According to Henry Mintzberg, strategy is like marketing and should have 5P’s, which are –
Strategy 5P’s :
Perspective – It is an idea or a business concept of an organisation and the way these ideas or business concepts are implemented in the organisation.
Plan – It is pre-determined way of achieving things in an organisation. Plans are made well in advance for the actions which are to be implemented in an organisation and the progress is monitored from the start to the end.
Pattern – It is a strategy in which consistent behaviour results in a pattern. Pattern can be derived from the previous plans of the organisation and by looking at their stream of actions new plans can be implemented.
Position – It means to position one’s products/services or organisation in a market space or within a specific environment.
Ploy – it is a short-term strategy and have a limited objective and can be changed in a short notice. Ploys can be used to threaten the competitor’s actions.
Example – Honda Company
Honda company is well known for having a perspective of being a low cost producer and always trying to enter new markets in an aggressive way.
Honda is able to position itself in the market to capture the motorcycle market share and create a new market for small family motorcycles.
This was achieved by integrated set of patterns such as making new distributors, developing advertisements such as “You Meet the nicest people on a Honda”.
This helped Honda to create their market in the US traditional motorcycle market.