The “5 P’s of Strategy” capture the complexity of defining Strategic Management.

Question

The “5 P’s of Strategy” capture the complexity of defining Strategic Management. Select ONE of the “5 P’s” – (1) explain why you selected that particular concept, i.e., why do you believe it is important to the overall strategic management process and (2) explain whether that particular concepts requires more of a perspective of art or science from the strategic leaders point of view. Clearly explain your position; offer supporting rationale for your explanation and be sure to reference your statements using proper APA formatting.

Explanation / Answer

The 5 P's of strategy are: plan, ploy, pattern, position and perspective. One of the 5P's selected by me is "plan".

1. I believe that "plan" is very important to the overall strategic management process. This is due to the simple fact that a plan helps in developing an intended course of action. A plan serves as a guideline. Without a plan it will be impossible to develop and formulate strategies consciously and purposefully. Without a plan, priorities will not be set and energy and resources will not be used properly.

2. The concept of planning is a mix of art and science, but i believe that it is more of a science and less of an art. This is because it involves assessing organization's direction in response to a changing environment. There is an in-depth and comprehensive analysis and assessment of the current internal and external environment. Rational methods are used and there is a constant examination of the internal and external situations. All these processes involve science. However, planning also involves an element of art as planning will have to be modified for different situations and the same plan will not work in many scenarios.

Reference: Five steps to a strategic plan. (October 25th, 2011). Retreived from http://www.forbes.com/sites/aileron/2011/10/25/five-steps-to-a-strategic-plan/#26a6ae1761af

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