Not all companies engage in strategic planning, some of them view it as an unnecessary distraction from day-to-day activities. This type of unplanned strategy is called ’emergent strategy’. Most companies recognise the benefits of strategic planning, so what are they?
Henry Mintzberg suggests there are five ways in which the term ‘strategy’ is used. These are called his ‘5Ps for Strategy’. Strategy can mean any of the following:
Let’s look at these in a little more detail.