Hello,
Looking at the article Five Forces by Michael Porter it made complete sense in our modern business world. What was interesting about this article is that Michael Porters aspect of the five forces has always been out there he just made a nice conclusion and put it all in one article. Looking at how he proposed the entire factor made a lot of sense.
What we look at in the article is how he breaks down each factor and relates them into our most know industries. He also provides the reader with addressing the common misunderstandings, provides practical guidance for users of the framework, and takes us into understanding and learning how vital all these steps are essential to all work fields.
1. Bargaining Power of Suppliers
2. Threat …show more content…
These factors apply to us where we deal with patients, suppliers, other potential entrants, and having to make the decisions to substitute products as well as care. As Porter states even though we may all be from different business backgrounds at the end of the day the profitability goals for each company is the same.
In his examples of industries, I think Health Care can be looked as the airline industry. What we offer and what we can be billed is mandated by health insurance. We all offer similar service and the patients are to decide who they will allow to provide them care. We must look at each factor and decide which strategy is best. In today’s market, health care now is being influenced by both competition and profitability in order to stay in business.
The health care providers are being forced to shape up their competition. As new hospital are now being incorporated as franchise. We no longer are competing with the hospital down the street but with a health care system. I find that health care competition is fierce because we offer almost the same service where we may differ is with special procedures. Which leads us into the threat of entry on all …show more content…
As a system, we merged into looking at our 500 suppliers and made a decision build contracts and all purchase from the same, which was narrowed down to the best price suppliers in which we were left with about 200. The power of buyers plays out in a daily bases. As we look for better quality products and demanding service the each individual committee is in need of. Threat of substitutes comes into play with looking at different pharmaceutical products, machinery that is needed as well as procedures provided. Rivalry for many hospitals are several other hospital in the same 5-mile radius.
Each day we must take into consideration our industry growth rate, technology and innovations, and our government policies.
I found this article very beneficial and easy to understand. Porter breaks down these concepts in a format in which any manager can benefit from and learn. These five factors have been around since the first business open their doors and will continue to be a goal that each of us need to keep in mind when looking at our own departments, business, or
Looking at the article Five Forces by Michael Porter it made complete sense in our modern business world. What was interesting about this article is that Michael Porters aspect of the five forces has always been out there he just made a nice conclusion and put it all in one article. Looking at how he proposed the entire factor made a lot of sense.
What we look at in the article is how he breaks down each factor and relates them into our most know industries. He also provides the reader with addressing the common misunderstandings, provides practical guidance for users of the framework, and takes us into understanding and learning how vital all these steps are essential to all work fields.
1. Bargaining Power of Suppliers
2. Threat …show more content…
These factors apply to us where we deal with patients, suppliers, other potential entrants, and having to make the decisions to substitute products as well as care. As Porter states even though we may all be from different business backgrounds at the end of the day the profitability goals for each company is the same.
In his examples of industries, I think Health Care can be looked as the airline industry. What we offer and what we can be billed is mandated by health insurance. We all offer similar service and the patients are to decide who they will allow to provide them care. We must look at each factor and decide which strategy is best. In today’s market, health care now is being influenced by both competition and profitability in order to stay in business.
The health care providers are being forced to shape up their competition. As new hospital are now being incorporated as franchise. We no longer are competing with the hospital down the street but with a health care system. I find that health care competition is fierce because we offer almost the same service where we may differ is with special procedures. Which leads us into the threat of entry on all …show more content…
As a system, we merged into looking at our 500 suppliers and made a decision build contracts and all purchase from the same, which was narrowed down to the best price suppliers in which we were left with about 200. The power of buyers plays out in a daily bases. As we look for better quality products and demanding service the each individual committee is in need of. Threat of substitutes comes into play with looking at different pharmaceutical products, machinery that is needed as well as procedures provided. Rivalry for many hospitals are several other hospital in the same 5-mile radius.
Each day we must take into consideration our industry growth rate, technology and innovations, and our government policies.
I found this article very beneficial and easy to understand. Porter breaks down these concepts in a format in which any manager can benefit from and learn. These five factors have been around since the first business open their doors and will continue to be a goal that each of us need to keep in mind when looking at our own departments, business, or