The Healthcare Industry : A Fast Paced World

1519 WordsApr 25, 20167 Pages
The healthcare industry is a fast-paced world that is directly influenced by research and development, which increases new technological advanced medical treatments for patients. However, with the investment into this new medical technology comes an increase in expenditures for the health care business. Therefore, in order to combat expenditures of the health care business the company should invest their strategic thinking into developing a strategy that will bring profit to the company and longevity. A necessary step into creating that strategy requires a situational analysis of the external and internal environment of the health care business, which will help to identify competitive advantages (Kokemuller, n.d.). In turn, using strategy formulation the business can develop strategies that address where the company is going, the exact methods of how the company will be getting to that future, creating ways of propagating the intentions of the company, and deciding the organizations behavior within the market that the company is targeting (Ginter, Duncan, & Swayne, 2013, p. 210). Subsequently, these steps help to form the strategy of the health care business, but one must use an action plan to make sure that employees and management are utilizing the strategy properly. The action plan will help to make sure the lines of communications are spread throughout the company from the top of management down to the employee, so that everyone is aware of their part in creating a
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