Strategic Options Development And Analysis Assignment

Introduction

The leadership or management of any company is obliged to formulate the most appropriate strategies that are useful in guiding the employees to attain stipulated organizational goals. The appropriate strategy formulation is helpful to assist managers to expedite the management process and hence pursue the company objectives and goals by demonstrating to workers the proper path to be followed. The paper serves to discuss the essential attributes of strategic management in healthcare organizations by exploring the relationship between strategy formulation and situational analysis as well as the link between retrenchment and penetration strategies. The logical combination of these strategies and their relations to organizational vision is expounded (Ackermann & Eden, 2020). Additionally, the mission, vision, and values statement of various healthcare organizations as well as the strategic thinking map with the hierarchy of strategic decisions and alternatives for an organization is discussed. Strategic Options Development And Analysis Assignment

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The Relationship between Strategy Formulation and Situational Analysis

The formulation of strategies in an organization is the most appropriate path to attain the goals or objectives of the company hence attaining the desired vision. The major steps that are part of strategy formulation are setting objectives, analyzing the company environment, analyzing performance, attaining the intended goals for every department, and selecting the overall strategy to be adopted by the company. Therefore, situational analysis offers a background to formulate the required strategies by providing the needed information that relates to both the external and internal environment of the company (Joseph & Gaba, 2020). The company is initially required to comprehend the existing situation before formulating those strategies to be utilized in handling various objectives. In situational analysis, the assessment of external and internal factors is essential since they affect organizational performance and might hinder the attainment of set goals if they are not addressed in advance (Benzaghta et al., 2021). The blending of situational analysis and strategy formulation provides the company with a competitive edge over its worthy competitors. Strategic Options Development And Analysis Assignment

The strategy formulation focuses on the external and internal analysis o the situation before the strategy is selected. The external analysis encompasses the understanding of the industry, competitors, and market while internal analysis entails the weaknesses and strengths within the organization such as finances, resources, personnel, and set goals. The proper understanding of these dynamics is essential to choosing the appropriate strategy that is helpful to attain the company’s goals (Joseph & Gaba, 2020). The existing opportunities and external threats are also explored in situational analysis to provide comprehensive information that is needed for the organization’s competitiveness. The formulated strategies should address the impending threats, capitalize on likely opportunities, make use of internal strengths, and amend the prevalent weaknesses to attain the desired objectives holistically. The implementation of the strategy should be geared toward specific tasks and actions that are scrutinized through situational analysis to enable employees to perform well at every level of the company (Bottero, Alpaos, & Oppio, 2019). Thus, strategy formulation should go hand in hand with situational analysis to adequately guide the organization in the attainment of its vision, mission, and values, and achieve the desired goals.

The Link between Retrenchment and Penetration Strategies

The retrenchment strategy refers to the manner of reducing the cost that affects a particular organization while the penetration strategy refers to the approach of raising the market share. The retrenchment strategy minimizes the organization’s expenses to promote a stable financial status of the business while the penetration strategy is the aggressive action to achieve high market shares. The retrenchment strategy mainly focused on decreasing the number of personnel to reduce the operational cost whereas the penetration strategy was meant to raise sales volume (Kitsios, Kamariotou, & Talias, 2020). The use of a retrenchment strategy makes the organization increase its profit by lowering the operational cost whereas the penetration strategy increased profits through producing goods cheaply and selling more products. The retrenchment and penetration strategies are linked together since they both focus on increasing the organization’s profit to improve the financial performance thus protecting the company from collapse. Strategic Options Development And Analysis Assignment

Other Logical Combination of Strategies and Relation to Vision

The combination of the above adaptive strategies in an organization is essential for the company to enable it to attain the desired objectives. The combination promotes diversification as the market expansion that targets new users and the introduction of new products will boost sales although the operational cost is lowered. The use of harvesting strategy along with retrenchment strategy is useful in an organization since it promotes the reaping of more profits. Additionally, the reduction of production cost compared to the buying price of commodities in the actual market can be linked to strategies such as vertical integration to ensure that the organization attains more control over the overall sales (Ackermann & Eden, 2020). The combination of strategies may be useful as the organizational vision is spread out in various ways that generally add up to foster continuity in the management process in the long run and adapt to environmental influences. Strategic Options Development And Analysis Assignment

The adaptive strategy is essential in fostering incremental improvement to assist the organization to improve or expand market shares. The expansion strategy entails the expansion of the scope of existing business activities. The adoptive and expansion strategies are useful in improving the organization without incurring additional operational costs (Joseph & Gaba, 2020). However, it is impossible to practically have given strategies without proper vision in an organization since the latter defines the current situation and predicts the future of the company. The combination of several strategies enables the organization to attain its objectives of the company (Bottero, Alpaos, & Oppio, 2019). These combinations link well to the organization’s vision since they assist in ensuring that the strategies used should guide the management and ensure they do not deviate from the intended goals. Therefore the vision is related to the combined strategies since is the basis of planning the strategies used and defines how the stipulated objectives can be attained.

