HCS/589 Week 1: Health Strategic Management

Jul 14th, 2016
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The leader of a local health care organization, Kendra Klein, has noticed other health care organizations successfully incorporating strategic management practices. Kendra is considering using strategic management for her health care organization. She has hired you to research what the strategic planning development and implementation process is and to address why it helps organizations be successful. Write a 700- to 1,050-word report of your findings in which you answer the following questions: What are the major components of strategic management, and why is each component needed for success? Why are an organization's mission and values important to strategy formulation? What benefits does a strategic management process bring to a health care organization? How does strategic management affect organizational decision making and financial performance? How does strategic management affect the way an organization responds to its environment? Cite both course texts using APA style.

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1Running head: STRATEGIC MANAGEMENT FOR HEALTHCARE ORGANIZATIONSStrategic Management for Healthcare OrganizationsRuth BeibersUniversity of Phoenix2STRATEGIC MANAGEMENT FOR HEALTHCARE ORGANIZATIONSStrategic management is defined as a set of managerial decisions and actions that help toshape the long term performance of an organization (Wheelen, Hunger, Hoffman,& Bamford,2015). With the rapidly evolving business environment, it has become paramount that healthcareorganizations adopt strategic management.The major components of strategic management, and why each component needed forsuccessThere are 4 main components of strategic management. These components include:Environmentalscanning: This is where information from the internal and external environment ismonitored, evaluated and disseminated to key individuals within the organization. Anenvironmental scan is vital for the identification of strategic factors which are the internal andexternal elements that assist in deciding the strategic decisions of the organization. One of theways of conducting an environmental scan is through a SWOT analysis which is an acronym forthe Strength, Weakness, Opportunities and Threats that face an organization(Wheelen, Hunger,Hoffman,& Bamford, 2015).Formulating a strategy: This is the process of investigating, analyzing and making adecision that would provide the criteria for attaining a competitive advantage for the organizationand it includes defining the business

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