Week 5 Assignment – Learning Activity: SWOT Analysis
Using the same health care organization identified in the first assignment, complete a SWOT analysis on the organization over all based on information you gathered when completing the first assignment. Use the provided template and submit the completed version.
- SWOT Word Template [DOCX].
For more information on how to conduct a SWOT Analysis, you may want to watch the video, Conducting a SWOT Analysis.Be sure you SWOT Analysis includes each of the following:
Step 1: Strengths
First, identity one or two major competitors. Next, consider what does the company/product do better than (or at least equivalent to) the competition. This could be:
- Specific product attribute advantage.
- Brand perceived value.
- Customer service of company.
Step 2: Weaknesses
What does the company/product do that is not as good as the competition? How is this going to affect your customer’s sales?Thought needs to be given to how you can compensate for, or overcome these issues. What is the cost of overcoming these issues?Is it necessary to overcome the issues or are they something you can accept and deal with?
Step 3: Opportunities
- Change size, shape, or color.
- Additional services.
- New packaging.
- Different distribution points.
- New promotional focus.
Step 4: Threats
What actions could threaten the product or standing in the market?
- New competitor entry.
- Major product failure.
- Reduction in promotional spend.
- Customer changes.
- Changes in the market.
Requirements: 1-3 pages
The area of the market with potential for modifications is additional services. One of the market opportunities includes a faster cycle time. It allows the hospital to seek new ventures such as ambulatory centers. Another opportunity in the market is a technological advancement that will significantly develop the product. The information technology opportunity will ensure high-quality service delivery at competitive prices. The digital technological transformation adds a competitive advantage to the product, boosting patient outcomes and reducing costs (Islam, Poly, and Li, 2018). The third opportunity in the market for Mt. Sinai Hospital is advanced communication with the patient. Through mobile applications, social and websites will modify service delivery. For instance, social media platforms, smartphones, and the internet enhance healthcare communication through self-management of chronic illnesses. Increased patient participation in healthcare through social media websites can be integrated with technological tools to maximize benefits.