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Unit4HCM640DBResponsetoClassmateDue2.1.20.docxUnit 4 HCM640 DB Response to Classmate Due Saturday 2.1.20
Regenia Smith
Unit 4 - Discussion Board
When formulating strategies, there are 5 categories of strategy formulation available to utilize: directional strategies, adaptive, market entry, competitive, and implementation strategies. To be effective, the strategies must be formulated in a specific order.
· Why is it so important to formulate strategies in this specific order?
Strategy formulation helps the organization to examine the prospect of change. It allows the organization to plan its capital budgeting. The success of the organization is vital, these strategies are based on the strengths and weaknesses of the organization.
· Provide an example of each category of strategy formulation for discussion.
a. Directional strategies-determine what will best grow the company while meeting its goals and objectives.
Ex. Helps the management to stay focused on the goals and objectives.
b. Adaptive strategies-the organization leaders must be adaptive and adopt the changes.
Ex. A rapid response to change. New advances in technology.
c. Market strategies-is the planned method for delivering goods and services in a new market.
Ex. Introduce a new product or service, increase market share by having a referral program.
d. Competitive strategies-help the organization to find ways to differentiate themselves from the competitor to increase patients and profits.
Ex. patients having access to services in one place. Doctors compete for patients
e. Implementation strategies-organizations put strategies and plans into action.
Ex. having the right people in the right place to implement the plan.
· Based on your perspective, is one type of strategy formulation more effective than another for an acute care hospital? Why or why not? I think that all play a role in the success of the organization. Yet, the organization must remain competitive to increase profit and stay in the game.
Singh, Sanjay K., Watson, Hugh J., Watson, Richard T., EIS Support for Strategic Management Process. Decision Support System 33 (2002),
71-85. Retrieved 1 August 2001. www. Elsevier.com/locate/dsw
