How can a market analysis provide the concrete data required to steer planning and development into a new venture?
Strategic Thinking
Module 3: Discussion Forum
To ensure sustainability long term, healthcare organizations must position themselves in a unique position to remain competitive. In order to do this, there are many factors that need to be analyzed through market analysis. This analysis includes researching demographic changes.
Choose one of the projected demographics discussed in your interactive lecture on page 3 or pick your own, and respond to the following:
• How can a market analysis provide the concrete data required to steer planning and development into a new venture?
• If you were the CEO of the healthcare facility of your choice, what aspects of a recent market analysis would you use to pursue a competitive advantage for a new venture?
• How does the projected demographic you chose to impact the future planning of a healthcare organization?
• What does this changing demographic mean for our healthcare system, and how will it affect strategic planning and management? Consider how this demographic impacts stakeholders, consumers, and regulations.
• As a CEO, how would you communicate the demographic changing needs to the stakeholders?
Below are the projected demographics you can choose from:
1) Baby boomers will all be age 65 or older by 2030. This means that 1 in 5 residents will have reached retirement age.
2) Millennials are projected to outnumber Baby Boomers within a few years. There are approximately 71 million Millenials in the United States. They make up 35% of the current workforce in this country.
3) The nation’s total population will cross the 400 million mark in 2058.
4) As of 2016, approximately 20% of the population categorized themselves as living in a multi-generational household.
5) The “two or more races” population designation will be the fastest-growing segment in the next several decades.
6) Rates of motherhood have increased over the past 20 years among women who have never been married. This rate has increased steadily since 1994.
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