In our first lecture, we provided the basic backdrop as to how and when strategic management came into being. Looking ahead, week 2 will evaluate the two emerging models of SM while week 3 will discuss the various levels in the development of strategy.
In our first lecture, we provided the basic backdrop as to how and when strategic management came into being. Looking ahead, week 2 will evaluate the two emerging models of SM while week 3 will discuss the various levels in the development of strategy.
The Rise of Strategic Management
In our first lecture, we provided the basic backdrop as to how and when strategic management came into being. This lecture will provide a working definition and discuss why strategic management (SM) is of critical importance to the field of healthcare. Looking ahead, week 2 will evaluate the two emerging models of SM while week 3 will discuss the various levels in the development of strategy.
If you asked 10 experts to define strategic management, you would more than likely get 10 distinct, albeit related, answers. The reason being is because strategic management is as complex or as simple as the business itself. A few examples should help us understand the problems of providing one catch-all definition. Let’s start with the rather simple business of making dining room tables and chairs.
To make our tables and chairs, we need a supply of wood. Let’s assume that we work solely with pine. Odds are that we are purchasing our pine from a wood supplier rather than growing and maintaining the trees ourselves. As such, by the time we get the wood shipped to our warehouse, it has already been “touched” by several people along the way. The tree was cut down by one person, probably gathered by another, and then stacked by yet another individual onto the trucks. Those trucks then drive the material to their own warehouse where it is offloaded by someone and then counted into inventory by yet someone else. When we call for an order to be sent to us, one person takes the order while another person loads the product onto a truck, driven by perhaps a third party company. It finally arrives at our warehouse where one of our employees touch it for the first time.
Once in our warehouse, the material is only pulled as the orders come in. Depending on the size of our operation, we may or may not have the assembly equipment in the same locale as where it is stored. The wood is then brought to the production equipment where someone then assembles it into the finished product. It is likely that the same person who makes the table is not the same person who makes the chairs; different skillsets. One of our employees now must prepare the finished product for shipping and we may or may not have internal shipping to either customers or to furniture wholesalers. Point being is, look how many people were involved in the process of making a simple dining room table. This doesn’t include our sales team, receptionists, or management personnel required to make sure we remain viable. In simplest terms this is the supply chain. We will be reviewing this again later in the course.
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