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Henry Mintzberg 5 ps of strategy with examples
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View all our courses and get certified on https://academy.marketing91.com • Henry Mintzberg developed the 5 Ps of Strategy in 1987. • Mintzberg is a famous researcher and academician from Canada. He has been responsible for coming up with multiple business models and frameworks. • All of the 5 Ps represents a different aspect of strategy. • 1. PLAN • 2. PATTERN • 3. PLOY • 4. POSITION • 5. PERSPECTIVE • 1. Strategy as a Plan • Managers enjoy planning, and it is ingrained in most people. • It is the natural and automatic method that everyone uses. People try and think over problems and their possible solutions. • 2. Strategy as a Ploy • A ploy is also a strategic choice. This catches rivals off guard. • According to Mintzberg, outdoing rivals with ploy can be a strategy. This can be done by influencing, discouraging, dissuading them, or plotting to disrupt. • 3. Strategy as a Pattern • Patterns involve strategies that have already been employed. • For implementing this P, one should spot patterns in the organization and team. • One can then find out if these are inherent to the strategy. • 4. Strategy as a Position • This is where the firm is located in the market. This is where outside and inside contexts engage with each other. • Position is also a way to describe strategy. This oversees how one plans a position for themselves in the market. • It allows one to create a sustainable advantage vis-a-vis rivals. • 5. Strategy as a Perspective • One should understand how the firm is seen by the desired customer base. • Culture significantly impacts a firm's choices. Behavior can also impact strategy. • Thinking patterns influence how firms see things and what they are good at. • 5 P’s of Strategy – Example • 1. PLAN • In terms of Planning, one must work on it ahead of time with intent. • Example • Tesla entering Asian Markets. • 2. PLOY • In terms of Ploy, a strategy must outsmart rivals. • Example • Walmart acquired a stake in Flipkart to take on Amazon.com in India. • 3. PATTERN • When seen in terms of patterns, strategies that worked well in the past can influence the future • Example • Budweiser spending at Superbowl every year. • 4. POSITION • In terms of Position, strategy decides how a firm interacts with its environment. They can try and create a USP. • Example • Apple Products – its ecosystem and privacy. • 5. PERSPECTIVE • Perspective stresses the impact a firm's culture can have on decision-making. • Example • Starbucks adored by both employees and customers. • 5 P’s of Strategy – Conclusion • All of the 5 P’s of Strategy depend on a thorough understanding of the following areas: • • Has the industry been analyzed? • • Are the actions of the rivals known? • • Is the USP known? • • Is there a strategic position at the present moment? • • Are the perceptions of employees, suppliers, and buyers known? • Critical thinking and analyzing background, when combined, enable thorough execution of the strategy. • This video is on the 5 P’s of Strategy and it has the following sub-topics. • Time Stamps • 0:00 5 Ps of Strategy - Introduction • 0:15 What are the 5 Ps of Strategy? • 2:04 5 P’s of Strategy – Example • 3:05 5 P’s of Strategy – Conclusion
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