Strategic Management: What is it and why is it important?

Consulting with stakeholders in decision making 

Consultation with stakeholders and SBUs is important. It is imperative that the corporate executive is given the task of making portfolio decisions to consult and engage the stakeholders and the head of the SBUs portfolio. Engaging these parties is critical to the success of the portfolio. It is the stakeholders that have the greatest interest, and objectives to achieve, and only through engagement can these goals be met. Therefore, the portfolio manager must consider the investors' objectives, which is achieved by engaging the stakeholders (Kester et al., 2011). The main justification for engaging the interest parties is that decision making will be better informed, and the stakeholders will be more satisfied with the outcome. Additionally, there will be higher chances of successful implementation, and lastly, consultation is part of best practices.

Roles of Hospital Functional Areas 

The satellite outpatient clinics admit patients for special examination and treatment by professionals working together. These clinics are normally operated away from the main hospital, and patients can get health services without an appointment (Lega, 2004). The hospital functional areas will conduct new patient registrations, provide treatments, notification of infectious diseases, ordering and visualizing x-rays and laboratory tests, and dispensing drug s amongst other roles.

Changes in organizational structure and moving from the current structure to the new one 

Moving from the already approved drug to a new drug development would require shifting the original team from the previously approved drug and using it to establish a new team that will work on the new strategic initiative. Since the first group was successful, it would be recommendable that the entire team is shifted to a new initiative while keeping certain specific roles that will continue monitoring the old initiative (Slevin & Covin, 1990). The new structure should be the same as the old one to ensure similar better results, positioning expertise in its relevant place.

Identify the people you would select to serve on the change team to oversee this shift and justify the selection of each 

Collaboration and teamwork do have an impact on the performance of the individual and the entire company. Studies have revealed that companies promoting collaborative work activities are several times likely to perform better than the companies that do not. In order to shift from a competitive, individualistic sales culture to one based on collaboration and teamwork, leadership would be the core factor in selecting those to serve in the change team. This would mean moving from top-down to team-centric leadership. For the management to oversee a shift to collaborative and teamwork culture, it would be important to significantly reduce roles, and promote an organic structure where each member of the team would have space to be creative ( Yue et al., 2019 ). This means that there would be just one leader or supervisor that is the head of the entire operation, doing away with many bureaucracies and conflict of roles.

Conditions to cancel or reverse the implementation of a strategy for which there has already been substantial investment 

Strategic initiatives are implemented most of the time after proper consultation and consideration of the team and the stakeholders. When this is done, the project goes on well as expected to achieve its objectives. However, there are situations that some external and internal forces may change things, and as a result, the need to reverse strategy or terminate it altogether. The best strategy is always to make some slight changes to shift the strategy to achieve its objectives instead of canceling the entire strategy or project. It is not a good idea to lose money on projects that are already ongoing (Stern et al., 2020). For example, when the marketing team chooses to make road trips in its recent marketing project, then the government calls for a lockdown, it would be better to look for ways to reach out to the potential customer like through the internet, instead of canceling the entire campaign.

Reaction to the rapid implementation of a new strategy than expected 

For an organization to decide on the speed of change, the management needs to consider the reasons for change, the available, and the necessary support. It is also important to consider how intricate the environment has become, the available and required skills and knowledge, and the available funding for implementing the change. The top-down approach begins at the top of the organization and moves down to the junior employees (Srinivasan et al., 2020). A top-down approach is implemented after a modification is done, and no feedback is required from the team. However, in a participatory approach, all the team members are interested in the modifications and implementation process.

References 

Kester, L., Griffin, A., Hultink, E. J., & Lauche, K. (2011). Exploring portfolio 

decision ‐ making processes.  Journal of Product Innovation Management ,  28 (5), 641-661. 

Lega, F. (2004). Reorganising Health Care Delivery in Hospitals: Structure and Processes to 

Serve Quality.  Health Care Policy, Performance and Finance: Strategic Issues in Health Care Management , 187. 

Slevin, D. P., & Covin, J. G. (1990). Juggling entrepreneurial style and organizational 

structure.  MIT Sloan Management Review ,  31 (2), 43. 

Yue, C., Fong, P. S., & Li, T. (2019). Meeting the challenge of workplace change: Team 

cooperation outperforms team competition.  Social Behavior and Personality: an international journal ,  47 (7), 1-15. 

Stern, N., Unsworth, S., Valero, A., Zenghelis, D., Rydge, J., & Robins, N. (2020). Strategy, 

investment and policy for a strong and sustainable recovery: an action plan.  CEP paper , (005). 

Srinivasan, M., Phadke, A. J., Zulman, D., Israni, S. T., Madill, E. S., Savage, T. R., ... & 

Sharp, C. (2020). Enhancing patient engagement during virtual care: A conceptual model and rapid implementation at an academic medical center.  NEJM Catalyst Innovations in Care Delivery ,  1 (4).