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business
strategic management

Questions and Answers of Strategic Management

apply the value chain framework to relevant THE settings;P-696
explain the relationships between core competencies and core activities;P-696
explain the concept of the value chain and the value chain framework;P-696
apply core competencies, competencies and resources to relevant THE contexts;P-696
explain the concepts of core competencies, competencies, resources and the relationships between them;P-696
Explain how belonging to AITO helps SMEs compete effectively?P-696
Explain which characteristics of THE does AITO help SMEs with in competing with larger competitors.P-696
Consider other examples of crisis situations that have occurred for THE organizations.P-696
Explain what the lessons of this case might be for dealing with crisis situations for THE companies.P-696
Discuss why an understanding of the characteristic features of THE is important to managers operating in these sectors.P-696
Explain why THE is so susceptible to external shocks.P-696
Why is THE different from other service-based sectors in relation to its impacts?P-696
Explain the managerial responses of Accor after the attacks.P-696
Explain how Accor was affected by the 9/11 terrorist attacks.P-696
Explain the business model Grootbos has developed and assess its effectiveness.P-696
Explain the issues raised by Grootbos in relation to the impacts of tourism.P-696
Provide a brief explanation of the structure of the tourism, hospitality and events sectors and explain the linkages between them.P-696
Explain the interdependence of THE organizations.P-696
Explain the effects of seasonality on the way in which management is carried out in THE organizations.P-696
Explain the actions managers in a company like Kuoni might take to deal with the seasonality issues.P-696
Explain the nature of the seasonality issues faced by Kuoni.P-696
Consider what problems might arise for managers in a THE company because of the spread of loyalty programmes throughout the industry?P-696
Explain the characteristic of THE contexts to which loyalty programmes represent one response.P-696
Explain why perishability is affected by the difficulties of changing supply in the short-to-medium term in many THE settings.P-696
Why might heterogeneity be valued by many THE customers and what challenges might this present for THE managers?P-696
Explain the meaning of the terms intangibility, inseparability, perishability and heterogeneity in THE contexts.P-696
Explain how Radisson has responded to these challenges.P-696
Explain the challenges Radisson faces in managing heterogeneity.P-696
What key lessons about motivating staff might be drawn from the experience of Games Makers?P-696
Does this case illustrate whether heterogeneity is; ‘good’ or ‘bad’ when delivering services in THE contexts?P-696
explore some of the ways in which managers respond to the key features of THE products.? P-698
assess the impacts of the key features of THE products on managers working in these sectors; P-698
explain the defining characteristics of THE products in particular; P-698
describe the key characteristics of service products and how they are relevant to THE organizations; P-698
define goods and services; P-698
➤➤ Appreciate the history of medical practice.
➤➤ Explore the six domains of medical practice management.
➤➤ Understand the forces of change affecting medical practice.
➤➤ Develop a perspective on the changes affecting medical practice.
➤➤ Understand the importance of the medical practitioner.
1. Discuss the importance of the medical practitioner to the healthcare system.
2. Describe several of the forces of change affecting the medical practice.
3. What are some challenges faced by the medical practice manager?
4. The metaphor “the perfect storm” has been used to describe the changes in healthcare. What does it mean in the healthcare context?
5. Describe and discuss several of the models of medical practice.
6. An increasing percentage of physicians are employed by hospitals, healthcare systems, and corporations. What are some of the consequences of this change?
➤➤ Describe the wide range of medical practice models.
➤➤ Characterize the relationships between physicians and healthcare institutions.
➤➤ Understand the duties and responsibilities of the practice manager.
➤➤ Appreciate the importance of the mission, vision, and values of the practice.
1. What is the purpose of the mission, vision, and values of the medical practice?
2. Who are some of the stakeholders of the medical practice?
3. What are some of the operational, internal, and external functions of the practice?
4. What are the components of organizational culture that affect the medical practice?
5. Describe some of the key organizational forms that include medical practices.
6. Describe and discuss some of the emerging models of medical practice organizations.
➤➤ Assess the information technology needs of the medical practice.
➤➤ Consider the challenges of applying information technology in the medical practice.
➤➤ Recognize when to seek outside help on information technology issues.
➤➤ Articulate meaningful use and other regulatory requirements.
➤➤ Understand the benefits and risks of cloud computing for the medical practice.
➤➤ Understand the challenges surrounding data privacy and security and the steps that the medical practice can take to prevent data breaches.
1. What are some of the important purposes of an electronic records system?
2. Discuss some of the reasons why implementing electronic records in a medical practice is so difﬁcult.
3. What is meant by the term meaningful use, and what are its components?
4. What are some important considerations for project management in the implementation of an information system?
5. What are some of the key steps in selecting a medical record system for the practice?
➤➤ Understand why medical practices market their services.
➤➤ Discuss the reasons why practices add ancillary services.
➤➤ Appreciate and describe the nature and aspects of strategic planning in the medical practice.
➤➤ Appreciate and describe the nature of project management in the medical practice.
1. Describe and discuss the development cycle for the medical practice.
2. What are the four primary strategic alternatives?
3. What are SWOT and PEST analysis, and how are they used in strategic planning?
4. What are the four Ps of marketing?
5. Describe and discuss the various methods of determining return on investment.
6. Describe and discuss force field analysis and how it is used in strategic planning.
➤➤ Articulate the function of medical financing.
➤➤ Appreciate the complexity of medical billing.
➤➤ Understand the medical billing process.
➤➤ Recognize the complexities of the medical reimbursement system.
➤➤ Appreciate the effects of the Affordable Care Act on medical financing.
➤➤ Understand how the Medicare Access and CHIP Refinancing Act affects the medical practice.
1. Illustrate and discuss the steps in the revenue cycle.
2. What impact have high-deductible health plans had on the revenue of medical practices?
3. What are the four parts of Medicare? Discuss the functions of each part.
4. What are ICD codes?
5. What choices do practice managers have in selecting performance metrics for the revenue cycle?
6. Define the term relative value unit and describe the components of the resourcebased relative value scale.
7. Discuss some of the complexities of the Medicare Sharing Savings Program. Why have some people suggested that the program be changed?
8. Why do you think some states resisted the expansion of Medicaid under the ACA?
9. Discuss the purpose of MACRA and summarize its elements.Discussion Questions References
➤➤ Appreciate the nature of cost behavior in the medical practice and why understanding it is important.
➤➤ Understand the importance of financial management in the medical practice.
➤➤ Describe the nature and purpose of budgeting.
➤➤ Articulate the use of variance analysis and metrics in the review of financial statements.
➤➤ Understand the complexities of physician compensation.
1. Identify the three primary types of costs in the medical practice and explain how they differ.
2. What is the main purpose of budgeting?
3. Describe the different components of the budgeting process.

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