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What is strategy?
What is strategic management?
What are the characteristics of strategy?
How has strategos evolved?
Describe the strategic process.
What are the components of a business model?
What is the difference between mission and vision?
What is the hospital business model?
Explain the elements of evaluating an organizational environment.
Describe the Five Forces framework.
What is a SWOT analysis?
What is a value chain?
How is Strategos evolved
Deliberate action and non-linear thought necessary for establishing routines and processes.
Strategy seen as deliberate, purposeful behavior that allows a firm to plan decisions that maximize opportunities and minimize threats.
Strategy began to apply to business in the Industrial Revolution from executives from GM and Bell.
Medieval tactics began with an emphasis on defensive fortifications.
Sun Tzu - Art of War, Alexander the Great, Phillip II, Hannibal logged their experiences on the battlefield.
Now over 110k books on strategy available on Amazon
Planning of a military campagin
Strategic Management
Implementation
Strategy evaluation
Strategy formulation
Environmental scanning
Goal formulation
Strategic control
Involves the creation, implementation and over direction of an organization
Characteristics of strategy
Affects the welfare of the organization
Complex
Involves various thought processes
Exists on different levels
Is not purely deliberate
Involves issues of content and process
Concerns both organizations and the environment
Involves allocation of resources
Should be mission-based.
The strategic process
Gap analysis
Strategies and Strategic Objectives
Vision
Mission formulation
Organizational values
Corporate strategic plans
Planning to plan
Strategic Analysis
Operational Strategic Plan
Implementation
Components of a business model
Inputs: a combination of resources used to provide the product and/or service
Profitability: a financial mechanism to recover enough revenue to sustain the provision of the product and/or service
Processes: the sequence and method resources that are used to create/provide the product and/or service
Customer Value: a business model that meets the currently unmet needs of the customer.
Mission vs. Vision
A mission should be the foundation of strategic direction
A vision is a statement about what the organization wanst to become.
Evaluation of organizational environment
Key referral sources
Competition
Customers
External evaluation
Consumer perception
internal evaluation
Hospital business model
Revenue generation: pay per use and HMO premiums.
Processes: eliminate unnecessary and costly processes and streamline the patient experience.
Inputs: providers, nurses, therapists, pharmacists, supplies, drugs and support personnel.
Customer Value: Access to quality care at reasonable costs.
The Five Forces Framework
The bargaining power of buyers
The bargaining power of suppliers
The threat of substitutes
The threat of new entrants
The threat of rivalry
SWOT Analysis
Threats
Opportunities
Weaknesses
Strengths
Value Chain
Organizational capabilities: An organization's skill in combining it's resources to produce goods and services.
Delivery capacity: An organization's ability to get the product and services to the customers