Differential advantage refers to the profits and benefits that customers value and assume that they cannot find them from another supplier or person. From nursing approach, this refers to the knowledge, skills and capabilities that client value and making a nurse highly appreciated and acknowledged (Swayne, Duncan & Ginter, 2012). With the current changing world, nursing experts are supporting nurses to be more creative and innovative to enhance their nursing outcomes and be more competitive. This makes them highly differentiated (Stichler & Gregory, 2012). For example, a nurse who embraces transformational leadership and evidence-based practice involve all physicians.
Irrespective of the business, strategic plan, business plan and strategic plan are all essential for business success. Strategic plan stipulates the organization, its units, departments and individual roles that are critical to achieving organization goals (Grimm & Fiore-Lopez, 2017). It clearly brings out the interior and exterior aspects and opportunities that are critical in the development of strategies and tactics. Business plan offers a summary of the entire business that includes but not limited to the employees, activities, situation, marketing and financial features (Grimm & Fiore-Lopez, 2017). On the other hand, marketing plan provides an overview through which an organization will achieve its goals and objectives. It highlights the organization’s target market, prices and the exiting completion.
There are various demographics that influence the business. Demographic refers to the distinct traits used to assess the buying habits and preferences of clients (Stichler & Gregory, 2012). These include income, age and geographic region among others. Individual with low income are more sensible to prices are often buy low priced products. On the other hand, premium products of attract high income individuals (Swayne, Duncan & Ginter, 2012). Products offered by a specific organization tend to attract and appeal to particular age group and more so buying tastes and preferences vary from one geographic region to another.
- Grimm D. & Fiore-Lopez N., (2017). Business Skills for Nurses Leaders On-Site. [PPT].
- Stichler, J. F., & Gregory, D. (2012). Nurse leaders in healthcare design. Journal of Nursing Administration, 42(6), 305-308.
- Swayne, L. E., Duncan, W. J., & Ginter, P. M. (2012). Strategic management of health care organizations. John Wiley & Sons.