Professional Development

            The Ascension Health in St. Louis is a non-profit healthcare organization whose mission is deeply rooted in the loving ministry of Jesus Christ whom they regard as the healer. The organization commits to serving all individuals with the attention they deserve including special attention to the vulnerable and the poor. The health ministry of the organization is based on Catholic doctrines hence they are entirely dedicated to spirituality to provide holistic care to sustain and improve the overall health of people and communities. The organization advocates for a just and compassionate society via various actions, missions, and visions that envision vibrant healthcare that results in the transformation of lives (Benzaghta et al., 2021). The institution is committed to the well-being of people and communities and thus is prepared to respond to diverse healthcare needs. Additionally, the organization had the vision of expanding the role of the laity in sponsorship and leadership thus ensuring a promising future for the community by adopting values such as creativity, dedication, integrity, reverence, and wisdom. Strategic Options Development And Analysis Assignment

The Methodist Hospital is a healthcare organization that is run for profit its location is in Southern California. The mission of the organization is to offer high-quality services during the care of patients to meet their physical, spiritual, and emotional needs thus enabling them to attain holistic health. The vision is to offer exceptional experience by providing compassionate care and creating lifelong relationships through changing the manner of delivering healthcare to the community. The core values of the institution include integrity, respect, safety, excellence, accountability, and innovation (Joseph & Gaba, 2020). Another example is CVS Health a private institution whose statement compares with the American Medical Association which is a public body it challenges or made sense to the community with services and visions that evolve to suit the needs of people. The variation is that their vision attempt to appreciate their history and comprehend their capabilities to offer desired services and overcome unprecedented challenges (Kitsios, Kamariotou, & Talias, 2020). The mission of the organizations originated from the objectives which they expected to attain in their directional strategies. Their visions are inspiring, clear, and geared towards attaining excellence as they prepared to honor the past and embrace the future thus transforming the industry. Strategic Options Development And Analysis Assignment

Strategic Thinking Map; Hierarchy of Strategic Decisions

The Memorial Medical Center uses the directional strategy that stems from its mission of improving the overall health of individuals and the community they serve. The institution has the vision of being the leading hospital of excellence in providing quality healthcare services. Their values include excellent performance, equity, building the capacity of staff, serving humanity, responsibility, and respect for all. Additionally, the facility incorporated the adaptive strategy to be able to maintain the scope of practices by enhancing their services where they are established. They came up with an appropriate market strategy when they cooperate with St. Johns Hospital with joint priorities and decisions to work together for the betterment of service delivery and attaining common objectives (Ackermann & Eden, 2020). However, the institutions had their internal strategies that were unique to prioritize given healthcare dynamics to pursue their specified developments.

The two healthcare organizations had their diverse competitive advantage as they analyzed data differently from the CHNA resources that had crucial data gathered from Sangamon County. The institutions established defined criteria used for the evaluation of goals and priorities that required the most attention. The approach is solid and proves that the organizations pursued the alternative strategic management running across various financial years to be adaptable and initiate prompt measures in their action planning (Bottero, Alpaos, & Oppio, 2019). Their strategies and visions have always been revised to improve the services offered in different fiscal years to adapt to the changing trends and the objectives of the company. Strategic Options Development And Analysis Assignment

Conclusion

In summary, the appropriate strategy formulation is helpful to assist managers to expedite the management process and hence pursue the company objectives and goals by demonstrating to workers the proper path to be followed. The blending of situational analysis and strategy formulation provides the company with a competitive edge over its worthy competitors. The retrenchment and penetration strategies are linked together since they both focus on increasing the organization’s profit to improve its financial performance (Benzaghta et al., 2021). The combination of strategies may be useful as the organizational vision is spread out in various ways that generally add up to foster continuity in the management process.

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References

Bottero, M., D’Alpaos, C., & Oppio, A. (2019). Ranking of adaptive reuse strategies for abandoned industrial heritage in vulnerable contexts: A multiple criteria decision aiding approach. Sustainability, 11(3), 785. https://doi.org/10.3390/su11030785

Benzaghta, M. A., Elwalda, A., Mousa, M. M., Erkan, I., & Rahman, M. (2021). SWOT analysis applications: An integrative literature review. Journal of Global Business Insights, 6(1), 55-73. https://doi.10.5038/2640-6489.6.1.1148

Ackermann, F., & Eden, C. (2020). Strategic options development and analysis. In Systems approaches to making a change: A practical guide (pp. 139-199). Springer, London. https://DOI: 10.1007/978-1-4471-7472-1_4

Kitsios, F., Kamariotou, M., & Talias, M. A. (2020). Corporate sustainability strategies and decision support methods: A bibliometric analysis. Sustainability, 12(2), 521. https://doi.org/10.3390/su12020521

Joseph, J., & Gaba, V. (2020). Organizational structure, information processing, and decision-making: A retrospective and road map for research. Academy of Management Annals, 14(1), 267-302 Strategic Options Development And Analysis Assignment