WGU C432 Healthcare Management and Strategy + Pre Assessment

WGU C432 Healthcare Management and Strategy + Pre Assessment Business-Level Strategy a plan that indicates how a division intends to compete against its rivals in an industry Corporate-Level Strategy A plan that indicates in which industries and national markets an organization intends to compete. Emergent-Strategy any unplanned strategic initiative bubbling up from the bottom of the organization Functional-Level Strategy Strategic scope and direction at the operating division, department, or project level. This type of strategy is driven by product or service line. Prospective Strategy A planning function that forecasts an organization's future situation and designs means to guide an organization's future decisions. Industry A particular category of business or economic activity; an aggregation of sellers whose products are close substitutes. Market Structure The organizational characteristics of a market that exert a strategic influence on the intensity and form of competition. Markets Places, systems, and processes through which buyers and sellers exchange goods and services. Patient-Origin Study Data that describe the proportion and number of an organization's customers (patients) who come from different geographic locations. This data can be arrayed and graphed to display the provider's primary and secondary service areas. Perfect Competition One of the four basic types of market structures. Perfect competition exits in markets composed of many small organizations that produce an undifferentiated, homogeneous product. Societal Environment The public and socioeconomic factors surrounding and influencing an organization, such as general economic conditions, population demographics, cultural values, governmental regulations, and technology. Broad Differentiation Strategy A type of strategy aimed at offering products that consumers perceive to be distinct from competitors' products and that appeal to a wide segment of a market. Broad Low-Cost Strategy A type of strategy aimed at providing low-cost products to a broad customer segment. Business Model The underlying structure of an organization; the means through which an organization creates and delivers value to its customers and earns revenues. Customer Value The perceived benefits of a product or service. Consumers may find value in many aspects of products and services, including range and type, degree of customization, availability and accessibility, and quality/cost trade-off. Focused Differentiation Strategy A type of strategy aimed at offering products that consumers perceive to be distinct from competitors' products and that appeal to a limited industry niche or customer segment. Focused Low-Cost Strategy A type of strategy aimed at providing low-cost products to a limited subset of the broad mass market. Generic Strategy Commonly used strategies that combine a target market (ex. a small segment of a population) and a type of differentiation (ex. low cost).