The first strategy used in the strategic management process.   A framework for guiding operational decisions and activities.  Example:   (missions, visions, values, and goals)

Adaptive strategies:  Fulfills the vision, adopts the current environment, and the scope (current products/services and decision of expanding in the market/contracts) of the business.  (AIU Online MUSE, 2020)

Market entry:  Differentiate the various strategies available to enter markets.   Example:  A health care system invests in a new biotechnology firm (Venture Capital Investment).  (AIU Online MUSE, 2020)

Competitive Strategies:  Competitive advantage is the main concern for the organization.  Concerned with defending its position/entrance/exit in the market with products and services.   Example:  A hospital aggressively markets the latest technology to consumers aggressively to differentiate itself from other competitors.  

Implementation strategies:  Develop action plans to carry out all strategies (resources, manpower, costs).  The most detailed of all strategies.  (AIU Online MUSE, 2020)

· Based on your perspective, is one type of strategy formulation more effective than another for an acute care hospital? Why or why not?

Based on the Deloitte’s Center for Health Solutions, they interviewed 36 executives from 27 organizations (health systems, health plans, post-acute care companies, and professional associations).   They provided a useful roadmap for organizations as they look to boost post-acute care value.  They agree that partnerships and quality initiatives are important elements of a post-acute care strategy.  The health systems and plans see and understand that post-acute care belongs in their long-term strategy and the question is not whether to work with it, but how.  (Deloitte, 2020)

References

AIU Online MUSE. (2020). Unit 4: Tools Continued: Competitive and Implementation Strategies. Retrieved from https://class.aiu-online.com: https://class.aiu-online.com/_layouts/MUSEViewer/Asset.aspx?MID=16477742&aid=16477759

AIU Online MUSE. (2020). Unit 4: Tools Continued: Market Entry Strategies. Retrieved from https://class.aiu-online.com/: https://class.aiu-online.com/_layouts/MUSEViewer/Asset.aspx?MID=16477742&aid=16477756

AIU Online MUSE. (2020). Unit 4:TOOLS CONTINUED:Strategy Formulation. Retrieved from https://class.aiu-online.com: https://class.aiu-online.com/_layouts/MUSEViewer/Asset.aspx?MID=16477742&aid=16477743

Deloitte. (2020). Viewing post-acute care in a new light. Retrieved from

https://www2.deloitte.com/us/en/pages/life-sciences-and-health-care/articles/post-acute-care-management-strategies.html#top

Candice Phillips

Directional strategies initiate the start of the company’s mission and vision plan to manage the direction operational circumstances may lead the MCO.

Adaptive strategies focuses on how the organization will decide to analyze the Kay points known to the corporate executives of which strategic plan will project resourceful amenities within a long or short term time interval.

Market entry formulates the globalized healthcare existence from pursuing a consistent, successful plan that remains advanced with latest products and services that gives forecast on the rendered advisory towards marketing into the healthcare industry.

Competitive strategies produces fair competition into the market for healthcare products to be received by consumers globally. This ensures a way for new line services to boost sales of high prorated technology or innovative products that informs consumers of their preferred choice of action.

Implementation strategies has formulated the strategic momentum to enact on daily operations that have been examined and evaluated to produce effective results pertaining to the planning from categorical levels of persistent accomplishments set through company standards.

References

Banerjee, K. (2015, April 20). The Chronicles of Gateway: A Case Study of the Strategic Management of Gateway Health. Retrieved February 1, 2020

Willie Mae Jones

Why is it important to formulate strategies in the specific order?

Using different strategies types is always good business sense for organizations, by using strategy formulations it is a way to see what is the best method to use when carrying out the strategy plan with any given situation.

Directional Strategies is used by organizations to set up,it’s vision, and mission, managers can use it and glean what was learned to set up goals and decide what direction that the organization need to go..

Adaptive Strategies now after the plans and direction are established. The Adative Strategies is used to further the mission and vision of the operations, while at the same time adaptation to the surrounding environment, like look into current and past trends. It could be An Corporate or Divisional level.

Market -Entry used to globalize the organization, given a forecast of the markets conditions in the market place

Competitive Strategies is a long term plan it is used to gains a competitive edge over its competitors.

Implementation Strategies is used to look at what actions can be taken to accomplish  the objectives and goals of the organization.

Using the Market Entry gives organizations a handle on the globlized forecast in the market place, so in an Acute Hospital the Market Entry strategies can be effectively used to boost the hospital success.

References

Strategy Formulation,

class.aiu.online.com/MUSE

ONStrategyhq.com Strategic Implementative

Lynn Conlon

It is important to formulate strategies in this specific order for the reason when it is done in a successful order it perpetuates success.  Aside from that is that it is a logical format and it has been done this way it leads to the most profitable fashion.  To make anything a permanent part of your life or job, one way is to make it part of everyday life then automatically do it.  

