6. Strategic Planning and External Forces Influencing Health Service Providers Flashcards

1
Q

Strategic Business Planning

The ideas and actions that focus on securing the desired future for an organization

A

strategies

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2
Q

Strategic Business Planning

is a management philosophy that emphasizes thinking in terms of strategies.

A

Strategic management:

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3
Q

Strategic Business Planning

addresses the question of what we should be doing and why we should be doing it.

A

strategic thinking

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4
Q

Strategic Business Planning

Where are we now?

A

Mission

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5
Q

Strategic Business Planning

Where are we going/Where do we want to be?

A

Vision, Goals

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6
Q

Strategic Business Planning

STEPS OF STRATEGIC PLANNING

A
  1. Determine where you are (strengths and weaknesses) through honest external and internal reviews
  2. Determine where you want to be in the long term (mission and vision) and set priorities to be addressed
  3. Define the objectives that must be met to address each priority
  4. Determine who is accountable for meeting the objectives (allocation of time, human capital, and finances)
  5. Conduct frequent formal reviews of the process to determine progress towards goals
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7
Q

Strategic Business Planning

Core Elements of a Strategic Plan:

A
  • A mission statement
  • A vision statement
  • Strategic goals
  • Strategic objectives
  • Tactical action plans or operational plans
  • Implementation planning schedule
  • Outcome measures
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8
Q

Strategic Business Planning

The purpose is to determine the viability of an idea

A

Feasibility study

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9
Q

Strategic Business Planning

Managers might conduct ________ studies before presenting an innovative idea to upper-level managers for approval

A

feasibility

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10
Q

Strategic Business Planning

a detailed description of how a new business will achieve its financial goals

A

business plan

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11
Q

Strategic Business Planning

who is the target audience for business plans?

A

External financial stakeholders such as investors or lenders

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12
Q

Strategic Business Planning

Key business plan sections include:

A
  • Marketing plan (e.g., customer [market] demographics, growth trends, customer preferences)
  • Operations plan (e.g., governance, business structure, human resource and infrastructure
    requirements)
  • Financial plan (e.g., analysis of expenses, budgets, return on investment)
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13
Q

Strategic Business Planning

The mission statement states the ​

A

purpose for the business to exist.

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14
Q

Strategic Business Planning

The vision defines the

A

business’ ideal future state.

*Also referred to as “Envisioned Future”

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15
Q

Strategic Business Planning

Mission Statements Identifies:

A

◦ Who we are
◦ Whom we serve
◦ What we do best
◦ What is unique about us

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16
Q

Strategic Business Planning

describe internal weaknesses or external threats that must be addressed.

A

critical issues

17
Q

Strategic Business Planning

describe the forces that motivate a business and the behaviors it promotes in its employees.

A

value statements

  • We believe. . .
  • We are committed to. . .
  • We value. . .
  • The why’s of the mission
  • Qualities that demand respect
18
Q

Strategic Business Planning

Objectives are achieved through

A

tactical action plans

  • Such plans:
    • Are specific
    • Have set timelines for achievement (implementation schedule)
    • Assign responsibility
    • Produce measurable outcomes
19
Q

Strategic Business Planning

Getting started with a strategic business plan:

A
  1. Solidify mission statement
  2. Formulate vision statement
  3. Determine the disparity between where the business is now and where it wants to be (gap analysis):
  • External factors seen as opportunities and threats
  • Internal factors seen as strengths and weaknesses
  • Consideration of these 4 factors is known as a SWOT analysis.
20
Q

Strategic Business Planning

SWOT analysis

A
  • Strenghts
  • Weakness
  • Opportunities
  • Threats
21
Q

Strategic Business Planning

PEST analysis:

A

Focus on external environmental factors first

  • Political (e.g., tax rate, price regulation)
  • Economic (e.g., state of economy, interest rate)
  • Social (e.g., market demographics, attitudes)
  • Technological (e.g., new devices, infrastructure)
22
Q

Strategic Business Planning

S.M.A.R.T.E.R. goal

A
  • S-pecific…enough to be understood
  • M-easurable…to see if it is working
  • A-ction Oriented
  • R-ealistic…to try
  • T-imed…so a completion date can be set
  • E-valuated…by comparing current with the desired outcome so changes can be made if needed
  • R-evaluated…when goal achieved with intent to improve next planning cycle