Final answer:
The 5 P's of Strategy according to Henry Mintzberg are Plan, Position, Perspective, Pattern, and Ploy. They offer a framework for organizations to develop comprehensive strategies.
Step-by-step explanation:
The 5 P's of Strategy according to Henry Mintzberg are Plan, Position, Perspective, Pattern, and Ploy. These five components help organizations in shaping their strategies to navigate complex business environments and competitive landscapes.
Plan: A deliberate course of action a company intends to take.
Position: The place an organization chooses to occupy within the competitive market.
Perspective: The ingrained way of perceiving the world that influences strategy.
Pattern: The consistent behavior over time that emerges from a firm's actions.
Ploy: A specific maneuver intended to outwit an opponent or competitor.
These five aspects of strategy are intertwined and provide a multifaceted view of how strategies can be created and implemented.