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Key Topics
Requirement
Assignment based on Strategic management
Solution
Contribution to the group assignment:
I searched all the relevant literature for this assignment and hence I contributed to it by searching for all the factors that affect the clinics in the country. I helped in measuring the impact of the external factors on this kind of business. I also helped my teammates in creating a plan for this clinic by analysing the factors that impact such businesses and accordingly formulating the plan for the future progress of this clinic. Apart of this, I also give my contribution towards establishing strategies through which the clinic can fulfil all its obligations towards its customers. I conducted research about it and studied different cases about how a new venture can make successful at its initial stages. With the help of this study, I suggested the possible changes that can be made by the owner of the clinic because these changes help them in targeting more and more patients in a short period. I also helped my teammates in determining the influences of all possible factors because they influence the functionality of clinic in a high extent.
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Key learnings in relation to strategic management:
I learnt that strategic management helps in analysing the risk associated with any business. When the plan was developed, I realised that there are several risks that the clinic may face in the future and hence I learnt that it helps in risk analysis. When the risk is analysed, the planners can develop strategies to manage it in the future so that any business can save itself from the future shocks and future uncertainties. In addition, I also learnt that how different strategic tools applied in a practical manner and how they contribute towards the success of the clinic. I learnt that strategic management helps in determining such activities which need revision and changes to gain a competitive advantage in existing market. Apart of this, I also learnt that what clinic should do to maintain its long-term presence in its existing market. I felt that strategic management gives a large contribution in formulating different strategies with which success can achieve in the desired manner. As and when the strategies are formulated alternative actions can take by the management of clinic for fulfilling the objectives of these strategies which contributing its overall success.
Recommendations to improve the strategic management in the company:
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1. The clinic should do a detailed risk analysis for the future so that it can remain in the competition when it faces any risk.
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2. The clinic should do a marketing assessment so that it identifies its 4P’s in the service that is providing. This will help the clinic to enter the market easily.
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3. The clinic should do a detailed analysis of its competitors. This is not for the purpose of competing with them, but to adopt the best practices of the industry so that the patients can be helped in a better way.
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4. The clinic should try to minimise the cost of its services so that low-income people can easily utilize its services.
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5. The clinic should analyse impacts of all external or internal factors so that changes can be done immediately without any problem.
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6. The clinic should establish STP which helps them in segmenting and targeting its potential customers without wastage of any additional time and positioning itself in the eyes of its customers.
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7. In addition, the clinic should formulate different risk management plans so that any type of risk can handle on an immediate basis.
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8. Apart of all this, the clinic should measure the strategic actions of its competitors so that it can make itself updated with the latest strategies.
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Place Your OrderPersonal feelings:
While doing this task, I felt very good because this service is for the benefit of the people and its major aim is not just to earn profits. So, I felt that by being a part of this venture, I am serving the society. I realised that I am good at reviewing the literature because I found many journals on the tools of strategic management and I liked to read them. I felt very excited about doing that task because I can update and enhance my knowledge in my field which can further utilized by me for gaining any other market opportunity. I am enjoying while preparing different matrixes for the clinic because it gives me the opportunity to apply my analysis skill. I felt that by giving my significant contribution to this venture, I can also conduct other business operations because it will enhance my experience and analytical skills. I can say that SWOT analysis is most important tool because it gives complete description about the strength, weaknesses, opportunities and threats of the clinic which can significantly utilize in gaining available opportunities and establishing clinic in significant manner.
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