The five Ps of strategy.

Plan.

Plan as a strategy entails the conscious development of a particular course of action according to Mintzberg (1987). It is a way for a firm to achieve its goals and stay ahead of competition by working with the plan they have developed.

Ploy.

Ploy according to Mintzberg (1987) is a strategy a firm or business uses to get the better of their competitors. It requires great skill to execute in a way that will only engage the firm in healthy competition and not that which will cause damage to other businesses in order to remain dominant in the market. Usually, a ploy is a threat, which in many cases is not actualized, that makes the other business slow its operations.

Pattern.

Pattern as a strategy differs from Ploy and Plan in that a pattern is realized by the firm over a period of time when the company is in operation, while the other two are created intentionally as a strategy to stay ahead of competition. A firm can adapt a pattern that they acquire by observing their operations over time and that has worked for them in their bid to stay ahead of competition.

Position.

Position as a strategy is finding the perfect fit of a firm in the external business environment. It entails the firm being within its best competitive environment for growth and being in an environment where it can conveniently operate.

Perspective.

Perspective as a strategy is a value within the company. How the company sees the world or environment in which it is placed. The perspective startegy helps the company in making decisions about what they need to do within the company workforce or even policies in order to achieve their goals to the best of the society’s needs.

An example of the pattern as a business strategy.

            Pattern as an enterprise strategy works for the company by giving them space to make constant improvements their operations. For instance, a company may have a very well developed customer service system that puts them ahead of competition. The company may have a team that responds promptly to customers on the phone, by mail or even in person when they are in the enterprise. The trend of having efficient may have started with the company employing more people to handle communication with customers which then grows and requires something new and fresh.

The company then establishes fast and reliable emailing systems and an active website. The next step in the right direction of improving customer service would be to have social media platforms to make communication with customers faster, easier and convenient. Ensuring that they are at par with the current market trends and in result making the clients feel valued. It is a strategy that easily wins the customers’ loyalty. The pattern of always being updated with the latest customer service techniques would certainly keep a company ahead of competition.

References.

Joseph et.al, Are strategies Real Things? (2005)

Osman, Esan , The five P’s of Strategy, (2011).