Increase Chances of Your Strategy’s Success via MINTZBERG’S 5Ps OF STRATEGY
Henry Mintzberg, a Canadian management scientist, identified five methods of strategy formulation in 1987. He refers to them as the “5Ps of Strategy” in which each P stands for a different strategy method. Namely, these are Ploy, Plan, Pattern, Position, and Perspective.
Main Benefits of Mintzberg’s 5Ps Of Strategy
Mintzberg’s 5ps Of Strategy helps you:
- Build a robust strategy,
- Create a long-term business framework,
- Stand out from the competition.
Explanation of Mintzberg’s 5Ps Of Strategy
According to Mintzberg’s view, it is exceedingly challenging for organizations to build a solid and successful strategy. In addition, with the help of the five-point strategy model, firms incorporate and consider multiple components and potential approaches from different perspectives. The plan should take a long-term, futuristic view while considering the organization’s characteristics and business activities.
1) Plan
A good strategy must start with a plan that contains brainstorming and benefiting from opportunities. According to this definition, strategies must be deliberate in their development as well as be formed before the activities to which they apply.
2) Ploy
Mintzberg puts forward that initiatives to disrupt, hinder, discourage, or otherwise influence competitors to outpace them compose a significant part of a comprehensive strategy. He refers to this as a ploy. Briefly, this is only a specialized maneuver designed to trick a rival or competition.
3) Pattern
A successful strategy needs to be consistent with prior actions. It assists businesses in developing a framework. Input from the past is crucial while creating new methods. In contrast to plan and ploy, this strategy focuses on identifying a pattern in the organization’s history.
4) Position
In brief terms, it can be defined as describing how you decide to position yourself relative to your competitors. Doing so gives the firm a chance to grasp how well it fits with the business environment and to provide the organization with a long-term competitive advantage.
5) Perspective
Firms design their strategies primarily based on their corporate culture. So to measure the success of a strategy, companies must know their set of values and the organization’s objectives.
How to Apply Mintzberg’s 5P’s Of Strategy?
Develop an action-oriented strategic Plan using Soar Analysis. Decide which distinctive strategy to pursue each product or service using the ADL Matrix.
To implement Ploy and foresee your competitors’ next move, use Porter’s Four Corners Model and utilize Game Theory.
Know your Pattern. Consistency comes from a deep knowledge of the past. Identifying your company’s pattern will help you objectively assess your next strategic moves. Use VRIO Framework to ensure long-term competitive strategy.
Find your Position in the market using Bowman’s Strategy Clock. To determine a more profitable and competitive positioning for your company, use Porter’s Five Forces.
Perspective in strategic thinking comes from company culture. Your corporate strategy is the personality of your company. Knowing your values will help you forecast how successfully you can implement the strategies.
Additional Tips and Readings
As an alternative to MINTZBERG’S 5Ps OF STRATEGY, you can also read:
- What is TOWS Analysis, and How it Apply? It helps you to craft strategies that will make your company overcome market challenges,
- Develop a successful strategy through practical methods like PESTEL Analysis: Identifying Opportunities and Threats,
- Build a coherent strategy and Craft a Well-Thought Business Strategy via Lafley and Martin’s FIVE-STEP STRATEGY MODEL,
Contact us to increase chances of your strategy’s success.
