feedback
please see attachment below,
This is just for feedback with references and citations if necessary
Running head: STRATEGIC THINKING 1
STRATEGIC THINKING 2
The Blue Ocean Strategy, among others is one that can be used in facilitating the strategic thinking process (Harris, 2018). This strategy requires abstract thinking and creativity beyond
focusing solely on the current market and competitors. So rather than using competition and what they are/are not doing, the focus is shifted to value innovation (Harris, 2018). This type of thinking asks questions like, “how can we expand the boundaries of our market?” and “What could we do differently to set ourselves apart while providing a new or necessary service?” The idea of this strategy is to explore the big blue ocean (Harris, 2018). Value innovation serves as the vital component to this strategy and facilitates rapid and profitable growth as opposed to staying within a strict market with other competitors (Harris, 2018). This strategy relies on creativity, collective thought, and big picture ideas that are organic through conversation.
A second strategy that can be used in the strategic thinking process is the Five Forces Framework. This strategy focuses on understanding the five forces that are competitive across industries: rivalry, threat of substitution, buyer power, supplier power, and threat of new entrants (Burns, Bradley, & Weiner, 2012). This strategy puts major focus on the market and competitors and the idea is to gain advantage over exploitation of competitor’s and the market’s weaknesses (Burns, Bradley, & Weiner, 2012). Once the weaknesses are discovered then a plan can be made to improve internally to both exploit other’s weaknesses and offer services/advantages that others haven’t been successful at.
These two strategies that can be used to facilitate strategic thinking are directly conflicting with one another. The Blue Ocean Strategy is more abstract, collaborative, innovative, and longitudinal. The Five Forces Framework is concrete, analytical, and present minded rather than looking at big picture and long term objectives.
References
Burns, L. R., Bradley, E. H., & Weiner, B. J. (2012) Shortell & Kaluzny’s health care management: Organization design & behavior. Boston, MA: Cengage Learning.
Harris, J. M. (2018). Healthcare Strategic Planning, Fourth Edition. Chicago, IL: Health Administration Press.