(Mt) – SDSU United Health Group Insurance Company Project Paper

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View attached explanation and answer. Let me know if you have any questions.HelloIt was nice helping you. In case you need editing, please reach out to meOtherwise, if you liked my service, please give me a good rating. I look forward to working with you in 2022😊A RESEARCHSTRATEGY PROJECTUNITEDHEALTH GROUPComprehensive Stakeholder AnalysisStakeholder GroupCustomersImportanceHighInfluenceMediumEmployeesHighLowShareholdersSuppliers andpartnersHighMediumHighLowPESTEL AnalysisPolitical1. Political stability in the US2. Changing health insurance policiesEconomic1. Consumer spending and health care plans’ growth rate2. Inflation and nation’s growth rateSocial1. Migration and aging populationTechnological1. Blockchain technology to safeguard consumer informationLegal1. Consumer protection laws such as the HIPAAEnvironmental1. Green technologies2. Waste management3. PollutionPorter’s Five Force AnalysisForceLow, medium or highNew entrantsLow due to high economies of scale, capital requirements, and strictgovernment policiesCompetitionIntense competition from other giants such as Anthem Inc. and HumanaIncSupplier power Low because suppliers are many compared to buyers and have lesscontrol over pricesBuyer powerMedium due to low service differentiation and low switching costs butless control over pricesSubstitutesLow because there are not many substitutes for health insurance, althoughdifferent companies offer different healthcare plans.Leadership Profile and Management of CompanyRealistic Internal Analysis• UnitedHealth Group’s financial performance is unparalleled.• For exle, in 2021, the company’s full-year revenue increased by more than 30billion, which is 12% to 287 billion dollars from the previous year (Lagasse, 2022)• The company’s exponential growth in revenue is attributed to two businesssegments: UnitedHealthcare and Optum.• Its major competitors include Humana Inc. and Anthem Inc.SWOT AnalysisStrengths1. Strong brand portfolio2. Strong distribution network3. Solid financial positionOpportunities1. Tapping into new markets.2. E-commerceWeaknesses1. High employee turnover rate2. The company lacks aparticular competitiveadvantageThreats1. Intense competition2. ChangingVRIO AnalysisResourceValueRareImitableOrganizationDistributionnetworkYesYesCostly toimitateYesFinancialresourcesYesNoCostly toimitateYesCustomerloyaltyYesYesNoYesIntellectualYesproperty rightsYesNoNot wellorganizedCurrent Business and Corporate Strategy• UnitedHealth Group’s business strategy is based on high quality.• The company leverages its distinctive competencies in technology, information,and clinical excellence to offer high-quality care.• UnitedHealth Group operates through four segments: UnitedHealthcare,OptumHealth, OptumInsight and OptumRx• While this diversification strategy has helped the company grow, it needs aglobal strategy to improve its bottom line.Recommendations: Strong Compensation Strategy• A strong compensation strategy shows potential employees that the companyvalues its employees when recruiting.• It can help the company remain competitive in the candidate market.• Maintaining a strong compensation strategy is also crucial because it helps retainemployees and keep them satisfied and engaged.• Having such a strategy shows that the company cares about its people• Employees are happier when they are fairly compensated, which is consistentwith the principle of utilitarianismRecommendations: Cost Leadership• This strategy will:✓ Increase profit margins and market size✓ Reduce competition in the industry• The strategy aligns with UnitedHealth Group’s sustainable practices, preciselycaring for the people it serves.• Utilitarianism aims to achieve the greatest good for the highest number, andoffering low prices ensures a higher number of people receive care to improvetheir well-being.Recommendations: E-commerce and OnlineMarketing Strategy• This strategy will increases the company’s reach, increase its customer base andgenerate more sales and allow the company to expand its product range withoutworrying about moving locations• The strategy aligns with UnitedHealth Group’s sustainable practices because ithelps improve the health of underserved communities.• It also ensures environmental sustainability because telehealth and other onlinehealthcare services prevent unnecessary visits to healthcare facilities, reducingthe company’s carbon footprintEffective Implementation• The steps to effective strategy implementation include:✓ Implementing these strategies would take several steps.✓ Developing a strategic plan✓ Defining the strategic framework✓ Defining key performance indicators✓ Allocating resources✓ Putting the strategies into action✓ Measuring progressReferences• Lagasse, J. (2022). UnitedHealth Group earned $17.3B in 2021, according toearnings report. Healthcare Finance News. Retrieved 12 February 2022, fromhttps://www.healthcarefinancenews.com/news/unitedhealth-group-earned-173b2021-according-earnings-report.1Thesis statement: This paper provides a research strategy project on UnitedHealth Group.I.STAGE I: LEADERSHIP AND COMPANY PROFILEA. Comprehensive Stakeholder Analysis1. Customers are the most critical and highly influential stakeholders. They are loyaland make the company profitable by generating sales and revenue.2. The employees are the second most critical corporate stakeholders but have lowinfluence. They utilize their skills, knowledge, and capabilities to innovate anddevelop high-quality products.3. Shareholders also make an essential part of the company’s stakeholders with thehighest level of influence. They are the reason UnitedHealth Group hasmaintained a firm financial position.4. Suppliers and partners are the last critical stakeholders at UnitedHealth Group.They help ensure the company has all the products needed to serve its customers.B. External Analysis: Identifying External Constraints/Market Trends1. UnitedHealth Group operates in the health and medical insurance industry.2. The health insurance market in the United States is oligopolistic.3. This market structure is characterized by a few large companies and barriers toentry.4. UnitedHealth Group is one of the big three companies occupying much of themarket sharea) Political factors21. Although UnitedHealth Group operates in different countries, it has a strongpresence in the United States, whose political climate is favorable, making it aperfect environment to run business.2. However, the changing health insurance policies and legislation create uncertaintywhich might harm its business performance.b) Economic factors1. UnitedHealth Group can use industry’s economic indicators like consumerspending and health care plans’ growth rate and nation’s economic factors such asinflation and growth rate to determine what long-term growth strategies it shouldpursue.2. They also forecast its growth trajectoryc) Social factors1. Demographic trends such as migration and the aging population have paramountimportance for UnitedHealth Group.2. For exle, the aging population is characterized by increased health and longterm care expenditure, thereby offering a high market for the company.d) Technological factors1. UnitedHealth can also leverage new technologies to provide services efficiently.2. For instance, by leveraging technologies such as blockchain, the company caneffectively safeguard consumer information.e) Legal factors1. The US health insurance sector is characterized by many laws that affect how thecompany operates.32. For exle, consumer protection laws such as the Health Insurance Portabilityand Accountability Act of 1996 (HIPAA) require companies in this industry tohighly safeguard consumer information and ensure their privacy3. Failure to comply with these laws can have enormous repercussions on thecompany.f) Environmental factors1. The growing environment-conscious mindset has compelled companies to adoptgreen technologies to ensure long-term sustainability.2. Other environmental factors UnitedHealth should consider include wastemanagement and pollution because environmental standards can affect itsprofitability.g) Porter’s analysis1. New entrants have a weak forc…

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