| Five P of Strategy
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| Introduction |
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The word strategy has long been used implicitly in different ways. Accordingly, five definitions of strategy are presented here as;
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| Plan |
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Strategy is a plan i.e. some sort of consciously intended course of action, a guideline to deal with a situation. By this definition, strategies have two essential characteristics: they are made in advance of the actions to which they apply, and they are developed consciously and purposefully.
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| Ploy |
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A strategy can be a ploy i.e. a specific ‘maneuver’ intended to outwit an opponent or competitor. E.g. A corporation may threaten to expand plant capacity to discourage a competitor from building a new plant. Here the real strategy is the threat, not the expansion itself, and as such it is a ploy.
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| Pattern |
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Strategy is a pattern – specifically, a consistency in a stream of actions. Thus strategy is consistency in behaviour, whether or not intended.
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| Position |
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It basically consists of finding a match between the organisation competencies and environment.
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| Perspective |
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Strategy is a perspective, its content consisting not just of chosen position, but of an ingrained way of perceiving the world. There are organisations that favour marketing and built a whole ideology around that. Strategy in this respect is to the organisation what personality is to the individual.
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