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BUS765_WK8_CLA2_final.doc - STRATEGIES TO COMPETE IN THE...

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STRATEGIES TO COMPETE IN THE HEALTHCARE SECTOR1CLA2 – Strategies to compete in the healthcare sectorIvayla AleksievaWestcliff UniversityBUS 765: Management of Technological InnovationProfessor MoghaddamJune 27th, 2021
2As a lot of resources are confirming it, the development and success of a businessdepends how an entrepreneur meet the needs of its customers. In order to succeed among a tightcompetition, innovation must be planned (Kundu and Bairi, 2016). In other words, forsustainable success an outlined resources, responsible parties and time frame needs to be made.To start a successful healthcare business though anywhere around the world it is not easy but tomake it through the environment from any aspect needs to be observed, analyzed and measured.By any means these days, the healthcare organizations are trying to introduce andimplement innovative approaches that allow them to control health care costs, improve laborshortages, meet the growing needs of an aging population, and moreover, respond to theinformed and demanding user base for improving the quality of treatment and health care. Thecomplexity of defining innovation, in relation to healthcare and laboratory medicine, is primarilydue to the fact that there are different stakeholders who may have many different reasons fordefining innovation and measuring quality - the result is different accents, definitions andevaluation criteria. Logically speaking, most of the innovation happening are in the field ofhealthcare, because the quality of life of many people is related to finding new solutions andcreating opportunities. It is not easy an innovation to happen but it mostly depends on thewillingness and the opportunity to do it so. The healthcare industry only proves that innovativesolutions are realized when a person has an irresistible desire to change the possibilities in theworld around him and the feeling that he has to do it in spite of everything.In other words, an innovation to happen an opportunity and potential has to be created bythe company’s management, a strategy has to be developed to be built it and a team to beselected which can generate ideas and materialize it on reasonable cost.
3If a company wants to enhance and optimize their strategies to compete with thecompletion in the healthcare sector an exploration of innovative tools is must to survive on sucha tight market. To bring out to the world a new products, it is always mandatory to consider ananalysis of the market so that all the major aspects of the market can be taken into account.Furthermore, bringing new products will also require the perspectives of the customers to be keptin mind. But again, this also will require a market analysis and product viability on this particularmarket. To reduce the impact of a wastage in ideas generation, a lean operations management canbe enforced in a way so the business strategy to be incorporated mechanism driven by theprinciple of doing more with less. It is a minimalist approach to running a business andimproving day-to-day operations the most efficient way.

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Term
Summer
Professor
Scott Mensch
Tags
Qualitative Research

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