Solved: Define one key difference among each of the following strategies: adaptive, market entry

Adaptive strategies may be defined as the second step of strategy formulation process. These are more specific than directional strategies and provide primary methods for achieving the vision (adapting to the environment). The adaptive strategy determines the scope of the organization and specify how the organization will expand more, reduce scope, or maintain scope.

Market Entry Strategies provides the method of carrying out the adaptive strategies (expansion of scope and the maintenance of scope strategies) through purchase, cooperation, or internal development. It may not be used for reduction of scope strategies.

Competitive strategies consists of 2 types of strategies, one that determines an organization’s strategic posture and that positions the organization vis a vis other organizations within the market. Market oriented and best articulate competitive advantage.

SWOT analysis is a way to display pertinent external issues and internal strengths and weaknesses. The process involves listing the organization’s strengths and weaknesses as well as perceived external opportunities and threats. However it does not provide inside into what strategy decisions might result from the list of strengths and weaknesses.

SWOT analysis was originally designed to provide a thorough analysis of businesses in other industries, but its many benefits have prompted its use in healthcare organizations as well.

• The first step of SWOT analysis in healthcare involves the compilation and assessment of key data, which might include the community’s health status, present status of medical technology, or the sources of healthcare funding. Once the appropriate (and correct) data has been composed and analyzed, the capabilities of the organization are evaluated.
• In the second step of SWOT analysis in healthcare, the data collected is organized into four categories, which are: strengths, weaknesses, opportunities and threats (SWOT). The strengths and weaknesses of the organization are internal factors, while opportunities and threats normally are a result of external factors playing their part.
• Third step of SWOT analysis in healthcare involves developing a SWOT matrix for each business option that is under consideration.
• In the fourth step of SWOT analysis in healthcare, the analysis derived is incorporated into the decision-making process as it determines which option will best suit the overall strategic plan of the organization.