Healthcare Management & Strategy WGU C432 questions and correct answers latest 2022

Healthcare Management & Strategy WGU C432 questions and correct answers latest 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 Terminology The procedures, equipment, and processes used to deliver medical care. Monopolistic Competition One of the four basic types of market structures. Monopolistic competition exists in markets composed of many organizations offering differentiated products. Monopoly One of the four basic types of market structures. Monopolies exist in markets that are dominated by a single organization. Oligopoly One of the four basic types of market structures. Oligopolies 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. 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. First Movers Organizations that are the earliest to enter a market or an industry. 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 Factories A manufacturing strategy that concentrates on core (often single) products and a defined set of technologies and customers. 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). Inputs The combination, type, and mix of resources an organization uses to provide a product or service, such as personnel; materials; and strategic assets such as facilities, equipment, location, patents, networks, and partnerships. Isomorphic The tendency of organizations in a market to become similar in form and structure, offer similar products, and adopt similar practices over time. Middle Strategy A strategy that seeks to deliver low cost and differentiation simultaneously. Portfolio Analysis A method of assessing an organization's products or SBUs that considers various factors, including competitive position, profitability, growth, and mission importance. Process A series of steps that transforms inputs into products/services (outputs). Processes usually are established to organize functions and interface with external entities. Profitability The degree to which the revenues generated by a product or service exceed the costs of producing that product or service. Accountable Care Organization (ACO) A payment and healthcare delivery model in which a group of healthcare providers work together to coordinate a patient's care, improve quality, and reduce costs. Acquisition The purchase (or merger) of an existing organization. Through this method of growth, the acquiring organization gains an established product in the market and may also reduce competition by eliminating one of its competitors. Affordable Care Act (ACA) A law passed by the federal government in 2010 that seeks to decrease the number of uninsured to improve health outcomes and streamline the delivery of healthcare. Diversification Strategic expansion into different businesses.