Strategic Management - Ch 1 & 2

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Chapters 1 & 2

strategic management

Broadened from strategic planning to acknowledge that their environment is always changing and that a company many need to completely reinvent themselves and that continuously managing and evaluating the strategy are keys to success. Company Specific. Has three elements: 1) strategic thinking, 2) strategic planning, and 3) managing strategic momentum

strategy

direction of a company

health policy

Intended to provide the context for the development of the health care infrastructure as a whole. Designed to:
1) enhance QUALITY of care and reduce medical errors
2) provide or control ACCESS to care
3) contain COSTS.

analytical approach

A type of organizational strategy. Also known as "rational approaches" rely on the development of a logical sequence of steps or processes (linear thinking). Should be combined with emergent approach to be effective.

emergent strategy

A type of organizational strategy. Rely on intuitive thinking, leadership, and learning. Viewed as part of management. Should be combined with analytical approach to be effective.

Map/Compass

Comparison between the analytical and emergent approaches to organizational strategy. ANALYTICAL is compared to a MAP where the route to a destination is known and just needs to be followed correctly. The COMPASS is representative of the EMERGENT STRATEGY because it is for leaders who are not sure where they are but have a sense of general direction.

strategic thinking

1) One of three elements of strategic management. Fundamental intellectual activity underlying strategic management. It is an individual intellectual process, a mindset, or method of intellectual analysis that asks people to position themselves as leaders and see the "big picture". Acknowledges the reality of change, questions current assumptions and activities, builds on an understanding of sytems, envisions possible futures, generates new ideas, and considers the organizational fit with the external environment.

systems approach

a general systems theory for organizing STRAT THINKING, based on a set of interrelated elements which permits managers to CONCENTRATE ON ASPECTS of problem that deserves most attention and allow MORE FOCUSED attempts at resolution, "big picture" perspective.

strategic planning

2) One of three elements of strategic management. Provides a sequential step-by-step process for creating a strategy; involves periodic group strategic thinking (brainstorming) sessions, requires data/information, but incorporates consensus and judgement; establishes organizational focus reaches consensus on what is required to fit the organization with the external environment; and results in a documented strategic plan; 1) SITUATIONAL ANALYSIS, 2) STRATEGIC FORMULATION, 3) PLAN IMPLEMENTATION

strategic formulation

Strategy formulation is the process of ESTABLISHING the organization's mission, objectives, and choosing among alternative strategies. Sometimes strategy formulation is called STRATEGIC PLANNING. Involves directional, adaptive, market entry, and competitive strategy decisions

intended strategy

An intended strategy is planned and deliberate, set of intentional acts that is contemplated and planned to accomplish a goal, sometimes called a deliberate strategy.

situational analysis

is basically another word to describe strategic planning it seems

managing strategic momentum

3) One of three elements of strategic management. Is the actual work to accomplish specific objectives; concerns decision-making processes and their consequences; provides the style and culture; evaluates strategy performance; is a learning process; and relies on and initiates new strategic thinking and new periodic strategic planning

strategic implementation

Implementation is the process that turns strategies and plans into actions in order to accomplish strategic objectives and goals. Implementing your strategic plan is as important, or even more important, than your strategy.

realized strategies

Occurs when rational strategies do work out as planned

unrealized strategies

Occurs when rational strategies do not work out as planned

corporate-level strategy

Addresses the question "what business should we be in?". Based on many markets, return on investment, market share or potential market share, and system intergration.

divisional-level strategy

More focused than coporate-level strategy and provide direction for a single business type. Most concerned with positioning the division to compete. These semi-autonomous organizations are often referred to as SBU's(strategic business unit) or SSUs(strategic service unit). Managers of these are concerned with a specified set of competitors and well-defined markets.

strategic business unit (SBU)

An innner division in a company that focuses on a single business type.

strategic service unit (SSU)

An innner division in a company that focuses on a single business type.

organizational-level strategy

Concerns one organization competing within a specific well-defined service area.

unit-level strategies

Support organizational strategies through accomplishing specific objectives. Done within specific departments of an organization. (ex: clinical operations, financing, and marketing). Address two issues: intended to intergrate the various subfunctional activites, and to relate various functional area policies with any changes in the functional area environment.

