Henry Mintzberg, the management expert, argued that it's really hard to get the strategy right. To help us build an in-depth strategy, he developed the 5 Ps of Strategy – five different approaches to developing strategy.
Plan - Planning is a critical part of the strategy formulation process. We brainstorm the strategy paths available and plan the events and tasks to be performed throughout the journey.
Ploy - This part of the strategy is used to dissuade, discourage, or otherwise influence your competitors. For example, a restaurant chain might threaten to open a new restaurant so that a competitor doesn't expand to the same area.
Pattern - Strategies emerge from past organizational behavior. A consistent way of doing business can develop into a successful strategy. For example, the patterns you see in your organization and team become an implicit part of your strategies. These patterns also impact your approach to strategic planning.
Position - This decides how to position your brand or product in the market. A strategy helps you explore the market environment and enables you to develop a sustainable competitive advantage. For example, you might develop a niche product to avoid competition or position yourself as the most environmentally friendly.
Perspective - The choices you make about your strategy rely heavily on your organizational culture. Just as patterns of behavior shape your strategy, ways of thinking to shape an organization's perspective. For example, a company that encourages its employees to innovate and risk-taking might focus on innovative products.