WGU C432 Session 2 Questions and Answers Already Graded A+

Accountable care organization (ACO) <<Ans>> 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. Barriers to entry <<Ans>> Obstacles that impede an organization from entering a market. Benchmarking <<Ans>> Comparison of internal data to those of outside organizations for purposes of evaluating an organization's performance. Business plan <<Ans>> A written document that defines, analyzes, and promotes a specific proposal, line of business, or innovative concept Certificate of Need (CON) <<Ans>> State laws in the United States that require organizations to obtain approval from a state planning agency before beginning a major capital project Chain of command <<Ans>> The formal channel that defines the line of authority and reporting relationships up and down an organization's hierarchy. Coalition <<Ans>> An alliance of individuals and groups that support a cause or an effort. Core competencies <<Ans>> The internal activities and functions central to fulfilling an organization's mission. Core competencies are strategically valuable and the essence of what makes an organization unique in providing value to its customers Corporate structure <<Ans>> An overarching management configuration that controls and supervises divisions or SBUs. A corporation is a legal structure that can be instituted to limit owners' personal liability and centralize management under a governing board. Differentiation <<Ans>> Dividing and separating activities, functions, and products to make them distinct from others Division of labor <<Ans>> Specialization of work that breaks down tasks within a production process so that personnel become highly proficient in components of the process. Economies of scale <<Ans>> Reductions in unit cost granted to purchasers of large volumes of products or services. Exit barriers <<Ans>> The costs an organization will incur if it exits a market. Five Forces model <<Ans>> A framework devised by Michael Porter that identifies five factors affecting the degree of competition in a market and the ability of established organizations to influence prices: (1) the potential for new entrants, (2) the threat of substitute products, (3) the power of suppliers, (4) the power of buyers, and (5) rivalry among competing sellers Force field analysis <<Ans>> A technique used to evaluate whether environmental influences support or undermine an organization's decisions/plans. Four Ps - <<Ans>> - Four attributes that have traditionally been used to establish an organization's market position: (1) product, (2) price, (3) promotion, and (4) place. Gap analysis <<Ans>> A method of identifying the distance between the organization's current position and its desired position with regard to its mission, vision, and values Goals and objectives <<Ans>> Goals are broad results that an organization seeks to achieve. Objectives are narrower "stepping stones" that quantifiably support and elaborate on goals. Group purchasing organizations (GPOs) <<Ans>> Alliances formed to give member organizations greater negotiating power and concessions on price, delivery times, and quality when purchasing products/services. Intangible resources <<Ans>> An organization's non-physical assets, including reputation, brand names, employees' skills, and industry knowledge. Integration <<Ans>> Combining, coordinating, and collaborating duties and tasks to facilitate communication and efficiency. Internal environmental analysis <<Ans>> Evaluation of an organization's products, assets, operations, and other factors to determine whether the organization is carrying out its mission effectively and efficiently. Isomorphic - <<Ans>> The tendency of organizations in a market to become similar in form and structure, offer similar products, and adopt similar practices over time. Marketing - <<Ans>> The activities involved in promoting products and services, including creating, communicating, and delivering offerings that customer's value. Market analysis <<Ans>> A study that examines competitors and relevant markets, including the market position in which an organization is/will be placed, relative to other industry competitors.