assessing

assessing info concerning the envi, though abundant, is seldom obvious in its implications. Assessing envi change is a process that is largely non quantifiable and therefore judgmental. Includes evaluation, identification of issues, interpretation

brainstorming

Convened for the purpose of understanding an issue, assessing the impact of an issue on the organization, or generating strategic alternatives. Members present ideas and are allowed to clarify them with brief explanations.

delphi technique

Used to identify and study current and EMERGING TRENDS within each environmental category. The development, evaluation, and synthesis of individual points of view through the systematic solicitation and collation of individual judgements on a particular topic. Gather EXPERTS in the field, conduct personal interviews with each expert based on a structured questionaire. No feedback or repeated rounds of questioning.

dialectic inquiry

a "point and counterpoint" process of argumentation. The development, evaluation, and synthesis of conflicting points of view (environmental issues)

expert opinion

used to identify, monitor, forecast, and assess environmental trends. Play a role in shaping and extending the thinking of leaders.

external environmental analysis

GOAL: ID + analyze current important issues and changes that will affect the organization, detect and analyse early or weak signals of emerging issues and changes that will affect the organization, speculate on the likely future issues and changes that will have significant impact on the organization, classify and order issues and changes generated by outside organizations, provide organization information for the development of the organization's internal analysis, mission, vision, goals and strategy, and foster further strategic thinking throughout the organization

focus groups

Bring together 10-15 individuals to develop, evaluate, and reach conclusions regarding environmental issues. Provide an opportunity for management to discuss particularly important organizational issues with qualified individuals

forecasting

Process of extending the trends, developments, dilemmas, and events that the organization is monitoring. Looks at how hidden currents in the present signals possible changes in direction for organizations and societies. GOAL=ID the full range of possibilities to find trends. 3 Processes: 1) Extending the issues (trends, developments, dilemmas, or occurrences of an event), 2) Identifying the interrelationship between the issues and environmental categories, 3) developing alternative projections.

general environment

classified by GROUPS OF ORGANIZATIONS: gov institutions, business organizations, educational institutions, religious institutions, research organizations and foundations, individuals and consumers.

health care environment

1) organizations that regulate primary and secondary provider, 2)organizations that provide health services (primary providers), 3) organizations that provide resources for the health care system (secondary providers), 4) organizations that represent the primary and secondary providers, 5) individuals involved in health care and patients (consumers of health care services)

monitoring

Tracking of issues identified in the scanning process. 4 fxns: 1) Researches + identifies additional sources of information for specific issues delineated in the scanning process that were determined to be important or potentially important for the org, 2) adds to the environmental database, 3) confirm or disprove issues (trends, develops, dilemmas, and the possibility of events), 4) determine the rate of change within issues

nominal group technique (NGT)

A group is convened to address an issue, such as the impact of consolidation within the health care industry or the impact of an aging population on hospital facilities

primary provider

health services

scanning

Process that identifies signals of environmental change. Serves as the organization's "window" or "lens" on the external world, looks for current or emerging trends. Managers engaged in environmental scanning carry out 3 functions: 1) view external environmental data/information 2) organize external information into several desired categories 3) identify issues within each category. Process: categorizes, organizes, accumulates and evaluates issues.

scenarios

A coherent story about the future, using the world of today as a starting point. Based on data accumulated in the scanning and monitoring processes, a scenario or narrative that describes an assumed future is developed. The objective is to describe a point of time in the future as a sequence of time-frames or periods of times. Multiple scenarios allow the future to be represented by different cause-effect relationships, different key events and their consequences, different variables, and different assumptions

secondary provider

resources of hc system

sensemaking

issue identification and extrapolation. Matter of identifying issues and then, from the existing data, anticipating the importance of the issue and likelihood that it will remain an issue. Matter of reaching consensus on the existence of an issue and speculating on the likelihood of its continuance. (p55)

stakeholder anaylsis

based on the belief that there is a reciprocal relationship between and organization and certain other organizations, groups, and individuals. Stakeholders: that is organizations, groups, and individuals that have an interest or "stake" in the success of the organization

strategic issues

Trends, developments, dilemmas, and possible events that affect org and its position in its environment

trend identification

Similar to ISSUE IDENTIFICATION, except instead of identifying issues, you're identifying trends. Trend extrapolation of environmental issues requires extensive familiarity with the external environment (the issues) and sound judgment.

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