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Formulating Business Strategies From A Stakeholder'S Perspective: Korean Healthcare It Business Cases

Author

Listed:
  • GEUNCHAN LIM

    (Corporate Information System Laboratory, Department of Management Information Systems, Graduate School of Management, Korea Advanced Institute of Science and Technology, 207-43, Cheongryang, Seoul, South Korea 130-012, South Korea)

  • HEESEOK LEE

    (Corporate Information System Laboratory, Department of Management Information Systems, Graduate School of Management, Korea Advanced Institute of Science and Technology, 207-43, Cheongryang, Seoul, South Korea 130-012, South Korea)

  • TAEHUN KIM

    (Department of Management Information System, College of Commerce & Economics, Kyungsung University, 110-1, Daeyeon-dong, Nam-gu, Pusan, South Korea 608-736, South Korea)

Abstract

The management of competing stakeholders has emerged as an important topic for formulating business strategies. This is especially the case in the complicated business environment like the healthcare IT (Information Technology) industries. This paper proposes a methodology to formulate business strategies based on stakeholders' demands. Our methodology begins with the understanding of stakeholders' demands. This understanding is particularly useful for businesses with conflicting stakeholders. Our methodology consists of four phases: current business analysis, strategy development, strategy evaluation, and strategy implementation. Power, legitimacy, urgency, interdependence, cooperation, and conflict are used as stakeholders related variables. Strategic alternatives are derived on the basis of stakeholders' demands. Resolution, replacement, integration, reaggregation, and balance guidelines are employed for this derivation. Strategic alternatives are then evaluated according to a business social performance index. In order to demonstrate the practical usefulness of our methodology, three business cases for the Korean healthcare IT industry are illustrated. The case results imply that our methodology is useful for strategy formulation, especially in the case of competing business stakeholders.

Suggested Citation

  • Geunchan Lim & Heeseok Lee & Taehun Kim, 2005. "Formulating Business Strategies From A Stakeholder'S Perspective: Korean Healthcare It Business Cases," International Journal of Information Technology & Decision Making (IJITDM), World Scientific Publishing Co. Pte. Ltd., vol. 4(04), pages 541-566.
    • Handle: RePEc:wsi:ijitdm:v:04:y:2005:i:04:n:s0219622005001714
    DOI: 10.1142/S0219622005001714
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