How do we stay abreast of what they are doing

Assignment Help Other Subject
Reference no: EM132212679

The Rise of Strategic Management

In our first lecture, we provided the basic backdrop as to how and when strategic management came into being. This lecture will provide a working definition and discuss why strategic management (SM) is of critical importance to the field of healthcare. Looking ahead, week 2 will evaluate the two emerging models of SM while week 3 will discuss the various levels in the development of strategy.

If you asked 10 experts to define strategic management, you would more than likely get 10 distinct, albeit related, answers. The reason being is because strategic management is as complex or as simple as the business itself. A few examples should help us understand the problems of providing one catch-all definition. Let's start with the rather simple business of making dining room tables and chairs.

To make our tables and chairs, we need a supply of wood. Let's assume that we work solely with pine. Odds are that we are purchasing our pine from a wood supplier rather than growing and maintaining the trees ourselves.

As such, by the time we get the wood shipped to our warehouse, it has already been "touched" by several people along the way. The tree was cut down by one person, probably gathered by another, and then stacked by yet another individual onto the trucks.

Those trucks then drive the material to their own warehouse where it is offloaded by someone and then counted into inventory by yet someone else. When we call for an order to be sent to us, one person takes the order while another person loads the product onto a truck, driven by perhaps a third party company. It finally arrives at our warehouse where one of our employees touch it for the first time.

Once in our warehouse, the material is only pulled as the orders come in. Depending on the size of our operation, we may or may not have the assembly equipment in the same locale as where it is stored. The wood is then brought to the production equipment where someone then assembles it into the finished product. It is likely that the same person who makes the table is not the same person who makes the chairs; different skillsets.

One of our employees now must prepare the finished product for shipping and we may or may not have internal shipping to either customers or to furniture wholesalers. Point being is, look how many people were involved in the process of making a simple dining room table. This doesn't include our sales team, receptionists, or management personnel required to make sure we remain viable. In simplest terms this is the supply chain. We will be reviewing this again later in the course.

Imagine what would happen to our business if a competitor entered into the mix. How do we stay abreast of what they are doing, how do we monitor costs, inventory, sales volume, break-even point? What happens if a fire wipes out our original wood distributor? Pine-beetles? What if our shipping company goes on strike? A main wholesaler shuts their doors? An accident in our warehouse prompts the need for increased safety?

In essence, strategic management is an ongoing process. SM takes into account competitors, both the political and financial environments, changed circumstances, possibility of new technology, all while balancing both short and long-term goals. Again, Strategic Management is complex and demanding, yet in today's competitive environment, companies will not last long without it.

In our example above, we were working with tables and chairs. Imagine today's state of the art hospital system. Everything from food service to computers are present in the hospital. By the time new technology is implemented into our healthcare system, it is nearly antiquated by something newer and better.

What appeared to be science fiction is now possible. We have robots who make rounds in the hospital so that the doctor does not physically need to be there. We have smart toilets that automatically test urine for infections, presence of blood, and medication efficacy, and we have tele-medicine where doctors can perform surgeries in the hospital while sitting in their office thousands of miles away.

Where the table and chair had a dozen touch points, today's hospitals have thousands and thousands. Just thinking about the healthcare system itself, we are all aware of the major changes currently taking place - from healthcare reform, to severe staffing shortages. In essence, healthcare is the single most complex industry on the face of the planet - it is not surprising that Strategic Management is absolutely critical for the industry's survival.

In lecture 2 of week 1, healthcare was proclaimed to be the most complex industry. Discuss this claim and whether you agree or disagree. Support your position with appropriate references.

Reference no: EM132212679

Questions Cloud

Manage the challenges in question : Compose a strategy to manage the challenges in question. Justify your response.
Calculate the melting temperature of copper : Assuming that all the energy supplied was radiated and that the radiation from the glass tube is negligible, calculate the melting temperature of copper
How patients feel about their care and treatment : It is important to know how patients feel about their care and treatment, because patients' satisfaction with treatment and ability to manage therapy.
Roots of opportunity explored in creating mcdonald : In your own words, what would you describe as the five roots of opportunity explored in creating McDonald’s?
How do we stay abreast of what they are doing : One of our employees now must prepare the finished product for shipping and we may or may not have internal shipping to either customers or to furniture.
What is the expected annual return of the portfolio : How many shares of each stock should Sheila purchase? What is the expected annual return of the portfolio?
Specifically engages the issue of normativism : Note: While similar to the other question with the same illustration, this question specifically engages the issue of normativism.
Discuss experience of dynamic complexity : Discuss an experience of dynamic complexity that you’ve experienced at work. Describe the situation and the solution that was implemented.
Do patients truly understand the risks benefits : What is informed consent? Are the consents that patients sign at a 5th grade reading level? Do patients truly understand the risks benefits?

Reviews

Write a Review

Other Subject Questions & Answers

  Cross-cultural opportunities and conflicts in canada

Short Paper on Cross-cultural Opportunities and Conflicts in Canada.

  Sociology theory questions

Sociology are very fundamental in nature. Role strain and role constraint speak about the duties and responsibilities of the roles of people in society or in a group. A short theory about Darwin and Moths is also answered.

  A book review on unfaithful angels

This review will help the reader understand the social work profession through different concepts giving the glimpse of why the social work profession might have drifted away from its original purpose of serving the poor.

  Disorder paper: schizophrenia

Schizophrenia does not really have just one single cause. It is a possibility that this disorder could be inherited but not all doctors are sure.

  Individual assignment: two models handout and rubric

Individual Assignment : Two Models Handout and Rubric,    This paper will allow you to understand and evaluate two vastly different organizational models and to effectively communicate their differences.

  Developing strategic intent for toyota

The following report includes the description about the organization, its strategies, industry analysis in which it operates and its position in the industry.

  Gasoline powered passenger vehicles

In this study, we examine how gasoline price volatility and income of the consumers impacts consumer's demand for gasoline.

  An aspect of poverty in canada

Economics thesis undergrad 4th year paper to write. it should be about 22 pages in length, literature review, economic analysis and then data or cost benefit analysis.

  Ngn customer satisfaction qos indicator for 3g services

The paper aims to highlight the global trends in countries and regions where 3G has already been introduced and propose an implementation plan to the telecom operators of developing countries.

  Prepare a power point presentation

Prepare the power point presentation for the case: Santa Fe Independent School District

  Information literacy is important in this environment

Information literacy is critically important in this contemporary environment

  Associative property of multiplication

Write a definition for associative property of multiplication.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd