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Stack #3148332
| Question | Answer |
|---|---|
| (forward planning) | Prospective and prescriptive |
| (looking backward | emergent/retrospective planning |
| prospective strategy is more important than emergent strategy when | a new healthcare system is established in a country |
| When a strategy forecasts the future, it is called: | prospective |
| he activity of prospective strategy includes | general designing, planning, and positioning efforts of business to craft strategies for competitive advantage |
| emergent strategies may result from | luck, random choice, the experience of executives, or decisions made by internal or external stakeholders |
| emergent strategies come from | constant experimentation or adaption to a new market |
| A strategy that develops over time and is a | emergent strategy |
| We know that an org will use an emergent strategy when | uncertainty exists |
| what is strategic planning | process of outlining approaches, plans, or direction, and making decisions on how it will allocate resources to pursue success through strategy. |
| Strategic planning is driven by | ◦ Technology, Demographic Shifts, Political Pressures, Global Forces |
| Good strategy+ Good strategy implementation | Excellent strategic outcomes |
| The growth of the importance of strategy in healthcare has been primarily driven by the growth of HMOs in the U.S (Trur OR False) | False |
| Societal environment | ◦ Demographics- ◦ Regulations ◦ Technology |
| • Use of healthcare varies by | ◦ Rise of chronic diseases, women use more healthcare than men |
| Perfect focus on | based on price |
| Monopolistic | many organizations, focused on differentiation, limited entry and exit barriers, can influence price some, with some level of competition |
| ◦ oligopoly | few organizations, focused on market share, high entry and exit barriers, significant influence on price, with significant amount of competition |
| ◦ monopoly does what to everyone | - keep everyone else out |
| example of monopolistic competition | restaurants and breakfast cereals |
| example of oligopoly | airlines and drug companies |
| Monopoly | one organization, focused on deterrence, high entry and exit barriers, significant influence on price, with no competition |
| ◦ Most healthcare systems in the US exist to oligopolistic market structures | True |
| ◦ Market power is best described by | Ability to influence prices |
| ◦ Monopolistic competition involved just one large organization | False (monopolistic, not monopoly) |
| ◦ Oligopolies do not exhibit | easy ability to raise prices |
| foundational building block | ◦ Values |
| ◦ Final metric organization determines | when an organization determines whether it has succeeded or failed |
| • Mission statement | ◦ Statement of purpose that distinguishes an organization from others |
| • Mission Statement guidelines | ◦ Short enough that employees can remember & apply them |
| • Recommended 35 word limit | on mission statement |
| ◦ Vision statement | Desired future state-what an organization wishes to become |
| • The vision statement should be | ◦ Part of the strategic intent ◦ Express what the organization wants to become ◦ Foster commitment and galvanize employees to action ◦ Show employees what they are striving for and give meaning to their work |
| what is the purpose of a vision | create goals and strategic actions |
| Vision Statements should do revized evevy | should be 5-10 |
| ◦ Having a written mission is probably the most important aspect of creating positive strategic intent? | FALSE |
| What are the most important aspect | VALUES |
| ◦ Stakeholders are almost always shareholders in an organization? | FALSE |
| ◦ External trends and variables-why do you want them to be general and high level? | ▪ you don’t know the specific details and so you can quickly adapt |
| ◦ Why would competition analysis be the most difficult step in the external assessment | ▪ Information/data is often not readily available to obtain |
| GPO’s | group purchasing organizations |
| ◦ Monopolistic competition= | when you are worried about differentiation |
| ◦ The ability to influence prices= | market power |
| ◦ PEST is a | method to selecting driving forces |
| ▪ benchmarks in particular | How do you determine if you are succeeding or have an opportunity for improvement? |
| ▪ When would SWOT work best? | ▪ Synthesize data into specific issues |
| ◦ Gap analysis | identifies the distance between the organization’s current position and where it wants to be |
| ◦ SMART Goals | - performance metrics that will determine if they have been achieved |
