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Strategic Planning for a Competitive Advantage in Health Care
Strategic planning is essential for healthcare managers in maintaining high quality and cost effective healthcare in a competitive market. Planning techniques are vital in establishing a sustainable completive advantage. A successful healthcare manager must formulate a concise but comprehensive plan to take inventory of available resources, to discern the strengths, improves on the weakness, and establishes a plan that effectively prioritizes them. The resource-based management tool can be utilized to assist managers in assessing the value of available resources to gain a competitive advantage within their market. Resources in a healthcare organization can include such things as tangible assets, employee capabilities, organizational structures or information processes. The value of a product or service has three qualifiers are rareness, imitability, and sustainability. This paper will briefly introduce value and the three qualifiers of key resources, and offer an opinion as to which is the most helpful in contributing to an above-average,...
Additionally, a resource is valuable when it offers investors and other benefactor the prospect of increased value or return on their investment. As value resources increase and non-valuable resources or identifiable weaknesses decrease, the sustainability of the competitive edge enhanced. To be valuable, a resource must have a degree and combination of rarity, imitability, and non-substitutable.
A healthcare resource is rare if the organization can offer a service or product, to both benefactors and beneficiaries, that it more difficult to obtain elsewhere then the resource they offer increases in value giving the company a competitive advantage. The imitability of a valuable resource refers to the ability of another organization to imitate the resource. If a healthcare organization has a product or service that is inimitable then…
Works Cited
Barney, JB. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), pp 99-120
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