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Year 4 - Management > 3 & 4 - Strategic Management > Flashcards

3 & 4 - Strategic Management Flashcards

1
Q

Define strategic planning

A

Process of determining mission/ vision statements, formulating goals, envisioning the future, planning the steps to achieve desired goals/outcomes

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2
Q

Define strategic management

A

Process of implementing and evaluating decisions in order to reach the organizations goals and objectives while ensuring the organization is aligned w/ the external (competitive) environment

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3
Q

Describe the 4 stages of strategic planning, and which step of Kaplan and Norton each coincides with

A
  1. Environmental scan (step 1 in Kaplan & Norton) – gathering, organizing and analyzing the competition, industry, and environment
  2. Strategy formulation (steps 2, 3, and 4) – prioritize strategies and determine resources required to reach goals
  3. Strategy implementation (step 5)
  4. Strategy evaluation (step 6)
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4
Q

Describe a mission statement

A
  • Defines purpose and primary objectives
  • Statement of how an organization will achieve its purpose/ how it is different
  • Broad statement that is concise
  • May change w/ organizational change
  • Statement should be related to the business (products, services, customers, quality, efficiency)
  • *Major part of strategic planning
  • Feasible, clear, inspiring, precise, unique, credible
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5
Q

Describe a vision statement

A
  • Indicates where the organization wants to be in the future (dreams and aspirations)
  • Should be inspirational
  • Doesn’t change even if the environment changes – speaks to what the organization represents
  • Aligned w/ organizational culture and values
  • Harmonize, clear, realistic, short and concise
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6
Q

What is the major difference between a mission statement and a vision statement?

A
  • Mission statement is more for customers b/c tells what the business is
  • Vision statement more for employees b/c tells them where you want to go
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7
Q

What are core values?

A
  • Fundamental beliefs of the organization
  • Guiding principles for behaviour and action of an organization
  • Shared ideas w/in the organization
  • Values should be incorporated into the training, rewarding and consequences for employees
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8
Q

What are SMART goals?

A
  • Specific
  • Measurable
  • Achievable
  • Realistic
  • Time-framed
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9
Q

Describe an environmental scan

A
  • Analysis of internal and external environment of an organization
  • Considers trends that affect the business now and what could affect it in the future
  • Involves staff and customer opinions
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10
Q

Describe an internal analysis

A
  • Identifies strengths and weaknesses in the organization
  • Includes employees, management, and stakeholders (px, HCPs, regulatory bodies, etc.)
    • Surveys, discussions, interviews w/ each employee, focus groups
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11
Q

Describe an external analysis

A
  • Competition – brands, services, products, pricing strategies; constant monitoring
  • Gov’t – policy changes, payment changes
  • Demographics – helps w/ forecasting future trends
  • Technology
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12
Q

What should be considered regarding strengths and weaknesses?

A
  • People/skills (expertise or skills of employees, customer service, staffing levels, right people for the job)
  • Organizational structure (business structure, communication w/ employees, management)
  • Facilities/location (availability and condition of business, accessibility, parking)
  • Market assets (image/ reputation in the eye of the customer, services, brand recognition)
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13
Q

What should be considered regarding opportunities?

A
  • What needs are not being met in the marketplace?
  • Do local demographics support what you want to do?
  • Can you offer a service that is better than your competitors?
  • How is the environment changing to your advantage or disadvantage?
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14
Q

What should be considered regarding threats?

A
  • What potential problems might threaten the success of organizations initiatives?
  • What potential new competitors may arise? How might the firm’s current competitors respond to your changes/services?
  • What changes may be occurring in the environment to make your product or service obsolete?
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15
Q

What are Porter’s 5 forces?

A
  1. Threat of new entrants/competitors
  2. Customers buying power
  3. Threat of substitutes (products or services)
  4. Supplier power
  5. Rivalry among competing firms
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16
Q

What is the difference between Porter’s 5 forces and a SWOT analysis?

A

Porter’s 5 forces looks more externally than a SWOT analysis, so not as relevant for pharmacy b/c we need to look internally as well

17
Q

Describe “threat of competition”

A
  • Competitive rivalry is most likely in industries w/ many competitors
  • Large # of competitors = lower price of product or service (professional fees)
  • In pharmacies, professional fees are not the money-maker, so pharmacists have to focus on services and what they can do differently
18
Q

Describe “threat of new entrants” (what would be easy or difficult to enter)

A
  • Easy to enter -> common technology, low cost to enter marketplace, absence of customer loyalty, absence of strong brands; no reason for people to go to one place over another
  • Difficult to enter -> patented product/ service, high cost for entry into the marketplace, high customer loyalty, well established brands
19
Q

Describe “bargaining power of buyers/ customers”

A
  • Small customer base = more power to demand service/ pricing in order to keep them
  • Others supplying the same service/ product = risk customers will shop for the best deal
  • Strong branding/ brand identity = less chance customers will change
20
Q

Describe “threat of substitutes”

A
  • How easy is it for a customer to switch from a product or service that someone else offers?
  • Do reasonable alternatives to your product or service exist?
21
Q

Describe “bargaining power of suppliers”

A
  • How much power does the supplier have?

- Fewer suppliers = more power they have/higher costs

22
Q

What are the steps of the planning phase?

A
  1. Identify who your customers are and what do they need
  2. Develop mission statement and vision statement
  3. Review SWOT analysis
  4. Prioritize goals and strategies
  5. Define who and how results will be measured
23
Q

Describe how to plan a strategy

A
  1. Set objectives and targets -> what is our strategy and what are the long term and short-term goals?
  2. Evaluate the environment -> what are the initiatives required to compete in the environment?
  3. Resources required?
  4. Performance analysis -> who does the analysis and when?
24
Q

What are the steps of the implementation phase?

A
  1. Organize and educate teams for implementation of different phases
  2. Communicate the plan
  3. Develop action plans, timelines, and targets
  4. Implement the changes
25
Q

What are the steps of the evaluation phase?

A
  1. Regular reporting by those involved
  2. Adjust when needed or celebrate successes
  3. Use of reporting methods (scorecards, dashboards)
  4. Continued communication to employees
26
Q

How should you evaluate strategies?

A
  • Review the main strategies (internal and external forces)
  • Measuring performance
    • Quantitative (financial ratios)
    • Qualitative (human factors)
  • Corrective actions
27
Q

What is a balanced scorecard?

A
  • Tool used to help an organization align their shared vision focusing on strategies and results
  • Used to measure the effectiveness of an activity against the strategic plan
  • Often used in hospitals, long-term care facilities, mental health centres, health insurance companies, and some chain pharmacies
28
Q

What is a key performance indicator (KPI)?

A
  • KPI = measurable value that determines if an organization is reaching key objectives (performance measurement)
  • Quantifiable measure of quality that is clearly linked to organizational priorities
  • Monitors effects of practice improvements, compare results from competitors/ industry leaders (benchmarking), track outcomes in healthcare
29
Q

Examples of KPI’s?

A
  • Patient care outcome
  • Productivity outcome
  • Cost outcomes

Year 4 - Management (18 decks)

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