Premium Essay

5 P's of Strategy

In: Business and Management

Submitted By Hanna2013
Words 5726
Pages 23

General Strategic Thedrv

The Strategy Concept I: Five Ps For Strategy

Henry Mintzberg


uman nature insists on a definition for every concept. The field of strategic management cannot afford to rely on a single definition of strategy, indeed the word has long been used implicitly in different ways even if it has traditionally been defined formally in only one. Explicit recognition of multiple definitions can help practitioners and researchers alike to maneuver through this difficult field. Accordingly, this article presents five definitions of strategy—as plan, ploy, pattern, position, and perspective—and considers some of their interrelationships. Strategy as Plan

To almost anyone you care to ask, strategy is a plan—some sort of consciously intended course of action, a guideline (or set of guidelines) to deal with a situation. A kid has a "strategy" to get over a fence, a corporation has one to capture a market. By this definition, strategies have two essential characteristics: they are made in advance of the actions to which they apply, and they are developed consciously and purposefully. (They may, in addition, be stated explicitly, sometimes in formal documents known as "plans," although it need not be taken here as a necessary condition for "strategy as plan.") To Drucker, strategy is "purposeful action'"; to Moore "design for action," in essence, "conception preceding action."^ A host of definitions in a variety of fields reinforce this view. For example: • in the military: Strategy is concerned with "draft[ing] the plan of war . . . shap[ing] the individual campaigns and within these, decid[ing] on the individual engagements."-^



• in Game Theory; Strategy is "a complete plan; a plan which specifies what choices [the player] will make in every possible situation.'"* • in management; "Strategy is a unified,...

Similar Documents

Premium Essay

Grupo Bimbo: Growth and Social Responsibility

...BACKGROUND AND PROBLEM IDENTIFICATION Table 1. Grupo Bimbo History |2 |Bimbo was founded on 2 December 1945 with five shareholders. They are all Servitje’s family member. Bimbo | |December 1945 |started with only one brand, 38 workers, and 10 trucks to deliver the bread made in one plant in Mexico City. | | |The first product were white boxed bread and toasted white bread and incorporated more products into its product| | |line for the next few years. | |1963 |Don Lorenzo Servitje took on the role of CEO of Grupo Bimbo and his brother, Roberto Servitje, became CEO of | | |Bimbo breads division | |1970’s |imbo opened the largest bread factory in Mexico and Latin Amerika | |1979 |Lorenzo Servitje handed over Grupo Bimbo’s presidency to his brother Roberto and he assumed the chaimanship of | | |the board. | |1980’s |Bimbo started to distribute products in Houston and Los Angeles. | | ...

Words: 1837 - Pages: 8

Premium Essay


...mThe Ten “P’s” of Travel, Tourism and Hospitality Marketing* * From Best Practices for International Tourism Development for Rural Communities (2002) by David L. Edgell, Sr., PHD Marketing… “…. to design a product/service combination that provides real value to targeted customers, motivates purchase, and fulfills genuine customer needs.” -James Makens et al., Marketing for Hospitality and Tourism, 1999 Ten “P’s” 1. Product The tourism product differs from other products due to the wide range it covers, including such areas as accommodations, transportation, food, recreation and attractions. Often the product includes intangibles such as history, culture and natural beauty. Many times the hospitality or tourism product is viewed as more of a “service” in the customer’s eyes. The closer we can determine how to satisfy the customer’s needs, the more successful the destination will be. Ten “P’s” 2. Price This refers to the amount customers pay for the product or service provided. A quality tourism experience at a fair price is what the customer is looking for in most cases. Pricing should be based upon clear-cut goals and objectives: survival, profit maximization, market share, competition or positioning. Ten “P’s” 3. Place The place where the customer buys the tourism product can vary greatly. Travel agents, tour operators and tour wholesalers are a few examples of the distribution points for tourism products. Look for new distribution points in which...

