WGU C432 Healthcare Management and Strategy questions and correct answers 2022

WGU C432 Healthcare Management and Strategy questions and correct answers 2022Acquisition The purchase (or merger) of an existing organization broad differentiation strategy type of strategy aimed at offering products that consumers perceive to be distinct from competitor's products and that appeal to a wide segment of a market Broad low-cost strategy 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 Business-level strategy the strategic scope and direction of strategic business units (SBUs) Strategic business units (SBU) 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. primary function is to allocate capital funds to SBUs and decide which business to enter or exit Customer Value the perceived benefits of a product or service Diversification Strategic expansion into different businesses Emergent Strategy a pattern of actions that develop over time and become an organizations strategy de facto. identified by examining decisions that were made and the patterns that occurred as a result. also called realized strategy First movers organizations that are the earliest to enter a market or an industry Focused differentiation strategy strategy aimed at offering products that consumers perceive to be distinct from competitor's products and that appeal to a limited industry niche or customer segment Focused factories manufacturing strategy that concentrates on core (often single) products and a defined set of technologies and customers Focused low-cost strategy strategy aimed at providing low-cost products to a limited subset of the broad mass market Four-firm concentration ratio measure of market concentration calculated by summing the market shares of the four largest firms in a market Functional-level strategy strategic scope and direction at the operating division, department, or project level. driven by product or service line Generic strategies commonly used strategies that combine a target market and a type of differentiation Herfindahl-Hirschman Index (HHI) measure of market concentration calculated by squaring the market share percentage of each organization in a market and then summing the numbers Horizontal expansion the acquisition and/or merger of two or more organizations that produce similar products or services Industry particular category of business or economic activity; an aggregation of sellers whose products are close substitutes Inputs the combination, type, and mix of resources an organization uses to provide a product or service Internal expansion 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 Joint-venture alliance partnership between a small number of organizations in which each member has a direct ownership position in a shared investment and directional authority over the investment Markets Places, systems, and processes through which buyers and sellers exchange goods and services Market structure organizational characteristics of a market that exert a strategic influence on the intensity and form a competition Middle strategy strategy that seeks to deliver low cost and differentiation simultaneously Monopolistic competition one of the four basic types of market structure. Exists in markets composed of many organizations offering differentiated products Monopoly one of the four basic types of market structure. exist in markets that are dominated by a single organization Oligopoly one of the four basic types of market structure. exist in markets dominated by a few large organizations that offer similar or identical products Perfect competition one of the four basic types of market structure. exist in markets composed of many small organizations that produce undifferentiated, homogeneous product Process series of steps that transforms inputs into products/services (outputs). usually 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 Prospective Strategy planning function that forecasts an organization's future situation and designs means to guide an organization's future decisions Related diversification Expansion into a different business that uses similar technologies or adds new products or services to an organization's existing offerings Concentric Diversification expansion into a different business that uses similar technologies Horizontal diversification adding new products or services to an organization's existing offerings Societal environment public and socioeconomic factors surrounding and influencing an organization Unrelated (conglomerate or lateral) diversification addition of new products or services that have little or no overlap with an organization's current products/services and assets Vertical expansion acquisition of a business that is a source of supplies for the acquiring organization (backward expansion) or that purchases from the acquiring organization (forward expansion) Vertical integration assimilation of the vertical components of an organization through greater internal control and coordination Virtual integration coordination of intra-organization processes, flows, and outcomes through contractual, non-owned mechanisms Accountable care organization (ACO) 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