1. Determine who will be involved in the process (Paschall, 2013).

2. Determine the scope (runtime length) (Paschall, 2013) 

3. Determine the timeline of the process (Paschall, 2013)

4. Select a facilitator – someone who will be impartial (Paschall, 2013)

5. Confirm your mission statement (be concise) explain why your organization exists  (Paschall, 2013)

My perspective tells me that this needs to become a regular if not daily occurrence because it keeps everyone mindful of what they are doing and accomplishing when they work.  It is sort of treasure map on the inside of your mind.  I do not believe that one strategy is better than another if it gets the job done and keeps everyone on track.  It is easy to say that one is better without trying it but if takes too long to implement it than it is taking up more time than it is worth.  Clearly it depends on the hospital.  Do they have the time it may take to switch from one strategy to another?  Or keep running in the one that have?  I would say it would be contingent upon those that are doing the planning.  

References

Gamage, S. D., & Gooneratne, T. (2017 Vol. 18, Iss. 2). Management controls in an apparel group: an institutional theory perspective. Journal of Applied Accounting Research, 223-241.

Paschall, L. (2013). Implementing a strategic plan. Dental Assistant, 4.

Zuckerman, A. M. (2014). Healthcare Strategic Planning. Chicago: Health Administration Press.

Franklin Brown

Strategy Formulation

            A strategic plan helps in creating a direction for the organization to take. It helps in sharpening and putting more focus on achieving the right goals (Juneja, 2015). With this, it is essential to formulate strategies in the required order because the process follows systematic steps. Successful completion of the first step provides input and access to the formulation of the following step (Juneja, 2015). Therefore, it is essential to follow the specific order for strategy formulation.

            An example of a directive strategy is the basic direction of the organization, which includes the mission and also the vision of the organization. The adaptive strategy includes strategizing how to cope and adapt to changes (Anastacia, 2017). An example of a market entry strategy includes how to raise an organizations’ brand awareness and reach the target customers in the current competitive market. The competitive strategy includes how to strategize on having a competitive advantage in the present uncertain world. Implementation strategy includes how to ensure and motivate teamwork within the organization during the implementation of the designed strategies (Anastacia, 2017).

            Each strategic formulation is of much importance, just like the other in an acute care hospital (Speziale, 2015). Although one strategy might seem more vital, it is essential to note that each strategy plays a significant role in the successful operation of the hospital. Therefore, each procedure is equally sufficient.

  References

Anastacia. (2017). Steps to Strategy Formulation (Read Only If You Want To Outcompete Competitors). cleverism.

Juneja, P. (2015). Steps in Strategy Formulation Process. managementstudyguide.

Speziale, G. (Volume 17, 2015). Strategic management of a healthcare organization: engagement, behavioral indicators, and clinical performance. European Heart Journal Supplements.

Linda

Johnson

Why is it so important to formulate strategies in this specific order?

Strategy formulation process that an organization selects the most suitable courses of action to achieve its defined objectives and goals.  It is an essential process to an organization’s success.  It provides a well-defined guide for the actions that will lead an organization to the anticipated results.  It is important to formulate a strategy that can give clear guidelines as to how to go about the process order and performance indicators used to evaluate if the organization is still in line with  the stipulated courses of action.,

Provide an example of each category of strategy formulation for discussion.

Directional strategy:  In health care organization it provides frame work for operation and provide decision and activities.it operate reliable market and returns on investment. Example: estimated medical imaging center or pathology lab, it reduces operational cost and capacity.

Adaptive:  Adaptive approach strategy make advantages in continuous experimentation and real time adjustments, long term analysis and planning.

Market entry:  In new market strategy method it help busy tech to better and stand with best fit for their organization. Example: marketer faces concentration risk related to local competition and economic condition.

Competitive:  In competitive strategy it holds the market level in more customers and profits. A best brand can make advantages in competition, target and unique selling prepositions.  Example: Google, Facebook have its innovative, market position and size effects.

Implementation:  This strategy have its process to achieve its standards and goals.  Example: for organization development plan and its action make the organization to achieve their goals.

Based on your perspective, is one type of strategy formulation more effective than another 

for an acute care hospital? Why or why not?

No! The reasoning is that each strategy is devoted to an important specific attainment and therefore the collective evaluation of all of strategy formulation is what brings success in the acute care hospital.

Linda

References:

www.studentoffortune.us/tutorial/id/1656948

 https://www.mbaskool.com/…/marketing-and-strategy-terms/7548-strategy-formulation.html