Question: Our text describes how the strategy models vary in terms of their consideration of the internal and external strengths and weaknesses (text, Hillestad, 2020). The
Our text describes how the strategy models vary in terms of their consideration of the internal and external strengths and weaknesses (text, Hillestad, 2020). The three key models identified are BCG (Boston Consulting Group) Matrix, G.E. (General Electric) model, and Ansoff Product-Market Growth Matrix. BCG matrix allows managers to examine an entire hospital or company portfolio of services to determine which products and services can and should be continued, as well as those that may be eliminated or modified based on market share and potential market growth (Hillestad, 2020). The GE model is most utilized by multi-business companies common in healthcare today, specifically those with a broad service line across a range of clinical programs (Hillestad, 2020). These models are both helpful in making new business decisions and deciding on investment opportunities. On the other hand, we have the Ansoff Product-Market Growth Matrix. This is best for considering potential growth options and enhancing revenue opportunities over time, which is highly important for hospitals and health systems (Hillestad, 2020). I believe the Ansoff Product-Market Growth Matrix stands out as the most suitable for the healthcare industry and for application within my workplace. While all three offer valuable strategic insights, this provides the most flexible framework for healthcare's complex, ongoing, and service-oriented environment. From this approach, it can be used to seek growth in existing
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