Strategy formulation is a vital plan that organizations apply to determine their operation in a market. Majorly, managers are demanded to adhere to specific strategy formulation strategies to that adhere to the demands of the market as well as organizational goals. Among the specific strategy formulation procedures that organizations such as health institutions apply include directional strategies that concerns with the company’s goals according to their operations. Liu, Cai and Smart (2019) assert that directional strategies are important because they influence organizations to shape their operations towards their future goals such purchasing relevant equipment and hiring competent medical staff based on their areas of expertise. Similarly, adaptive strategies are also crucial for organizations according to dynamics of the market. Precisely, adaptive strategies demand healthcare institutions to streamline their operations according to the nature and prevailing trends in the market. For instance, managers can embrace adaptive strategies by embracing technology and observing the patients’ cultural practices.
Continually, identifying strategies for market entry is also a major concern that marketers face according to their business activities. Notably, Liu, Cai, and Smart (2019) note that marketers need to determine market entry strategies such as identifying the needs of the customers according to the prevailing medical conditions. The organization further need to consider prices to ensure they correspond to the economic capabilities of their patient by reducing the cost of treatment and medical access. Competitive strategies also emerge as significant procedures that healthcare centers must follow to ascertain their success in the market. Among the important competition strategies that institutions should embrace include examining trends in the market to ensure their services meet the set standards. For example, the organizations should focus on providing quality health services compared to their rivals. Similarly, the company should employ competent marketing strategies to display their services in the market. The final procedure include implementation strategy that require companies to approach the market with quality services and competent employees who are capable of propelling it according to its goals and aspirations in the market.
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In my own perspective, adaptive formulation strategy is more effective in acute care hospital than other strategies because it concerns embracing new changes that the market presents. Following the evolving nature of acute conditions, adaptive formulation strategies enable hospitals to determine new technologies according to the patient’s infections. Similarly, adaptive strategies enable health institutions identify and hire physicians who are meet current demands in acute care conditions.
References
Liu, X., Cai, J., & Smart, A. (2019). Does the way in which a firm interacts with its network partners influence its formulation of product innovation strategies?. International Journal of Technology Management.
