Florida Blue Strategic Improvements

Florida Blue Strategic Improvements

Purpose of the Strategic Plan

According to Brown (2022), a strategic plan helps organizations set objectives to achieve more predictable and stable growth. The main purpose of the strategic plan is to help Florida Blue set its goals and how they will be achieved. For example, the strategic plan will also guide Florida Blue in determining what should be done to become a corporate leader in health-related topics.

Key Objectives

Florida Blue’s key objectives are to promote health equity, food security, and mental well-being. The company’s plan to enhance food security includes guaranteeing access to healthy food for people living in food deserts, guaranteeing affordability of healthy food, creating awareness, and educating people about proper nutrition. The company’s health equity objective includes guaranteeing access to health and healthcare for underserved populations, providing education and awareness around patients’ health inequity, and guaranteeing access to health education. The mental well-being objective includes creating awareness of current mental health status, educating people about mental well-being, and supporting people in addressing loneliness, anxiety, and addiction.

Market Development and How the Ideas Fit

The healthcare industry is stiffly competitive, hence the need for Florida Blue to establish a competitive advantage by developing its market. Corporate social responsibility and environmental sustainability ideas fit in market development because they enable the company to stand out from competitors. For example, the company’s Feeding Tampa Bay initiative is essential in giving back to the community by providing food for the poor people in the community and collaborating with the community to promote healthy living. The company can leverage the good reputation gained from its corporate social responsibility and environmental sustainability initiatives to attract more customers and retain the existing ones, thus creating a competitive advantage.

Process Improvement

Florida Bay can improve its processes by partnering with community leaders to understand the community’s needs and offer services to those who require them. The company can also improve its processes by creating a team to oversee the delivery of services to the community and get feedback from the community to identify areas for improvement.

Development of People

The development of people is essential in improving a company’s performance and reputation. Therefore, Florida Bay should invest in training its employees to equip them with the knowledge, skills, and expertise needed to perform assigned tasks effectively.

Product/Service

The company delivers its services by partnering with communities. The company can improve the quality of its services over time by integrating technology into its operations. For example, it can introduce online awareness programs to educate people about healthy living. The company can also use online platforms to get feedback from clients about its services and identify areas for improvement based on the feedback.

Key Performance Indicators (KPIs) To Measure Performance

One of the key performance indicators that Florida Blue can use to determine whether its strategic plan is effective is the number of new customers acquired per week. The second key performance indicator is the company’s rating and positive feedback from customers. For example, positive feedback from people who have developed healthy mental well-being can indicate that the company is successful in increasing the community’s mental health.

Initiatives to Support the Objectives to Improve the Strategic Plan

One of the initiatives that Florida Blue can use to support its objectives to improve its strategic plan is partnering with community leaders to identify the community’s needs related to mental health, health fairness, and food security. The second initiative is creating online health awareness programs to engage people in discussions about health-related topics and exchange ideas on how health fairness can be achieved.

Ways to Adapt To the Changing Business Environment

According to Mishra (2017), adapting to the business environment is essential in increasing an organization’s competitive advantage. Florida Blue can adapt to the changing business environment by using social media platforms to engage people in discussions about health-related topics to get different ideas that can be implemented to increase health fairness and improve the mental well-being of the people in the community.

References

Brown, M. (2022). Strategic planning. Strategic Airport Planning, 7-25. https://doi.org/10.4324/9781003173267-2

Mishra, C. S. (2017). Competitive advantage logic. Creating and Sustaining Competitive Advantage, 3-34. https://doi.org/10.1007/978-3-319-54540-0_1

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Assignment Content

Using your analysis of the strategic plan from the Wk 2- Strategic Plan Research assignment, complete the following:

Florida Blue Strategic Improvements

Analyze in 350 to 525 words the:

Purpose of the Strategic Plan
Key objectives:
Market development and how your ideas fit
Process improvement
Development of people
Product/service – How do you deliver? Is there a way to improve quality over time to differentiate?
Key performance indicators (KPIs) to measure performance over time

Recommend initiatives to support your objectives to improve the strategic plan.

Identify ways to adapt to the changing business environment.