Strategic Plan Versus Business Plan
MARKETING AND STRATEGIC PLANNING
Assignment Overview
Strategic and business plans are both vital parts of an organization’s success. These two key types of plans differ greatly. As a healthcare professional it is important to understand the difference between the two.
Case Assignment
Using the chart below, compare and contrast at least 10 differences between strategic and business plans:
Strategic Plan Business Plan
1
2
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4
5
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10
Assignment Expectations
Conduct additional research to gather sufficient information to justify/support your responses.
Support your report with peer-reviewed articles, with 2–3 references. Use the following link for additional information on how to recognize peer-reviewed journals: http://www(dot)angelo(dot)edu/services/library/handouts/peerrev.php.
You may use the following source to assist in your formatting your assignment: https://owl(dot)english(dot)purdue(dot)edu/owl/resource/560/01/.
For additional information on reliability of sources review the following source: https://nccih(dot)nih(dot)gov/health/webresources.
This assignment will be graded based on the Case Assignment rubric.
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Strategic Plan
Business Plan
1
A strategic plan denotes a blueprint, design, or steps that would be used to complete specific business goals (American, 2009). The strategic plan often incorporates mission, objectives, and implementation of the goals.
A business plan involves the overall idea of the business including financial, operations, expected profitability, and market dynamics (Haag, 2013). It is a roadmap on how to operate the business.
2
A strategic plan is dynamic in nature. For example, an organization may plan to increase patient satisfaction by eliminating wait-time in the hospital but later on change to incorporate patient feedback (American, 2009).
A business plan is largely concrete in nature and this means it does not allow any deviation. In case “Plan A” fails, it is not changed but rather the business moves to “Plan B” (Haag, 2013).
3
The strategic plan often defines the long-term goals or direction of the organization (American, 2009).
In contrast, a business plan is mostly short-term such as 2 to 3 years. The plan may however, be part of a long-term strategy. Business owners can develop their initial strategies within the business plan.
4
The strategic plan is used when creativity, innovation, and teamwork is the main focus. For example, a collaborative effort can be used to generate new ideas on how to enhance patient satisfaction.
Haag (2013) claims that a business plan is used when remaining on track is the key priority. The business plan offers a clear direction to follow with sporadic milestones to accomplish the goals.
5
The strategic plan may focus on the overall organization or a specific area of the organization such as patient retention or improved p...