Strategic Planning Flashcards
(16 cards)
What is Strategic Planning in Pharmacy Practice?
It is a systematic process of envisioning a desired future for a pharmacy business or institution and translating this vision into broadly defined goals or objectives and a sequence of steps to achieve them.
What are the benefits of strategic planning in pharmacy?
- Clarifies vision and direction
- Encourages proactive decision-making
- Enhances operational efficiency
- Helps anticipate and respond to environmental changes
- Improves performance measurement
List the key steps in strategic planning.
- Environmental scanning
- Defining mission, vision, and values
- Setting goals and objectives
- Developing strategies
- Implementation
- Monitoring and evaluation
What is environmental scanning?
The process of gathering, analyzing, and using information about trends, opportunities, threats, and developments in the external and internal environments that could influence the future of the pharmacy business.
Define SWOT analysis.
A strategic planning tool used to identify the pharmacy’s internal Strengths and Weaknesses, and its external Opportunities and Threats.
What is a mission statement?
A concise explanation of the pharmacy’s reason for existence—its purpose and overall intention.
What is a vision statement?
A future-oriented declaration of the pharmacy’s purpose and aspirations.
What are values in strategic planning?
Core principles and beliefs that guide the pharmacy’s internal conduct and its relationship with customers, partners, and stakeholders.
What are SMART objectives?
Objectives that are Specific, Measurable, Achievable, Relevant, and Time-bound.
What is strategy implementation?
The process of putting plans and strategies into action to reach the set goals and objectives.
What is a strategic plan?
A document used to communicate the pharmacy’s goals, the actions needed to achieve those goals, and all other critical elements developed during the planning process.
What is a business model?
A framework for how a pharmacy creates, delivers, and captures value in economic, social, or other contexts.
Name four types of business models commonly used.
- Brick-and-mortar
- Online/e-commerce
- Hybrid
- Franchise
What is the Business Model Canvas (BMC)?
A strategic management tool that provides a visual chart with elements describing a firm’s value proposition, infrastructure, customers, and finances.
List the 9 building blocks of the BMC.
- Customer Segments
- Value Proposition
- Channels
- Customer Relationships
- Revenue Streams
- Key Resources
- Key Activities
- Key Partnerships
- Cost Structure
What is the purpose of the BMC in pharmacy practice?
It helps pharmacy managers and entrepreneurs clearly understand how all aspects of their business fit together and work toward delivering value to customers efficiently and sustainably.
