1. Differentiate among the terms strategic management,strategic thinking, strategic planning, and managing strategic momentum. Which of these activities is most important in a healthcare organization and why? ANS:
Strategic management consists of the analysis, decisions, and actions an organization undertakes in order to create and sustain competitive advantages. strategic management is concerned with the analysis of strategic goals (vision, mission, and strategic objectives) along with the analysis of the internal and external environment of the organization. Next, leaders must make strategic decisions. These decisions, broadly speaking, address two basic questions: What industries should we compete in?How should we compete in those industries? These questions also often involve an organization’s domestic as well as its international operations. And last are the actions that must be taken. Decisions are of little use, of course, unless they are acted on. Firms must take the necessary actions to implement their strategies. This requires leaders to allocate the necessary resources.
Strategic thinking is considered a key thought process of strategic management framework; is defined as the generation and application of unique business insights and opportunities, to create competitive advantage for a firm or organisation. It can be done individually, as well as collaboratively among key people who can positively alter an organisation's future. Group strategic thinking create more value by enabling a proactive and creative dialogue, where we gain other people's perspectives on critical and complex issues which is an important benefit in today's highly competitive and fast-changing business landscape.
Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy. In order to determine the direction of the organization, it is necessary to understand its current...
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