Last updated on 26.05.2020
As we understand the term “Strategy”
Henry Mintzberg suggested that no one can claim to own the word ‘strategy’ and the term can be used in serval ways, five serval ways. Mintzberg stated the 5 Ps allows businesses to understand the different views of strategy.
A plan is a course of action that a business will strictly intend to put in place to follow and monitor for a period of time. This for example may include a schedule for new product launches, acquisitions, financing, or human resource changes.
Ploy can be a company’s competitive advantage by plotting to discourage, influence, or even frighten a rivalling company. The ploy is to get better of competitors to achieve better results in a short-term strategy. This for example maybe the company has to decrease the price of their products simply due to their rivals’ competitors.
Pattern is a strategy that is a progress made by adopting a consistent form of behaviour, unlike the plan and ploy, patterns ‘just happen’. A business may undertake patterns to actually realize its goals. Some companies do not even realize they are actually following a consistent pattern.
Position simply means locating the company in a specific area of market space or environment. For example, a position can be a company offering differentiated products to gain a competitive advantage.
Perspective is a strategy to change the culture and the beliefs of a business in order to drive success for workers and their company. For example, a business can try to get all employees to think and act courteously and professionally.
Achievements of goals
Sleek Chic can apply Mintzberg five plan strategies to solve the serious facing challenges they are currently facing. By using the five strategies this can help their organization develop a practical and robust strategy.
Sleek Chic can implement a plan that will enable them to reach their goals for the buying and merchandising departments to operate on one system and also to plan improved short-term strategies to increase sales although risks can come alongside both. A ploy can be applied to look at what their competitors are doing right for increasing sales and Sleek Chic can look at their current position in the market. Although, if risks were to occur, a perspective strategy will need to be applied to achieve the best out of the situation.