Healthcare Management WGU C432 - Ch 1 & 2 QUESTIONS AND ANSWERS 2022

Healthcare Management WGU C432 - Ch 1 & 2 QUESTIONS AND ANSWERS 2022Business-level strategy The strategic scope and direction of strategic business units (SBUs). SBUs focus on specific product/service lines while under the umbrella of corporate direction. Corporate-level strategy The overall strategic scope and direction of a corporation. The primary function of corporate-level strategy is to allocate capital funds to SBUs and decide which businesses to enter or exit. Emergent strategy A pattern of actions that develop over time and become an organization's strategy de facto. This type of strategy is identified by examining decisions that were made and the patterns that occurred as a result. Also called realized strategy. 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. Four-firm concentration ratio A measure of market concentration calculated by summing the market shares of the four largest firms in a market. Herfindahl-Hirschman Index (HHI) A measure of market concentration calculated by squaring the market share percentage of each organization in a market and then summing the numbers. 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. Medical technology The procedures, equipment, and processes used to deliver medical care. Monopolistic competition One of the four basic types of market structure. It exists in markets composed of many organizations offering differentiated products. Monopoly One of the four basic types of market structure. It exist in markets that are dominated by a single organization. Oligopoly One of the four basic types of market structure. It exist in markets dominated by a few large organizations that offer similar or identical products. Patient origin study Data that describe the proportion and number of an organization's customers (patients) who come from different geographic locations. These 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 structure. It exists 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.