FACHE - ACHE BOG EXAM FLASHCARD – BUSINESS EXAM WITH CORRECT ANSWERS 2024

Healthcare Disparities - answers-Differences in access of health care services Health Disparities - answers-The Variation in the rates of disease occurrence and disabilities among defined groups Generic Strategies - answers-Commonly used strategies that combine a target market and a type of differentiation (e.g. low cost) Gap Analysis - answers-A method of identifying the distance between the organization's current position and its desired position with regard to its mission, vision, and values. Marketing - answers-The deliberate effort to establish fruitful relationships with exchange parters and stakeholders. Market Structure - answers-The organizational characteristics of a market that exert a strategic influence on the intensity and form of competition. Market Share - answers-A percentage of total sales volume in a market captured by a brand, product, or company. Malfeasance - answers-Wrong doing or improper conduct especially by a public official or a person in a position of trust. Internal Environmental Analysis - answers-Evaluation of an org's products, assets, operations to determine if the org is carrying out its mission effectively and efficiently. Horizontal Expansion - answers-The acquisition/or merger of two or more organizations that produce similar products or services. Vertical Integration - answers-Assimilation of the vertical components of an org through greater internal control and coordination Value Chain - answers-A framework for analyzing and org's strengths/weaknesses across flow of product or services development. They are the key internal processes an org performs to create value. Tortious Interference - answers-Intentional damage to someone else's contractual/business relationships with a 3rd party, causing economic harm. SWOT - answers-Tool to understand an org's strategic situation; examines both an orgs internal (SW) and external (OT) environments. Switching Costs - answers-Costs associated with changing a product, brand, marketplace, supplier. Strategic Positioning - answers-Set of decisions about mission, ownership, scope of activity, location and partners that defines an organization and related it to stakeholders. Strategic Planning - answers-Systematic process for envisioning a desired future and translating it that vision into broadly defined goals/objective Strategic Opportunities - answers-Opportunities that when narrowed involve quantum shifts in service capabilities or market share, usually by interaction with competitors Strategic Management - answers-Overseeing and directing daily activities in an organization to ensure they support achievement of mission/vision Strategic Alliance - answers-a long term formal and mutually beneficial relationship between two or more parties Strategic Action cycle (Four Stages) - answers-(1) Strategic planning (2) Budgeting (3) Implementing Strategy (4) Controlling problems and monitoring progress Stakeholders - answers-Persons who have a claim to or obtain some benefit from an organization. Product (or service) Life cycle - answers-Four distinct but wholly predictable - (1) Introduction to the marker (2) Growth in utilization & revenue (3) Maturity - when utilization & revenue stablize (4) Decline - when revenue and utilization start to fall Portfolio Analysis - answers-Method of assessing an organization product or strategic business units that considers various factors including: - competitive position - profitability, growth and mission Herfindahl-Hirschman Index - answers-A measure of market concentration calculated by squaring the market share % of each org in a market and then summing the numbers. Forecasting - answers-use of data from the past and present to analyze trends and predict the future - also called scenario planning. Five Forces Model - answers-A frame work for analyzing the degree of competition in a market and the ability of established orgs to influence prices. Four Basic types of Market Structure. - answers-(1) Perfect Competiton (2) Monopolistic competition (3) Oligopoly (4) Monopoly Four P's - answers-Four attributes to establish market position (1)Product (2) Price (3) Promotion (4) Place Gantt Chart - answers-a bar chart that lays out schedules, steps, and times frame for a project. Defamation - answers-Act of making untrue Statements about another. (1) Libel - written defamation (2) Slander - Oral defamation Disruptive innovation - answers--Innovation that creates a new market by discovering new categories of customers, eventually displacing existing market -occurs when new tech are harnessed Economies of scale - answers-Reductions in unit cost as a result of an increase in cost as result of an increase in # of products or services produced Unrestricted Net Assets - answers-Net assets that have not been externally restricted by donors or grantors such as excess of revenues to expenses from operations First Movers - answers-Organizations that consistently search for innovation opportunity and attempt to gain competitive advantages by being among the first to enter a new marker or industry. Business Model - answers-- The underlying structure of an org - means through which an org creates and delivers value to customers Business plan - answers-A model of a specific strategy or function that guides ops. Certificate of need - answers-Certificate or approval for new serivces and for construction or renovation of hospitals or related facilities. Issued by many states. Collective Bargaining - answers-An activity whereby union and management officials attempt to resolve conflicting interests in a manner that will sustain and possibly enrich their relationships Scenario analysis - answers-Technique of proposing alternative futures that could come to pass if a specific environment occurs. Contract - answers-A voluntary, deliberate, and legally binding agreement between two or more parties -usually written but sometimes spoken or implied. Core competencies - answers--Internal activities & functions central to fulfilling an org's mission -Strategically valuable, they are the essence of what makes the organization unique in providing value to its customers. Crisis Communications Plan - answers-A process for disseminating information to all org stakeholders in the event of an emergency. Breach of Contract - answers-A contraction party's failure or refusal to perform its obligations specified in contract. Segmentation - answers-- The division of a market into subsets of consumers with similar needs and wants - Enables marketers to focus efforts on consumers most likely to buy a service or product. Project Charter - answers-Tool Commonly used in project management to clarify key components of a project (scope, desired outcomes, participants , resources, timeframes,). Barriers to Entry - answers-Obstacles that impeded an organization as it seeks to enter a market. Bargaining unit - answers-A group of employees recognized by the National Labor Relations Board tp be an appropriate body for collective bargaining under the Nation Labor Relations Act. Branding - answers-Communication efforts to convey the mission and competitive advantage of an org.