C432 WGU Healthcare Management and Strategy + Pre Assessment Exam 100% Verified!!
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Course
C432 WGU Healthcare
Institution
C432 WGU Healthcare
Business-Level Strategy - ANSWER-a plan that indicates how a division intends to compete against its rivals in an industry
Corporate-Level Strategy - ANSWER-A plan that indicates in which industries and national markets an organization intends to compete.
Emergent-Strategy - ANSWER-any unplan...
C432 WGU Healthcare Management and Strategy
+ Pre Assessment Exam 100% Verified!!
Business-Level Strategy - ANSWER-a plan that indicates how a division intends to compete against its
rivals in an industry
Corporate-Level Strategy - ANSWER-A plan that indicates in which industries and national markets an
organization intends to compete.
Emergent-Strategy - ANSWER-any unplanned strategic initiative bubbling up from the bottom of the
organization
Functional-Level Strategy - ANSWER-Strategic scope and direction at the operating division,
department, or project level. This type of strategy is driven by product or service line.
Prospective Strategy - ANSWER-A planning function that forecasts an organization's future situation
and designs means to guide an organization's future decisions.
Industry - ANSWER-A particular category of business or economic activity; an aggregation of sellers
whose products are close substitutes.
Market Structure - ANSWER-The organizational characteristics of a market that exert a strategic
influence on the intensity and form of competition.
Markets - ANSWER-Places, systems, and processes through which buyers and sellers exchange goods
and services.
Patient-Origin Study - ANSWER-Data that describe the proportion and number of an organization's
customers (patients) who come from different geographic locations. This data can be arrayed and
graphed to display the provider's primary and secondary service areas.
Perfect Competition - ANSWER-One of the four basic types of market structures. Perfect competition
exits in markets composed of many small organizations that produce an undifferentiated,
homogeneous product.
,Societal Environment - ANSWER-The public and socioeconomic factors surrounding and influencing
an organization, such as general economic conditions, population demographics, cultural values,
governmental regulations, and technology.
Broad Differentiation Strategy - ANSWER-A type of strategy aimed at offering products that
consumers perceive to be distinct from competitors' products and that appeal to a wide segment of a
market.
Broad Low-Cost Strategy - ANSWER-A type of strategy aimed at providing low-cost products to a
broad customer segment.
Business Model - ANSWER-The underlying structure of an organization; the means through which an
organization creates and delivers value to its customers and earns revenues.
Customer Value - ANSWER-The perceived benefits of a product or service. Consumers may find value
in many aspects of products and services, including range and type, degree of customization,
availability and accessibility, and quality/cost trade-off.
Focused Differentiation Strategy - ANSWER-A type of strategy aimed at offering products that
consumers perceive to be distinct from competitors' products and that appeal to a limited industry
niche or customer segment.
Focused Low-Cost Strategy - ANSWER-A type of strategy aimed at providing low-cost products to a
limited subset of the broad mass market.
Generic Strategy - ANSWER-Commonly used strategies that combine a target market (ex. a small
segment of a population) and a type of differentiation (ex. low cost).
Acquisition - ANSWER-The purchase (or merger) of an existing organization. Through this method of
growth, the acquiring organization gains an established product in the market and may also reduce
competition by eliminating one of its competitors.
Affordable Care Act (ACA) - ANSWER-A law passed by the federal government in 2010 that seeks to
decrease the number of uninsured to improve health outcomes and streamline the delivery of
healthcare.
, Diversification - ANSWER-Strategic expansion into different businesses.
Horizontal Expansion (integration) - ANSWER-The acquisition and/or merger of two or more
organizations that produce similar products or services.
Internal Expansion - ANSWER-A method of business growth that builds on an organization's
capabilities and resources and may include developing new products and services, launching
marketing efforts to increase market share, or introducing existing products into new markets.
Networks - ANSWER-Joint ventures and alliances between established organizations for growth
purposes. By forming networks, organizations can enter a market more quickly and with minimal risk.
Related Diversification - ANSWER-Expansion into a different business that uses similar technologies
(also called concentric diversification) or adds new products or services to an organization's existing
offerings (also called horizontal diversification).
Transaction Cost Economics - ANSWER-A theory that suggests organizational boundaries are
influenced by organizations' efforts to mitigate the costs of transactions and contractual hazards that
are incurred by buying and selling assets and services.
Transfer Pricing - ANSWER-The "price" charged for intra-organization trade. (ex. the sale or transfer
of goods and services within an organization).
Unrelated (conglomerate or lateral) Diversification - ANSWER-The addition of new products or
services that have little or no overlap with an organization's current products/services and assets.
Vertical Expansion - ANSWER-Acquisition of a business that is a source of supplies for the acquiring
organization (backward expansion) or that purchases from the acquiring organization (forward
expansion).
Inputs - ANSWER-The combination, type, and mix of resources an organization uses to provide a
product or service, such as personnel; materials; and strategic assets such as facilities, equipment,
location, patents, networks, and partnerships.
Middle Strategy - ANSWER-A strategy that seeks to deliver low cost and differentiation
simultaneously.
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