What four components make up the strategy formulation process

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Health Medical

Description

Your meeting with leadership went extremely well, and you have been given authority to begin the next phase of your strategic plan by formulating a strategy. What four components make up the strategy formulation process? Describe the role each plays in developing a strategic plan for a healthcare organization. Relate this phase to your hospital to illustrate your reasoning.

Prepare an analysis of your strategy formulation process and include the four components with the last component comprising the subset of components needed for your strategic plan. You will be formulating a skeleton for your final strategic plan.

Support your paper with a minimum of five scholarly resources. In addition to these specified resources, other appropriate scholarly resources, including older articles, may be included.

Length: 5-7 pages, not including title and reference pages

Your paper should demonstrate thoughtful consideration of the ideas and concepts presented in the course by providing new thoughts and insights relating directly to this topic. Your response should reflect scholarly writing and current APA standards.

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Explanation & Answer

Attached.

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Running head: COMPONENTS OF STRATEGY FORMULATION PROCESS

COMPONENTS OF STRATEGY FORMULATION PROCESS
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COMPONENTS OF STRATEGY FORMULATION PROCESS
Components of strategy formulation process
Introduction
In this paper, there shall have insightful dissuasion on some of the components necessary while
in the strategy formulation process hence taking a healthcare entity to illustrate the phases. In the
healthcare docket, strategies are in daily basis formulated with the intents of maintaining
excellent services for the public thus a lagging management will lead to poor facilities in the
healthcare centers resulting to poor services for the populace. It is imperative to understand the
implications of these and other strategies meant for development of healthcare providers. While
formulating a strategy, there is interplaying of various components related to each other that
enables an entity to effectively and efficiently compete hence ensuring survival amidst these
dynamic business environs. In the contemporary business environs, there needs aggressiveness
with intents of improving an entity no matter the strides. Some of the components included in the
strategy formulation process include but not limited to: Vision and mission, External
environment, internal profiling, and objectives.
Vision and mission
A company’s vision acts as a description of what an entity is trying to accrue and be in the
end/future (Edlinne, 2014). This hands out a view of an entity’s future direction for the business.
Conversely, Vision is a motivator and keeps an organization on toes thus aligning to its intended
core purposes. While in the formulation process, the mission of the Organization will act in the
middle ground of the strategies laid for the healthcare development.

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COMPONENTS OF STRATEGY FORMULATION PROCESS
An example to illustrate this statement is where the healthcare is intending to come up with
retrenchment strategy thus must c...


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