Chapter 1-5
1) Explain why strategic management has become crucial in today’s dynamic health care environment.
Changes – “Only constant is change”
Technological – internet and online banking
Social/Cultural – “On Demand” consumer preferences, desire for 24 hr service
Demographic – Preferences/needs of Baby Boomers vs Generation “Y”
Political/Regulatory – Security, privacy of financial data
Economic – Housing boom, housing bust, mortgage debacle
Competitive – Online-only banks, consolidation
Customer – With online banks, customer no longer needs to be “local”
Benefits of Strategic Management
Ties the organization together with a common sense of purpose and shared values
Improves financial performance in many cases
Provides the organization with a clear self-concept, specific goals, and guidance as well as consistency in decision making
Helps managers understand the present, think about the future, and recognize the signals that suggest change
Requires managers to communicate both vertically and horizontally
Improves overall coordination within the organization
Encourages innovation and change within the organization to meet the needs of dynamic situations
2) How is strategic management different from health policy?
Strategic Management – involves strategic thinking, strategic planning, and managing strategic momentum
Strategic Thinking – Fundamental strategic skill – an intellectual orientation, a way of thinking or mindset
Strategic Planning – Process of creating a plan using strategic thinking
Managing Strategic Momentum – Process of Leading and Managing the Strategy using thinking and planning
Strategic management is a way of thinking – an approach for managing complex organizations; involves strategic thinking, strategic planning, and managing strategic momentum
Strategic thinkers draw upon the past, understand the present, and can envision a better future
Planners, on the other hand, figure out how to get where the strategic
Changes – “Only constant is change”
Technological – internet and online banking
Social/Cultural – “On Demand” consumer preferences, desire for 24 hr service
Demographic – Preferences/needs of Baby Boomers vs Generation “Y”
Political/Regulatory – Security, privacy of financial data
Economic – Housing boom, housing bust, mortgage debacle
Competitive – Online-only banks, consolidation
Customer – With online banks, customer no longer needs to be “local”
Benefits of Strategic Management
Ties the organization together with a common sense of purpose and shared values
Improves financial performance in many cases
Provides the organization with a clear self-concept, specific goals, and guidance as well as consistency in decision making
Helps managers understand the present, think about the future, and recognize the signals that suggest change
Requires managers to communicate both vertically and horizontally
Improves overall coordination within the organization
Encourages innovation and change within the organization to meet the needs of dynamic situations
2) How is strategic management different from health policy?
Strategic Management – involves strategic thinking, strategic planning, and managing strategic momentum
Strategic Thinking – Fundamental strategic skill – an intellectual orientation, a way of thinking or mindset
Strategic Planning – Process of creating a plan using strategic thinking
Managing Strategic Momentum – Process of Leading and Managing the Strategy using thinking and planning
Strategic management is a way of thinking – an approach for managing complex organizations; involves strategic thinking, strategic planning, and managing strategic momentum
Strategic thinkers draw upon the past, understand the present, and can envision a better future
Planners, on the other hand, figure out how to get where the strategic