Name: Dela Cruz, Mikaella Mae A.

6302
Section: A – 331 YSTRATMGMT

Developing a successful strategy is a complex process that requires a harmonious

blend of art and science. It must captivate the organization's goals while also relying on
empirical evidence to ensure that it is headed in the right direction. A successful strategy
must be carefully crafted and executed to achieve the desired results.

The most intriguing aspect of this process is the 5Ps developed by Professor Henry
Mintzberg at McGill University in Montreal, Canada. According to him, understanding how
strategy can be viewed as a plan, as a ploy, as a position, as a pattern, and as a
perspective is important for developing an effective strategy. Each of these five ways of
thinking about strategy is necessary for understanding what strategy is, but none of them
alone is sufficient to master the concept.

In order to understand strategy, it is critical to explore the 5Ps in detail. A plan

requires a well-defined course of action that outlines how to achieve the desired results.
A ploy involves using a specific tactic to gain an advantage over competitors. A position
requires finding a unique and sustainable place in the market. A pattern involves
understanding how past actions have contributed to the present situation. A perspective
requires considering the organization's values, culture, and beliefs.

Mastery of strategy requires a thorough understanding of each of these five ways

of thinking about strategy. It is important to note that each of the individual Ps has
limitations, and none of them alone can provide a complete understanding of strategy.

In conclusion, developing a successful strategy is a complex and multi-faceted

process. The 5Ps provide a framework for understanding the key elements of strategy
development. It is important to consider each of the Ps when developing a strategy to
ensure that it is well-rounded and effective.