Respond to the following 2 discussions separately and independently. Please use book provided as resource.
1. SWOT stands for strengths, weaknesses, opportunities, and threats. The SWOT method is based on opinions not actual data. These SWOT opinions are gathered usually by people that work for their own healthcare corporation. Having the employees from the same corporation making analysis is a huge problem because they are usually blind, and their opinions are not reliable. “If organizations make assumptions about what their customers think, companies need to remember they are only assumptions.” (Hillestad & Berkowitz, 2013, p. 90)In the other hand the Five Forces Model, “is more objective and data based and provides a way for organizations to better understand their risks and opportunities.”(Hillestad & Berkowitz, 2013, p. 91)The Five Forces Model uses data not opinions to make their market analysis. This method is a great method of finding the levels of competition on the area and making educated conclusions to see if establishing a new business in the area would be profitable based on competition. In my personal opinion this is the most important advantage of the Five Forces Model is that you have reliable data that will guide you and help you in making the best decisions.
2. As potential leaders in the healthcare industry, it is important for us to not only understand how strategic plans are integrated along with business plans, but also how to conduct internal and external analyses of our organization(s). Both SWOT and the Five Force analysis models are useful tools in strategic planning but there are key differences between the two. The primary difference being that SWOT focuses on company specific elements while the Five Forces, evaluates competitive factors when making strategic decisions. “A SWOT analysis often does not provide data—it provides opinion, and that opinion is provided by insiders” (Hillestad, 2013). This means that organizations that utilize SWOT for strategic planning must ensure that their opinion of what constitutes their organizational strengths, weaknesses, opportunities, and threats, (SWOT) is actually based on marketplace data. Since their assumption could be right -or could be wrong, then this model is perhaps not the best to utilize for strategic planning. In contrast, the Five Force model is more objective and data based. The model which comprises of analyzing competitive rivalry, threats of new entry, threats of substitution, supplier power, and buyer power, forces an organization to make assessments by asking questions aimed at understanding risk as well as opportunity. In summary, the Five Force model is the more important of the two. According to Hillestad and Berkowitz, many MBA programs also favor the Five Force Model and reject the SWOT analysis when developing a business strategy.
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