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MHA 570 CASE MODULE 2 CORE CONCEPTS OF STRATEGY

Coursework Instructions:
Module 2 - Case CORE CONCEPTS OF STRATEGY Assignment Overview According to Walston (2018), [O]rganizations constantly face the challenge of devising strategies that will enable them to enhance the value they provide to their key stakeholders. … Business models, the underlying structure and function of organizations, build on the idea of value chains and value creation (Morris et al., 2006; Porter 1985). (Chapter 3, para. 1) A chosen model and strategy will vary from organization to organization. However, it is important to understand how business models work and what strategies can be employed. _________________________________ Walston, S. L. (2018). Chapter 3: Business models and common strategies. In Strategic healthcare management: Planning and execution (2nd ed.). [Books24x7 version]. Retrieved from the Trident Online Library. Morris, M., Schindehutte, M., Richardson, J., & Allen, J. (2006). Is the business model a useful strategic concept? Conceptural, theoretical, and empirical insights. Journal of Small Business Strategy 17(1), 27-50. Porter, M. E. (1985). Competitive advantage: Creating and sustaining superior performance. New York: Free Press. Case Assignment After reading Chapter 3: Business Models and Common Strategies in Strategic Healthcare management: Planning and Execution, complete/answer the following in a 4-page paper: Part 1 (2 pages) How do the four components of a business model affect each other? What might be some difficulties an organization may face when seeking to change its business model? How can a new business model become a competitive advantage for a health care organization? Part 2 (1-2 pages) Complete the following chart in detail: Generic Strategies Define Pros Cons Broad Low-Cost Strategy Focused Low-Cost Strategy Low-Cost Strategies in Health Care Broad Differentiation Strategy Focused Differentiation Strategy Middle Strategy Explain which of the above strategies are best used in health care organizations. Support your rationale with facts and scholar resources. In your scholarly paper, you should include an introduction and conclusion paragraph. Assignment Expectations Conduct additional research to gather sufficient information to justify/support your analysis. Limit your response to a maximum of 4 pages, not including title or reference pages. Support your paper with peer-reviewed articles, with at least 3 references. Use the following link for additional information on how to recognize peer-reviewed journals: Angelo State University Library. (n.d.).Library guides: How to recognize peer-reviewed (refereed) journals. Retrieved from https://www(dot)angelo(dot)edu/services/library/handouts/peerrev.php You may use the following source to assist in formatting your assignment: Purdue Online Writing Lab. (n.d.). General APA guidelines. Retrieved from https://owl(dot)english(dot)purdue(dot)edu/owl/resource/560/01/ For additional information on reliability of sources, review the following source: Georgetown University Library. (n.d.). Evaluating internet resources. Retrieved from https://www(dot)library(dot)georgetown(dot)edu/tutorials/research-guides/evaluating-internet-content This assignment will be graded based on the content in the rubric. Privacy Policy | Contact
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MHA 570 Case Module 2 Core Concepts of Strategy Student’s Name Professor’s Name Institutional Affiliations Course Name and Number Due Date MHA 570 Case Module 2 Core Concepts of Strategy Healthcare organizations strive to design business models and strategies that position them to provide distinguished services to their patients. According to Walston (2023), achieving this objective remains a major goal among many organizations. These tools identify critical elements institutions can creatively align with customer needs to boost value creation. The author also highlights the need for institutions to combine these models with the right strategies to boost their competitiveness. Thus, this paper investigates the four components of the business model in healthcare organizations, associated challenges during change, and the best strategies stakeholders can adopt to transform them into competitive facilities. Part 1 The four business model’s components highlight a multidirectional relationship. Walston (2023) indicates that improving the capability of one segment translates to strengthening the others. For instance, the author reveals that creating and satisfying the customers’ values component translates to increased revenue generation from the diverse sources of an organization. Raising enough revenue triggers a ripple effect by ensuring an institution has sufficient inputs, which includes the appropriate resource mix, including materials, employees, and equipment, for providing the services or products (Walston, 2023). The revenues also facilitate the integration of other organizational competencies, leading to higher customer value. According to Walston (2023), sufficient revenue and well-balanced inputs promote the incorporation of distinguished processes that lead to desirable services or products that satisfy the customers’ needs. As a result, an improvement in one component of the model leads to similar outcomes in the others, creating a cyclic flow of benefits that lead to the overall growth of an organization. Successful establishments acknowledge the importance of gradually changing their business models to remain updated with changing business landscapes. Walston (2023) indicates that the interconnected nature of the components presents a significant difficulty that hampers the capability of the older institutions to integrate changes. The author adds that even the decisions to a section of the models prove ineffective, demonstrating the challenges of inducing business model changes. Parida et al. (2019) also indicate that business model changes arise from innovations requiring unique employee competence. As a result, organizations find it challenging to acquire the appropriate personnel with knowledge and skills to stir the change....
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