Every business requires a thriving strategy in order to achieve success. An effective plan will help in planning and organizing all the available resources in a correct manner.
Henry Mintzberg presented five essential points that are really helpful in designing a robust, achievable as well as practical business strategy in 1987.
Brief introduction to Mintzberg’s 5 P strategy
Strategy as a plan
Planning is the initial and basic step essential for developing a powerful business strategy. It is a default process which is being adopted by majority of managers to set their long term objectives and goals. business planning is also important for acquiring and fulfilling the requirements of a new project as well.
Strategy as Perspective
This strategy takes into account the main viewpoint of an organization. It also decides the work that can be done by it.
Say for example an organization might be planning to launch a fresh product or upgrade an existing product. For this, it needs to consider the views of all the employees in order to access the feasibility of launch. Some cultural analysis tools like Cultural Web, Congruence Model etc can be helpful in making a perspective strategy.
Strategy as Poly
It is used to gain an advantage over your nearest competitor. This can be done by plotting to discourage, deter, disrupt or influence them so that they step back and you can take complete advantage of all the resources available in your neighborhood.
For instance, a jeweler may expand his shop so that no other rival tries to come and overtake his potential clients. Some useful tools like futures wheel and impact analysis etc may help you in exploring all the shortcomings of your competitors.
Strategy as Position
You can make a unique mark in the marketplace by making a position strategy. This will assist in exploring new methods and techniques that can be applied in order to fulfill your motive. It also helps in developing a niche aimed at differentiating your products and services from all others that are already available in the market. These tools also help in analyzing all the issues that may strengthen or weaken your position.
Strategy as Pattern
Many a times, strategy emerges from pas organizational behavior. Planning is also helpful in imparting consistently flourishing performance. In order to develop a pattern, you need to analyze the current market trends with utmost concentration. USP Analysis tool can help in setting a strategic pattern.
Mintzberg’s 5 P strategies will help in highlighting as well as overcoming through all the potential problems. Further, it also facilitates in saving money that would have otherwise been spent on implementing wrong policies.