The Mayo Clinic Case

As you know, the Executive Health experience at Mayo Clinic is unlike any other in the world, because like Mayo itself, it begins and ends with the needs of the patient at the forefront. Imagine a space similar to Rochester with floor to ceiling windows and all the accompaniments today’s top executives would need while away from the office.

In the healthcare field there are many institutions that specialize in different methods of treatment such as a nursing assistant, dentist, pathologist, psychiatrist and physical therapists to name a few. With these different jobs and countless employees in the medical profession, there are plenty of patients to be cared for because everyone needs medical attention no matter if it is a broken arm or getting a tooth pulled, health care is a necessity.

Porter's Five Forces is a simple but powerful tool that consist of 5 different forces to understand the competitiveness of your business environment, and for identifying your strategy's potential profitability. The five forces are degree of rivalry, threat of entry, threat of substitutions, buyer power, and supplier power. Each force is helpful in their own way to get to know your rivals a lot better and get to know what can happen in your market.

The Mayo Clinic is well known for quality embark. They are very determined in setting a new standard in healthcare by eliminating waste and improving efficacy. The healthcare has changed over the years and so has Mayo. They have put their effort in to quality because their patient was the focus which has made them money in the long run. They were about improvement and transformation. They overtime than had a test done to see if they could reduce the errors made by 50%. They went about in measuring patient safety and health care and found out they can prevent the areas so they need to have improvement in quality to be able to do that.

The analysis of the Porters five forces are very important to business entities. Based on the analysis a business can evaluate their current position and positions that they plan to progress towards as it relates to the industry they are operating in.

Porter 's Five Forces Model is a critical instrument to break down an outer aggressive environment of the business. The model incorporates threat of entry, the threat of rivalry, the threat of suppliers, the threat of purchasers and threat of substitutes.

Cleveland Clinic is one of big hospital in the United State. Generally, Cleveland Clinic provides optimal care of the patients. Main roles are taking care of the patients, examination patients’ problems, and providing education for the patients. The vision of the entire Cleveland Clinic is “Striving to be the world's leader in patient experience, clinical outcomes, research and education.” Cleveland Clinic has six foundational values: quality, innovation, teamwork, service, integrity, and compassion. The clinic continuously provides highest quality service, and the clinic innovates to achieve goals in better ways. Healthcare professionals collaborate together to achieve goals, and the clinic provides comfort and convenience services. The clinic

Porter’s Five Forces is a framework that consists of five competitive forces, threat of entry, power of supplier and buyer, threat of substitution and competitive rivalry. These forces facilitate the analysis of the task environment of an industry or company (Wheelen and Hunger, 2009).

developing a rapport with ones patients and that a little compassion and understanding can mean the world to a

The Porter Five forces analysis is a structure for business management developed by Michael Porter in 1979. It uses concepts developed in Industrial Organization economics to derive five forces that determine the attractiveness of a market. Porter referred to these forces as the microenvironment, to contrast it with the more general term microenvironment. They consist of those forces close to a company that affect its ability to serve its customers and make a profit. This concept involves a relationship between competitors within an industry, potential competitors, suppliers, buyers and alternative solutions to the problem being addressed. A change in any of the forces normally requires a company to re-assess the marketplace.

The Porter's Five Forces method is a simple for comprehending where power is within a business. This is helpful, because it helps you realise both the strength of your current competing situation, and the strength of a position you're debating moving to in the future.

Porter’s Five Competitive Forces Analysis is a framework developed by Michael E. Porter of Harvard Business School for study of industry analysis by analyzing five competitive forces which define industry and its business strategy. These five competitive forces determine the competitive advantages, disadvantages and attractiveness or profitability of industry.

Porter’s five forces analysis is a tool is useful for us to analyse the threat of competition in an industry. Porter believed that the industries were influenced by five forces; competitive rivalry, threat of new entrants, bargaining power of suppliers, bargaining power of buyers, and the threat of substitutes. Analysing these areas can allow you to see attractiveness of the market and find a competitive advantage.

Porter’s 5 Forces analysis is a commonly used business theory that identifies the 5 competitive forces of an industry. By identifying and analysing these forces you can determine an industries weaknesses and strengths. Porter recognised the 5 forces in most business markets to be internal rivalry, entry, substitutes and compliments, supplier power and buyer power.

The Porter`s five forces are threats of new entrants, the bargaining power of buyers ,product substitution and intensity of rival of rival among competitors .These forces measure the competitiveness of the market and also helps the company to identify strategies to use to penetrate such and gain market share.