Words: 955 - Pages: 4

Premium Essay


...McDaniel, C. Principles of Marketing Cengage Learning 2014 Armstrong, G. & Kotler, P. Marketing: An Introduction (11th Edition), Pearson 2013 Baines, P., Fill, C., Page, K. Essentials of Marketing Oxford Univ. Press 2013 LECTURER David James Room 0.05 Hen Goleg Extension 3227 e-mail: OFFICE HOURS 1330 - 1430 Monday & 1230 - 1330 Tuesday LECTURE TIMES : LECTURE ROOMS : Tuesday 2 – 3 Main Arts Lecture Theatre [MALT] Thursday 4 – 5 Wheldon 1 Please note that, in addition, fortnightly tutorials will also take place. Please check your individual timetables for groups, times and location. METHOD OF ASSESSMENT: A] Coursework [ 40% weighting]: Essay (approximately 1,500 words) - to be handed in to the College Administration building [at rear of Hen Goleg] no later than Friday 18th March 2016 B] End of module written Examination [ 60% weighting]: 2 hours; answer any 2 out of 5 questions LEARNING OUTCOMES On completing the module, students are expected to be able to: 1. Understand the key concepts in marketing, such as segmentation and targeting 2....

Words: 409 - Pages: 2

Premium Essay

History of the Phrase "Marketing Mix"

...product, planning, price, branding, distribution channels, personal selling, advertising, promotions, packaging, display, servicing, physical handling, and fact finding analysis. These ingredients were later grouped by E. Jerome McCarthy into four categories which we now refer to as the four p's of marketing (NetMBA 2007). The four p's of marketing make up the marketing mix which is probably the most well known of all the marketing terms. "Its elements are the basic, tactical components of a marketing plan. The four p's, of the marketing mix elements are product, place, promotion and price" (Marketing teacher 2009). These four elements create the marketing mix which impacts the development of any organization's marketing strategies and tactics. The concept is simple. Think about a cake and the components of a cake. There are certain ingredients that are required but one can alter how much of each ingredient is added. The same goes with marketing. The four p's are required but depending on the organization there may be more emphasis on one and less on another. But one thing remains the same, all four p's are necessary. "The majority of people use the four p's but some will use the five p's and add people. Others may even go up to seven and add people, physical evidence (such as uniforms, facilties, or livery) and process" (NetMBA 2007). The organization that has been selected is the Londoner. The Londoner is an English pub and would be considered in the service industry. This......

Words: 1494 - Pages: 6

Premium Essay

Thesis Titles

...READINESS OF GRADE IV TEACHERS IN TEACHING K TO 12 CURRICULUM Background of the Study The implementation of the K to 12 education plan in the Philippine Basic Education Curriculum is the key to our nation’s development. Though the government will face many problems in the long run of the implementation of the program, there really is a need to implement it because the enhancement of the quality of our education is very urgent and critical. Teachers will be given sufficient in-service training on content and pedagogy to implement this program. Currently the Deped Grade 4 teachers have been trained to meet the content and performance standards of the enhanced K to 12 Curriculum. Both public and private schools participated on 5 days training thru sending their teachers to be ready and well prepared on the opening of classes. Although the Grade 4 teachers are said to ready for the K to 12 Curriculum, there is another challenging part for them to battle with. It is insufficient teacher’s guide, books and teaching material to facilitate learning process. May be the government take alternative plan to meet the target in implementing the program without suffering the quality of education every learner should get. Statement of the Problem: This study aims to find out the level of readiness of the grade IV teachers in teaching k to 12 curriculum in Sta. Barbara District I. Specifically, this study will answer the following questions: 1. What is the profile of the......

Words: 2337 - Pages: 10

Premium Essay

Lola Tita

... As Weber discussed, among other attributes, successful entrepreneurs must possess effective leadership skills. For this assignment, you will listen to a podcast of Steve Case, former Chairman and CEO of AOL, discussing his views of entrepreneurs. In another podcast, you’ll hear James Kouzes, co-author of The Leadership Challenge, describe the five (5) basic points that the best leaders use to motivate. In addition, you will read an article written by Peter Drucker entitled, Entrepreneurial Strategies. Drucker has been referred to as the most influential management thinker in the 20th century. Finally, you will read a conference proceeding from the Association of Small Business and Entrepreneurship that describes entrepreneurial leadership dimensions and offers a new definition of entrepreneurial leadership. Former AOL CEO and Chairman, Steve Case, has identified three (3) words 1) People, 2) Passion, and 3) Perseverance as the foundation of successful entrepreneurs. He relies on these three P’s (people, passion, and perseverance) to guide his goals, direction, and decisions. Case states that if you have all three P’s in the right balance, almost anything is possible; if you don’t, nothing is possible Some consider Max Weber (pronounced VAA-ber) to be the father of sociology; however, he was also one of the earliest writers in the field of entrepreneurship. Weber viewed entrepreneurs as innovators, independent people whose role as business leaders conveyed a......