| ▪ goals | General, intangible, broad, abstract, strategic, and long-range, General intentions, not stated as action, |
| ▪ Objectives | Specific, measurable, narrow, concrete, tactical, and short-range precise and defined, time component |
| ◦ Components of a strategic plan | ▪ Executive summary ▪ Strategic intent ▪ Environmental analyses ▪ Strategic priorities and programs ▪ Strategic goals and objectives ▪ Appendixes |
| ◦ Segmentation of marketing plans | ▪ Geographic ▪ Demographic ▪ Psychographic ▪ Behavioral |
| ◦ An organizational motto is the equivalent of | didn’t discuss |
| ◦ Utility companies are an example of a | monopoly |
| ◦ An organizations stakeholder | has a vested interest in the organization |
| ◦ The MVV makes up the | strategic intent |
| ◦ Which are the foundation of the organization’s directions? | values |
| ◦ The main focus of monopolistic competitions is | product differentiation |
| ◦ Sunk costs are | costs that cannot be recovered |
| ◦ Companies internal data to the other organization is | benchmarking |
| ◦ Considered barrier to market entry for orgs created by the gov’t? | certificate of need |
| ◦ Perfect competition is similiar | is similar to monopolistic competition |
| ◦ Not a part of porter’s model | Threat of products |
| KPI’ | • Key Performance Indicators |
| • Gantt Chart | projects |
| • Four elements of the balance scorecard that are centered around the MVV | ◦ Financial ◦ Customer ◦ Learning & Growth ◦ Internal Business Process |
| • Becoming a Strategic Leader means being able to produce: | • Short Term Financial Success • Long Term Growth and Viability |
| • Viewing only past accomplishments make people less to notice do what? | to change |
| • Everyone in an organization will have the same view of progress | False |
| • GPO’s are an example of | Oligopy |
| • What is the main issue with data published for public review? | Old or outdated |
| • What category is not monitored by a balanced scorecard? | organizational design |
| • What are typically included on an organization’s balanced scorecard? | Colors and Grades |
| • Employees aren’t disloyal by | disagreeing |
| • Oligopoly | few, can significantly influence price |
| • Strategic thinking is encouraged by all of the following except | creating detailed budgets and control systems |
| • Monopolistic competition: concerned | with differentiating products |
| • We know that an org will use an emergent strategy when: | uncertainty exists |
| • Driving forces include all except | chronic disease |
| • Must difficult asset to imitate is: | : organizational culture |
| • Strategic mangement different from strategic thinking cuz- | concerned with resource allocation |
| the purpose of a SWOT analysis what 4 | increase strengths eliminate weaknesses leverage opportunities neutralize threats |
| Meaning of SWOT analysis | a planning tool used for an overview or an organizations situation and better understand its environment |
| what are driving forces | the major factors that cause change in an industry |
| rivalry | competitive pressure with a market conditions and actions |
| power of buyers | seller to buyer collaberation |
| power of suppliers | suppliers bargaining power where suppliers collaborate with sellers |
| new entrants | increases risk and competition |
| substitute products | for the needs of a buyer |
| what are the barriers to market entry | new entrants substitute products power of suppliers power of buyers rivalry |
| the purpose of a balanced scoreboard | a monitoring system used to evaluate multiple metrics and gather feedback on strategic processes |
| flexible budget | changes according to the actual activity |
| static budget | based on forecasted volumes |
| budget variance | the difference between the budget amount and the actual amount that you spend |
| capital budget | estimated dollar amount to spend during your fiscal year on projects |
| a ____ is the visualization aspect of a balanced scoreboard | dashboard |
| trend data | shows the direction you are moving year to year predicting the future how your performance is changing |
| shareholders are in what type of organization | for profit organziations |
| who is not a good person to be in charge of day to day strategic planning | CEO |
| who would be best for day to day strategic planning | an executive |
| planning structure should be done by who | the governing board |
| perfect commpetion (WHOLE) | many organizations, focus is on price, no entry or exit barriers, cannot influence price, and a significant level of competition |
| driving forces that affect strategic planning | technology changes, policy changes, workfravaility, cu |
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