UltraElement12722
Identify an existing company (Amazon) and imagine you have been…
Identify an existing company (Amazon) and imagine you have been brought in to help the company increase its future success. Address the following:
Briefly identify the company and provide a short explanation of why the company is seeking growth through one, two, or three of the following grand strategies (select one, two, or three of the listed grand strategies that you believe as best choices for future successes).
Explain the grand strategy plan addressing the expansion using one, two, or three of the following grand strategies:
Concentrated growth
Market development
Product development
Innovation
Horizontal acquisition
Vertical acquisition
Concentric diversification
Conglomerate diversification
Turnaround
Divestiture
Liquidation
Bankruptcy
Joint ventures
Strategic alliances
Consortia, Keiretsus, and Chaebols.
Evaluate three types of business-level strategies (low-cost, differentiation, and speed-based) and determine which is most appropriate for the business you choose based upon your grand strategy selections. Justify your choice. A combination of business strategies is acceptable if you detail the reasoning behind your approach.
Describe how you would implement your business strategy and assess the functional tactics you would implement. Include at least three objectives and one policy that would facilitate the successful implementation of your selected strategy or strategies.
Make sure you include a minimum of one graph that supports the researched data-driven arguments and why it is important.
How can I add to the below to help fit to the requirement above?
Final Portfolio Choice and References
Amazon.com is one of the world’s largest retailers and has been successful in disrupting traditional industries with its innovative business model and technology. The healthcare industry is a potentially lucrative market with significant growth opportunities, as the aging population and rising healthcare costs produce a greater need for innovative solutions. Therefore, Amazon.com could expand its operations in the healthcare industry to provide innovative and cost-effective solutions to customers.
Grand Strategy
The grand strategy for Amazon.com’s expansion into the healthcare industry would be to leverage its existing strengths in technology and logistics to provide innovative solutions that prioritize convenience and affordability for customers. The company could focus on developing new products and services that address key challenges in the healthcare industry, such as reducing costs and improving patient outcomes. Amazon.com could enter the healthcare market through a variety of approaches, including acquiring or partnering with existing healthcare providers and technology companies. This would allow the company to quickly establish a strong presence in the healthcare industry and leverage the expertise of existing healthcare providers to develop innovative solutions. Additionally, Amazon.com could leverage its existing customer base to offer healthcare services and products that prioritize convenience and affordability.
Long-Term Objectives
To support the implementation of the grand strategy, Amazon.com could set the following long-term objectives: First the company can establish a strong presence in the healthcare industry by acquiring or partner with existing healthcare providers and technology companies to quickly establish a strong presence in the healthcare industry. This would allow the company to leverage the expertise of existing healthcare providers to develop innovative solutions.
Develop Innovative Solutions: Amazon.com could focus on developing new products and services that address key challenges in the healthcare industry, such as reducing costs and improving patient outcomes. This could involve leveraging its existing strengths in technology and logistics to provide innovative solutions. Build Customer Trust and Loyalty: Amazon.com could build customer trust and loyalty through high-quality, accessible healthcare services and products. This could involve providing personalized healthcare solutions that prioritize convenience and affordability for customers.
Policy
To support the implementation of the grand strategy and long-term objectives, Amazon.com could prioritize data privacy and security in all healthcare-related operations. This would ensure that sensitive patient information is protected and build trust with customers who may be wary of sharing their health data with a large tech company like Amazon.
Risks and Challenges: There are several risks and challenges that Amazon.com could face when implementing this strategy. One of the main challenges is regulatory hurdles, as the healthcare industry is heavily regulated and subject to numerous legal requirements. Amazon.com would need to navigate complex regulatory frameworks and compliance issues to successfully enter the healthcare market. Another challenge is building trust with customers who may be hesitant to share their health data with Amazon. Customers may be wary of sharing sensitive health information with a large tech company due to concerns around data privacy and security. Amazon.com would need to prioritize transparency and education around how health data is used and secured and provide clear opt-in and opt-out options for customers.
Additionally, the healthcare industry is a complex and dynamic industry, and Amazon.com would need to stay up-to-date with new trends and innovations to remain competitive. The company would need to invest in ongoing research and development to develop new products and services that address emerging healthcare challenges.
To provide a real-life example of how Amazon.com could implement this grand strategy-
Let’s consider their recent acquisition of PillPack, an online pharmacy company. With this acquisition, Amazon.com entered the healthcare industry and gained access to PillPack’s technology and expertise in medication management and delivery (Landi,H., 2021). One long-term objective could be to expand PillPack’s services to more customers and locations, using Amazon’s existing logistics network to provide fast and affordable medication delivery. Additionally, Amazon could leverage its technology and data analytics capabilities to develop personalized medication management solutions that improve patient outcomes and reduce costs. To support this objective, Amazon could implement a policy of prioritizing data privacy and security in all healthcare-related operations, as well as ensuring compliance with regulatory frameworks. They could also invest in ongoing research and development to stay up-to-date with emerging healthcare trends and innovations. However, there are still risks and challenges involved in this expansion. For example, there may be concerns around the security and privacy of patient information, as well as regulatory hurdles to navigate. To mitigate these risks, Amazon could prioritize transparency and education around how patient data is used and protected, as well as partnering with healthcare professionals to ensure compliance with regulatory frameworks.
Conclusion
Overall, Amazon’s acquisition of PillPack provides a strong example of how the company could expand its operations in the healthcare industry, leveraging its existing strengths in logistics and technology to provide innovative solutions that prioritize convenience and affordability for customers.
