Strategic Thinking and Competitive Advantage in Hospitals
Dynamic strategic thinking is important in the healthcare system since the concept assists the practitioners in determining the type of investment critical for the organizational success. The model enhances effective decision making which assists in the conveyance of quality care for each patient (Salavati, Veshareh, Safari, Veysian, & Amirnezhad, 2017). The concept offers an efficient channel of understanding the causal factors of a given behavior and the contexts of relations in a hospital.
Neglecting strategic thinking in an organization leads to an increase in the occurrence of risks that might negatively affect the operations of the organization. For instance, the lack of the ability to implement the concept in the healthcare settings results in the provision of substandard service to consumers (Salih & Alnaji, 2014). This eventually leads to the reduced competitive advantage of the syndicate, thereby causing a loss in the firm’s profit margin.
Constant technological inventions are the major changes that make healthcare organizations seek various strategies to enhance their performance. For instance, the development of smartphones, which are owned by the majority of the individuals, enables hospitals to determine ways of efficiently marketing their services (Ventola, 2014). Transition in the marketing dynamics from traditional to online techniques promotes the need for new strategies.
A competitive advantage helps the hospital in expanding its customer base, thus increasing its profits. Similarly, the concept enables the organization’s services and products to remain competitive in the market (Dash, 2013). Competitive advantage enhances the syndicate’s market dominance, which acts as a comprehensive marketing strategy.
Hospitals can integrate different strategies to enhance their competitive advantage, such as identifying their target market. This helps in providing the type of service that conforms to the customers’ needs. Incorporating an effective strategic plan assists in minimizing and identifying potential risks to the marketing technique (Dash, 2013). Use of social media as a tool in promoting the organization’s products significantly promotes a company’s competitive advantage.
References
Dash, A. (2013). Competitive advantage: Its importance and impact on design of strategy. International Journal of Application or Innovation in Engineering & Management (IJAIEM), 2(12), 7-10. Salavati, S., Veshareh, E. J., Safari, H., Veysian, A., & Amirnezhad, G. (2017). Strategic thinking and its related factors in a medical science university in Iran. Electronic Physician, 9(5), 4332-4340. doi: 10.19082/4332.-
Salih, A. A., & Alnaji, L. (2014). Impact of strategic thinking and strategic agility on strategic performance: A case study of Jordanian insurance industry companies. International Review of Management and Business Research, 3(4), 1871-1882.
Ventola, C. L. (2014). Mobile devices and apps for health care professionals: Uses and benefits. Pharmacy and Therapeutics, 39(5), 356-364.