MKTG1001 Identification of Industry and Reason for Choosing Industry Assessment 2 Answer
PART 2 _ASSESSMENT 3
Identification of the Industry and reason behind choosing the industry
The industry that has been taken into account by me is the Healthcare Industry. In the global context, the significance of the entire Healthcare Industry is very crucial. I have obtained from a previous assignment that communication is considered as one of the essential ideas that are necessary for the Healthcare Industry. While highlighting the primary aspect of Emotional Intelligence in Cultural Integrity and Diversity, it has been understood by me that communication plays an active role in the development of any business context, including healthcare contexts.
I can report a wide range of reasons for choosing this industry. I have come to learn from part 1 that in different global contexts, the patient demographic varies to some considerable extent. Moreover, this industry can be understood as one of the most effective platforms with all the different aspects and attributes, such as cultural integrity and diversity. Globalization has introduced several new pathways for involving people and staff from different cultural backgrounds and countries. In this aspect, the Healthcare Industry has become enriched with a diverse workforce and various technology and heath ecosystems. Therefore according to my point of view Healthcare Industry would be the best option for critically discussing the individual purpose of Stakeholders and their orientation.
Whether working in the industry or would like to
No, I have not been working in the Healthcare Industry. However, I would like to be involved with this industry in Future.
Higher Purpose and Stakeholder Orientation
I have derived this knowledge that the concept of Higher Purpose has enough coordination with the idea of Stakeholder Orientation. The concept of Higher Purpose denotes that every business goes beyond its corporate objectives and aims. For example, I have articulated from the previous part that for being healthcare professionals, it is necessary to have emotional intelligence and psychological development. By which the Healthcare professionals would be able to Coordinate and connect with the patients emotionally too. On the other hand, the concern of Stakeholder Orientation refers to the creation of value by making proper collaboration between the stakeholders with respect to their worth and interests.
Figure 1: Higher Purpose and Stakeholder Orientation
(Source: Danso, Adomako, Lartey, Amankwah & Owusu 2019)
In the global context, it is to be highlighted that flexibility and diversity in the case of communication is essential for the stakeholders. In the Healthcare Industry also the professionals need to work with different people from diverse backgrounds, and they have an individual interest in the business. Hence by the optimization of value for various stakeholders, the orientation can be determined.
Application of Higher Purpose and Stakeholder Orientation in the chosen industry and Why
As I have mentioned in the previous section that the concerned industry for this study is the Healthcare Industry.
Application of Higher Purpose
The context of higher purpose reflects the business potential of any industry. For example, in the Healthcare Industry, apart from serving the patients in return of payments the organizations and most importantly the health care professionals and doctors must give utmost consideration upon the staff and their commitment. From the point of view of Flammer & Kacperczyk, (2016), Cultural diversity and integrity are recognized as one of the most critical factors that are being derived by the professionals.
Application of Stakeholder Orientation
According to, Barrett, Oborn & Orlikowski, (2016), stakeholder Orientation is also taken into primary consideration. It has been identified that the entire business ecosystem depends on the collaboration of employees, staff, employees and investors. According to Nudurupati, Bhattacharya, Lascelles & Caton, (2019) each and every stakeholder has their individual interest in the business. For the commercial and social development of the industry, creating value for the stakeholders is necessary. It will influence the encouragement and interest level among doctors and healthcare professionals
Experience, professional aspirations and qualities that have been learnt for fulfilling their Higher Purpose and Stakeholder Orientation
I have come to learn a lot about the significance of cultural diversity and integrity. As it has been documented from the previous part that crosses artistic training for the employees is very important and significant. It not only improves the value of healthcare services but ensures CSR for the organization. That goes beyond money for the Healthcare organization. Moreover, I must say that it has been experienced by me that without having proper communication and collaboration, it becomes challenging to contemplate each and individual needs of the stakeholders. Training can be the appropriate options for synchronizing the concept of stakeholder orientation. Moreover, Moro Visconti & Martiniello, (2019) has stated that if the Healthcare Industry needs to maximize the commercial value of the business, then the fundamental approach of higher purpose must be introduced. Apart from the monetary value, I think the healthcare sectors must give free clinical trials to the indigenous and aboriginals for improving social value.
The concept of aspiration is recognized as the pathway for a career. From my derived lesson, I must say that the healthcare industry must arrange different campaigns for mental health awareness and drug addiction that have become a significant concern worldwide. The staff must be included in the management team for making them more responsible and to scale up their importance. Moreover, for maximizing higher purposes, the managerial department must be reliable enough by delivering social benefits.
In my chosen industry Healthcare professionals and nurses play a vital role. From my point of view, the implication of the concept of Stakeholder Orientation in the Healthcare Industry in the global context can determine the necessary aspects for giving a sustainable and healthy workforce for the stakeholders. It leads to their individual commitment and will maximize the quality of patient-centred care. I have learned about specific conditions that ensure the business value by giving equal importance to the people regardless of their culture and background when they look for treatment.
Choose and define any two steps of the U-Theory.
I have obtained this understanding that the fundamental concept of U Theory helps to deliver immense benefits upon the necessity of consistency in different business contexts. The chosen two steps are,
The stage of Co-Initiating reflects on the holding time for listening to others, and it helps to seek individual contribution from others regarding a specific aspect.
Another aspect is co-sensing denotes the capacity of recognizing the voice of judgment. It helps to be more focused by having a valid projection.
How you could use them to help your chosen industry to fulfil their Higher Purpose and Stakeholder Orientation
I have learned that in order to emancipate business consistency, it is necessary to implicate the two stages of the U Theory. With the help of the first stage, Co-Initiating the healthcare professionals and the authority would allow others to make their voice. By understanding individual options and deriving contribution, the stakeholder orientation can be improved, and it would determine a sustainable and conscious business. Moreover, with the help of Co-sensing, healthcare professionals would observe the level of satisfaction and social welfare due to the taken measures. Also, after giving equal service to the indigenous and aboriginals, social and environmental benefits can be maximized.