C432 WGU Healthcare Management and Strategy + Pre-Assessment Correctly answered latest 2022

C432 WGU Healthcare Management and Strategy + Pre-Assessment Correctly answered latest 2022Business-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). 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. 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. Horizontal Expansion (integration) The acquisition and/or merger of two or more organizations that produce similar products or services. Internal Expansion A method of business growth that builds on an organization's capabilities and resources and may include developing new products and services, launching marketing efforts to increase market share, or introducing existing products into new markets. Networks Joint ventures and alliances between established organizations for growth purposes. By forming networks, organizations can enter a market more quickly and with minimal risk. Related Diversification Expansion into a different business that uses similar technologies (also called concentric diversification) or adds new products or services to an organization's existing offerings (also called horizontal diversification). Transaction Cost Economics A theory that suggests organizational boundaries are influenced by organizations' efforts to mitigate the costs of transactions and contractual hazards that are incurred by buying and selling assets and services. Transfer Pricing The "price" charged for intra-organization trade. (ex. the sale or transfer of goods and services within an organization).