In our strategy series, we bring to you little nuggets of wisdom from the sages
of strategy and business – the kind of advice and insights you have heard over
and over again, but reveal something new every time you hear them.
Henry Mitzberg’s 5 P’s of Strategy:
Planning is an essential part of the Strategy Formulation Process. It involves choosing the most appropriate course of action to achieve the organizational vision.
Patterns in strategies implemented in the past are extremely valuable. If the organization has made certain choices and strategies in the past, it is extremely likely that similar choices will be done in the future. Hence, it is important to retrospect and identify patterns in strategies. Being aware of such patterns will ensure that strategies play to the strengths of the organization.
Positioning helps you explore the fit between your organization and your environment. Positioning well gives the organization a competitive edge over the others.
Doing something different than the market expect can outsmart your competition and make a mark in the market!
The perspectives of the various stake holders can give valuable insights into crafting a winning strategy. It is more about the larger canvas and how the organization is perceived in the ecosystem.
Read, reread, understand, alter for your case and use this wisdom to leverage your strategic position!