The strengths, weaknesses, opportunities, and threats (SWOT) analysis is a useful tool in strategic planning. Conducting a SWOT analysis includes investigation of the organization’s environment. The strengths and weaknesses of an organization are internal factors, while opportunities and threats are considered external factors. Each element will be discussed as it can provide helpful information about the current condition of the organization. The SWOT analysis also allows for areas of growth by looking externally at its contributing factors.The strength of an organization refers to any type of characteristic that gives itself a competitive advantage over a similar-type organization. For instance, if a hospital partnered with a local restaurant and was able to provide non-intensive care to its patients such as an option of receiving meals delivered from the restaurant to their room, this would be a strength over an organization that only provided in-house meals.The weakness of an organization refers to any type of disadvantage it has compared to its competition. For instance, if a nursing home located in a metropolitan area has limited handicap parking, this would be a weakness over a similar organization nearby that has ample handicap parking spaces.The opportunities of an organization refer to elements in the external environment that may benefit the organization in the future. For instance, if the nursing home with limited parking is offered to purchase the lot next door and expand parking, this is considered an opportunityThe threats of an organization refer to elements in the external environment that may potentially cause trouble for the organization. For instance, if a new hospital is looking to enter an existing market, this would be a threat for the existing hospitals in the area.Additional MaterialsFrom your course textbook, Health Care Market Strategy, read the following chapter:· Step 1: Conducting the Internal/External AssessmentFrom the South University Online Library, read the following article:· SWOT Analysis: A Theoretical ReviewFrom the Internet, review the following:· Harrison, J. P. (2010). Strategic planning and SWOT analysis. In Essentials of Strategic Planning in Healthcare (pp. 91–97). Chicago, IL: Health Administration Press. Retrieved from https://www.ache.org/pdf/secure/gifts/Harrison_Chapter5.pdfPorter’s Five Forces ModelAnother assessment tool used for strategic planning is Porter’s Five Forces model. Unlike the SWOT analysis, the five forces model allows for organizational risks and opportunities to be further scrutinized. This model asserts that there are forces, or influencers, that ultimately determine the competitive advantage of an organization. This model specifically illustrates the security of the organization in its respective market.The model seeks to answer the following five questions:· How easy is it for suppliers to drive up prices?· How easy is it for buyers to drive down prices?· Is there a threat of substitution?· Is there a threat of new entry by a similar provider?· How much competitive rivalry exists?In healthcare, suppliers refers to the providers of healthcare services. Buyers refers to the individuals receiving care or purchasing medical supplies (patients). The first two questions aim to assess the level of ease for which a supplier can increase prices for services, and the level of ease for which a buyer can ultimately reduce prices. Supply and demand are proponents of this concept. As the demand of services increases, the supply decreases. Likewise, as the demand of services decreases, the supply increases.The model continues to seek if there is an opportunity for a different type of service available for existing buyers. For instance, patients discharging from a hospital requiring assistance with activities of daily living commonly find services in a skilled nursing facility. However, if the patient elects to receive healthcare services at home instead, they are substituting services.Similarly, if your nursing home enters the market where the patient requires services, this is a threat of a new entry by a similar provider. The question that remains is, what competitive rivalry exists in any organization’s strategic path? Porter’s Five Forces model aims to identify these in an effort to determine the competitive advantage of the organization.Porter’s Five Forces Model
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