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Strategy Development Report

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Strategy Development Report

Introduction

St. Matthew’s Hospital is designing an extensive strategic plan to improve its place in the growing market of healthcare providers. This strategy consists of cost initiatives and differentiation, enhancements to patient care, and targeted market organizational strategy. Generic strategic tools help evaluate internal and external conditions, allowing to identify the hospital’s further development chances when using the Ansoff Matrix. This paper discusses these strategies and how to improve them for a sustainable and competitive future: Strategy Development Report.

Cost Strategy

             The emphasis on developing a cost strategy for St. Matthews Hospital should be placed more on optimizing its operations to offer its customers the best services. The hospital should consider outsourcing some of the support services to make efficiency a key strategy for resource utilization. It should also adopt low-cost technologies such as telemedicine to extend its capacity to serve more clients conveniently.

Also, applying special buying power, improved stock management, and eradicating waste can significantly reduce costs (Lee et al., 2023). Therefore, these should make St. Matthew Hospital more financially viable in its operational costs for nonclinical areas and adapt to the clinical application of improved technology in the delivery of clinical care rather than reacting to the probable oversaturated and competitive healthcare market environment.

Differentiation Strategy

The key component within the St. Matthew Hospital’s differentiation strategy is the unique and superior product offering of health care services. This approach emphasizes specialized treatments, an individualized approach to patient management, and the application of highly technical specialized procedures. The healthcare facility advances its position as a leading healthcare provider by availing of technologically progressive medical care methods, including telemedicine and precision medicine (Garfan et al., 2021). The hospital also focuses on customer satisfaction, individual patient care plans, and the patient as the key concern. Differentiation is a way to make patients loyal, increase the range of patients, and get more money from insurance companies.

Generic And Market Strategies

St. Matthew Hospital uses both generic and market strategies to increase its market share within this industry. The generic strategy for the company is the differentiation strategy, whereby this company will provide the difference, particularly with special services like superior treatment, individualized approach, superior treatment methods, and the incorporation of better technologies into this medical sector. A differentiation strategy helps the hospital capture as many patients as possible who need good healthcare solutions (Flessa & Huebner, 2021).

Concerning the market strategy, St. Matthew Hospital serves certain patient groups, such as patients with complex health problems,  elderly patients, and patients with ailments and chronic diseases. By identifying these aspects, the hospital will be able to address them in terms of better service delivery, improve the satisfaction rate of the patients, and build a loyal customer base while remaining competitive in the evolving healthcare market.

Strategy Selection And Justification

St. Matthew Hospital should adopt a differentiation strategy as its primary approach due to the increasing demand for specialized healthcare services and the need to stand out in a competitive market. Consequently, the hospital can target patients who seek quality, intimate experiences and are willing to pay for specialized, state-of-the-art medical attention and personalized treatments. The strategy also benefits the hospital by improving its image and making the hospital charge higher prices for premium services. Consequently, differentiation helps the hospital bond patients to the hospital to ensure customer loyalty, enhance patients’ health, and design a market niche that differentiates them from other hospitals.

Four parts of the Ansoff matrix

The Ansoff Matrix outlines four growth strategies for businesses: market penetration, product development, market development, and diversification. Market penetration is the strategy to sell more existing products to customers to obtain a larger market share. Product development is developing new products or enhancing the existing ones to fit the prevailing market (Liu et al., 2024).

Market development means offering current products in new markets and selling current products to new consumer groups or in new locations (Goldman et al., 2020). Diversification includes the development of new products that are offered to new markets, thus minimizing the danger but at the same time requiring many investments and resources.

Summary Analysis And Recommendation Of The Work Done In Parts I–IV

In Parts I–IV, activities that formed the strategic foundation for St. Matthew’s Hospital were outlined and brought into focus: the main principles of quality improvement (QI), further steps in strategic mapping, possible technical solutions, strengths, weaknesses, opportunities, and threats. The first report recommended that the board and management of the hospital play a central role in defining the organization’s mission since it requires constant change and the establishment of a profound transformation agenda.

Moreover, brainstorming as one of the instruments in data collection and decision-making in strategic management and how such tools as infinity charts are used in making decisions was examined. These analyses also underlined the importance of matching organizational strengths with opportunities that would help eliminate this or that weakness or threat, thus avoiding a solely focused approach to developing strategic objectives.

Based on the analysis, the recommendation is for St. Matthew’s Hospital to prioritize embracing innovative technology while addressing barriers to its adoption. Tools such as the Grand Strategy Matrix and the SWOT analysis could help the hospital better understand its positioning inside and outside the organization. The hospitals should use external opportunities to offset threats and weaknesses and guarantee the best services and competitiveness in the healthcare sector. Holding important stakeholders in determining strategies to create a culture of adaptability and embracing a quantitative approach in managerial decision-making could prepare St.Matthew hospital  for long-term success in this dynamic healthcare environment.

References

Flessa, S., & Huebner, C. (2021). Innovations in Health Care—A Conceptual Framework. International Journal of Environmental Research and Public Health, 18(19), 10026. ncbi. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8508443/

Garfan, S., Alamoodi, A. H., Zaidan, B. B., Al-Zobbi, M., Hamid, R. A., Alwan, J. K., Ahmaro, I. Y. Y., Khalid, E. T., Jumaah, F. M., Albahri, O. S., Zaidan, A. A., Albahri, A. S., Al-qaysi, Z. T., Ahmed, M. A., Shuwandy, M. L., Salih, M. M., Zughoul, O., Mohammed, K. I., & Momani, F. (2021). Telehealth utilization during the Covid-19 pandemic: A systematic review. Computers in Biology and Medicine, 138(104878), 104878. https://doi.org/10.1016/j.compbiomed.2021.104878

Goldman, S. P., Herk, H. van , Verhagen, T., & Weltevreden, J. W. (2020). Strategic orientations and digital marketing tactics in cross-border e-commerce: Comparing developed and emerging markets. International Small Business Journal: Researching Entrepreneurship, 39(4), 350–371. Sagepub. https://journals.sagepub.com/doi/full/10.1177/0266242620962658

Lee, V. S., Gerwig, K., Hough, E., Mate, K., Biggio, R., & Kaplan, R. S. (2023). Decarbonizing Health Care: Engaging Leaders in Change. NEJM Catalyst Innovations in Care Delivery, 4(5). https://doi.org/10.1056/cat.22.0433

Liu, G., Chen, Y., & Ko, W. W. (2024). The influence of marketing exploitation and exploration on business-to-business small and medium-sized enterprises’ pioneering orientation. Industrial Marketing Management, 117, 131–147. https://doi.org/10.1016/j.indmarman.2023.12.012

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Question

Unit 4 – Individual Project (140 points)

Due: Tue, Dec 17 |Printer Friendly Version

Description

You will create this assignment following the Assignment Detail instructions below.

Review the tutorial How to Submit an Individual Project.

Assignment Details

This Individual (IP) builds upon your work in Units 1, 2, and 3.

Now, you want to integrate the implementation and use of technology in your strategic plan and have decided to prepare an Integrated Analysis for Effective Management Report for the Board of Directors.

Address the following in your report:

Deliverable Requirements

For Part IV of your strategic plan, answer the above in at least 5 pages (Title and Reference page are not counted) and cite 5 sources in APA format.

Submitting your assignment in APA format means, at a minimum, you will need the following:

Strategy Development Report

Strategy Development Report

Please submit your assignment.

Assignment Reminders:

For assistance with your assignment, please use your text, Web resources, and all course materials.

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