An Overview Of Theories Of Strategic Management And Its Application For Private Healthcare Organization Essay

Strategy refers to the plan or action taken to achieve organizational goals. When Ellen took over Tufts-NEMC, the hospital was struggling with payroll and scale. Ellen had to focus on meeting payroll, a short-term strategy, and could not focus entirely on the longer term. She took some immediate measures to help cut cost

Without strategic planning, several things can go wrong including missing out on great opportunities. Strategic planning is an organization’s outline to help achieve its purpose. Although strategic planning begins at the top of the pyramid, it is more effective when it is carry out as a whole among other in the organization. Having a good internal control system in place protects an organization from high risk, fraud, and more. Jackson Memorial Hospital has several weaknesses which are similar to its competitors and other health care organizations. For instance, Mount Sinai Medical Center one of Jackson Memorial’s competitors, encountered lack of strategic planning that led to many issues such as with readmissions, surgical complications,

Managing a strategic plan is about setting the underpinning aims of an organization, choosing the most appropriate goals and fulfilling them overtime (Masood et al., 1995). Furthermore, managing a strategic plan can be defined as the art of formulating, implementing and evaluating cross-functional decisions that helps as organization to achieve their objectives (Analoui & Karami, 2003, p. 5).

There is little distinction on how healthcare organizations conduct strategic assessment or the level to which strategic planning affects performances. Theories propose different explanations of the importance of strategic assessment in organizations. Reading numerous articles, shows no impact or changes on ways to view or think of strategic assessment. The use of strategic assessment is supported by many organizations, including healthcare. Organizations incorporate strategic assessment with marketing, others assign it to planners, and others distribute among the top management team. Which either ways, the ideal of assessing shows the organization’s willingness to achieve a goal. In this assignment, the use of SWOT concept is employed

The Institute of Medicine’s (IOM) six aims of quality provide an advantageous framework to progress the quality of care in the U.S.A. health care system. IOM developed six aims for improving to provide safe, effective, patient-centered, timely, efficient, and equitable patient care (Institute of Medicine, 2001). Organizations need to strategically plan to evolve in meeting IOM’s six aims and to remain a financially sound entity. Strategic planning involves defining the future and stipulating the measurement of achievement (Sare & Ogilvie, 2010). The purpose of this paper is to start the initial steps for creating a strategic plan in a healthcare organization, through describing and evaluating an unmet need, considering the mission, vision, and values, providing the background context, vision, strategic goal, and consider the broader issues.

According to Meyer, (2010), strategy is the action that company can take to achieve its desired goals. When it comes to a company, thinking can be said to be either long-term or short-term. When translated into action, it is what is called operations or projects. However there are differences between operations and

‘Strategy is the direction and scope of an organisation over the long term, which achieves advantage in a changing environment through it’

A strategy is said to be a plan that is made for the long term success of a product or brand. It is extremely important to have a strategy in order to figure out a direction towards which any company is able to focus all its resources efficiently and achieve desired outcomes. Formulating effective strategies is a considerably long process in itself that combines analysing several factors, situations and issues that are already present in a company and looking to improve on them alongside trying to implement various innovations and ideas to collectively create a direction towards which they can move and direct the resources available to them.

Corporate Strategy has been defined by numerous authors. Grant (1995) claims corporate strategy deals with the way a corporation manages a number of different businesses. Lynch, R, in both his third and fourth edition books on corporate strategy refers to Penrose (1959) definition of corporate strategy as “the pattern of major objectives, purposes or goals and essential polices or plans for achieving those goals, stated in such a way as to define what business the company is in or to be in and the kind of company it is or to be”

Strategic leadership in healthcare is the act of transforming a health care organization so that its daily functioning matches the organization’s vision, core values, the cultures it serves, as well as organization’s culture, organizational climate and structure. In implementing strategic leadership, managers and healthcare executives can gain a greater sense of clarity in the changes that need to be made so that the organization can reach its full potential. Healthcare leaders can also make stronger connections internally and externally, with incorporating strategic leadership, to help the organization grow and expand the organization’s reputation, while contribute to the organization’s well-being.

There is no exact definition for Strategy because it is defined in different ways as some people think that make a plan to get success in future is a strategy while others think that future is hard to predict. Exceptionally, some Japanese companies have no strategies though these companies have a good cost and continuous improvement. The definition for strategy is to explain the direction and scope of any company for the long term to achieve advantage for the company or to fulfill the needs and expectations. Strategy is different from Operational effectiveness and they work in different manner in the companies. Michael Porter, who is a professor at Harvard Business School and a strategy expert, says that it should determine how organizational resources and skills should create advantage. Accordingly, Strategy can also be defined as an organizational change during actions in the organizations for better and advantageous results or to determine how we win and get success in the future period. It is a needful developed plan with respect to market to compete the world. Organizations should be responsible for competitive changes according to the market. It is the main goal for any Organizations. Business/IT strategy is very important to know the success rate of your business. Apart from Business Strategy, the other two main types of strategy are Corporate Strategy and Team Strategy. These strategies give competitive advantage of cost leadership, differentiation and focus. The

A company 's strategy consists of the competitive moves and business approaches that managers are employing to grow the business, attract and please customers, compete successfully, conduct operations, and achieve the targeted levels of organizational performance.

These health care organizations have two types of planning to follow, and they are tactical and strategic planning. When tactical planning takes place, there is a short term goal in mind (Society for Human Resource Management, 2102). The course of action for a tactical plan is to achieve a goal within a year or less time period (Society for Human Resource Management, 2102). A tactical plan has a smaller scope and shorter time span than a strategic plan (Society for Human Resource Management, 2102). It takes several tactical plans to achieve the strategic plan (Society for Human Resource Management, 2102). Strategic planning differs from tactical planning, because in strategic plan, the course of action is to achieve goals for the long term (Society for Human Resource Management, 2102). Strategic planning goals are usually wanted to be completed with five years (Society for Human Resource Management, 2102). The organization’s mission statement purpose and direction are reflected upon strategic planning (Society for Human Resource Management, 2102). Top management must view reports on operations, external environments and finances when looking to develop a strategic plan (Society for Human Resource Management, 2102). The development of tactical plans are influenced by strategic plans (Society for Human Resource Management, 2102).

Johnson, Wittington, Scholes, Angwin and Regnér (2014, p. 3) defines strategy as ‘the long-term direction of an organisation’.

Organizational strategy can be defined by examining: the analysis of the strategy, the choice of strategies and the realization of strategies. The analysis of the strategy: the process begins with the definition of the mission and the long-term objectives of the company. Any choice has to predict its future evolution and continuously follow the undergoing of the process. The analysis of the strategy points out: what is or what should be the strategic position of the company towards the competing companies and the environment; decides the actions for achieving company’s goals and the relative times; chooses between the many options that present themselves; which competences and resources does the company have and how they can help to get