Suppliers find that clinician support provides input legitimacy and lends credibility to their initiative. When standardization is disseminated in the diffusion phase, clinicians who feel that they have a voice in the process are more likely to support the initiative, providing output legitimacy. 9 Standardization that emerges from practice is more meaningful to healthcare professionals than standardization for its own sake. Outlining the goal of standardization in a way that is purposeful to healthcare professionals will aid in the adoption of an initiative. Ideally, promoting patient safety as the ultimate goal provides the most positive feedback (Timmermans, S. and Epstein, S. 2010).
ROHINI T.H 1321758 EVALUATING THE STRATEGIES OF A DIVERSIFIED COMPANIES MEANING OF DIVERSIFICATION Diversification means it is a process of adding a new line of business to the company that is different from the existing line of business operations. A diversified business company or a multi- business company is the one which is involved in two or more different line of industries, in order to attract the new line of customers and also to sustain the existing group of customers. In general when a line of business has diversified its activities, it ensures competitive advantages to such companies which allow diversification in order to minimize the risks. But it does not be the same situation all the time for all the companies, because diversification
Secondly, businesses need to play to their strengths and not all businesses have the same strengths. Thirdly, many markets are segmented and what is important to one set of customers may be less important to another set. So businesses need to decide which segments of the market they are targeting. Ways of seeking to gain competitive advantage include: offering lower prices, offering clearly superior products at above average prices, delivering products more quickly. offering superior customer service, including after sales service.
Porter described an industry as having multiple segments that can be targeted by a firm. The breadth of its targeting refers to the competitive scope of the business. Porter defined two types of competitive advantage: lower cost or differentiation relative to its rivals. Achieving competitive advantage results from a firm 's ability to cope with the five forces better than its rivals. Porter wrote: Achieving competitive advantage requires a firm to make a choice about the type of competitive advantage it seeks to attain and the scope within which it will attain it.
Evidence based practice (EBP) is a process of integrating high quality evidence into practice or care provided by health professionals and decision makers in health care. This discussion will explore the meaning of the term Evidence Based Practice further and discuss its origins. EBP requires finding the best available evidence to inform practice, its greatest benefit being the best possible care for a client. Other benefits and limitations will be further discussed below. EBP demands the client be seen as an individual and their unique circumstances be considered in the application of evidence based care.
At the same time, it is also essential for Marks and Spencer to determine the marketing and management capabilities needed to maintain the achieved market and competitive position. For the assessment of business strategic feasibility company before new product development should en sure whether they have enough technological and human resources to manage business functions effectively or not. However, Marks and Spence assessed all of these aspects at the planning phase of new product line which ensured that organisation have feasibility to manage specific strategic changes effectively with respect to timing. In consideration to qualitative and quantitative aspects of strategic proposal it is evaluated that with new product and market Development Company can
If a brand has a good reputation, customers and businesses, are more likely to purchase that brand. Examples include logos and packaging. (B2B and B2C Similarities and Differences , n.d.) These need to capture the attention of their customers because businesses have competition and therefore need to stand out. Marketing strategies may differ between B2B’s and B2C’s. B2C transactions are likely to use marketing such as advertising, direct and Internet selling to market their products and services.
To set up a competitive advantage and enhance productivity, associations must see their clients, as well as, their opposition. It is noted that porters five forces analysis turned into an important part in any official’s business toolbox. The model gives direction to help structure key choice listing to make deciding industry engaging quality elements adding to the force of focused competition, the threat of new entrants and substitute commodities, and the bargaining power of customers and suppliers. Furthermore, depending upon a combination of these forces, approaches could be determined whether to enter an industry new to the association or to appropriate forces contributing to low business attractiveness (Fyall & Garrod, 2005). It seems porter 's five forces model depends intensely on building up the attractiveness of an industry.
Teamwork may be encouraged in small, homogenous areas, but strategic and interdepartmental collaborative efforts are challenged by the organization's competitive structure. Communication also may be challenging without the benefit of a shared vision or enterprise-level goals. Level 3: The integrated enterprise An enterprise-wide approach to data management and decision-making characterizes organizations at this level. Integrated knowledge systems generate value by standardizing processes that promote coordinated marketing efforts. Resources are mobilized around market and customer relationships that optimize long-term value.
The objective in this analysis is to help managers determine profitability and attractiveness of an industry (Investopedia, n.d.). The increasing level of competition decrease the profitability. Moreover, this tool provides a foundation to formulate strategy and recognize the competitive landscape in the same industry of the company ("Industry Analysis | Porter’s Five Forces | Competition,"