Words: 466 - Pages: 2

Premium Essay

Strategies Choice and Crafting Marketing Plan

...and five years. Solid marketing strategy is the foundation of a well-written marketing plan. While a marketing plan contains a list of actions, a marketing plan without a sound strategic foundation is of little use. In most organizations, "strategic planning" is an annual process, typically covering just the year ahead. Occasionally, a few organizations may look at a practical plan which stretches three or more years ahead. To be most effective, the plan has to be formalized, usually in written form, as a formal "marketing plan." The essence of the process is that it moves from the general to the specific; from the overall objectives of the organization down to the individual Objective (goal)|action plan for a part of one marketing program. It is also an interactive process, so that the draft output of each stage is checked to see what impact it has on the earlier stages - and is amended. Detailed plans and programs At this stage, you will need to develop your overall marketing strategies into detailed plans and program. Although these detailed plans may cover each of the 7 P's, the focus will vary, depending upon your organization's specific strategies. A product-oriented company will focus its plans for the 7 P's around each of its products. A market or geographically oriented company will concentrate on each market or geographical area. Each will base its plans upon the detailed needs of its customers, and on the strategies chosen to satisfy these needs. ...

Words: 2917 - Pages: 12

Premium Essay

Financial Analysis of Hi-P International


Words: 5052 - Pages: 21

Premium Essay

Marketing Mix

...discuss what the marketing mix is and a brief history of the marketing mix. It will also discuss further in detail the four P's of the marketing mix, as well as, show the relation of the marketing mix to a product offered by Verizon Communications.  The History of the Marketing Mix and the Four P's  The term "marketing mix" has been dated to originate sometime in the late 1940's. Neil H. Borden, a teacher at the time, began using the term after James Culliton had described the marketing manager as a "mixer of ingredients". The term "marketing mix" gained its popularity in 1964 when Borden published his article, The Concept of the Marketing Mix. Borden's original marketing mix included product planning, pricing, branding, distribution channels, personal selling, advertising, promotions, packaging, display, servicing, physical handling, and fact finding and analysis. The ingredients of Borden's original marketing mix were later regrouped by E. Jerome McCarthy into what is known today as the 4 P's of marketing: Product, Price, Place, and Promotion (NetMBA, 2006).  The product area is the emphasis in developing the right product or service for the target market. In the case of physical products, it also refers to any services or conveniences that are part of the offering (quickmba, 2004). In the product area of the marketing mix there are certain strategy decision areas that will need to be addressed. A company needs to decide what...

Words: 1713 - Pages: 7

Premium Essay


...Table of Contents Page 1: Title Page, Table of contents Page 2: Introduction Page 3: 4 P’s Marketing Mix: Product Page 4: 4 P’s Marketing Mix: Price Page 5: 4 P’s Marketing Mix: Place Page 6: 4 P’s Marketing Mix: Promotion Page 7: Works Cited Introduction Red Bull is one of the biggest energy drink successes, created in 1987 by Austrian company Red Bull GmbH. The slim blue silver can has developed a following among those who claim that it helps them with virtually everything to work better and play better. Red Bull is sold in over 165 countries globally. In terms of market share, Red Bull is the most popular energy drink in the world, with 5.2 billion cans sold in 2012. Over the years, the drink has been copied by more than 100 rivals, but such companies as Anheuser-Busch and Coca-Cola have been unable to take market share away from Red Bull. In 1982, Dietrich Mateschitz, the founder of Red Bull became aware of products called “tonic drinks” which enjoyed extensive popularity in Thailand. He took this idea, modified the ingredients to suit the tastes of westerners, and, in partnership with Chaleo Yoovidhya, founded Red Bull GmbH in Austria. Energy drinks containing taurine, glucuronolactone, caffeine and important vitamins and carbohydrates are claimed to help with physical endurance, improved reaction, speed and concentration and a feeling of well being. In the present days more than a billion cans of Red Bull are consumed each year around the......

Words: 1641 - Pages: 7

Premium Essay

Hunter Boot Ltd. Case Study Report

...Hunter Boot Ltd. Case Study Report INDEX 1 Introduction 3 1.1 History of Hunter Boot Ltd. 3 1.2 Hunter Boot Ltd. today 4 2 Comparative and competitive advantage 4 2.1 Comparative advantage 4 2.2 Competitive advantage 5 2.3 Hunter Boot Ltd. and competitive advantage 5 3. Market screening 6 3.1 Asian market 7 3.2 Screening criteria for Hunter Boot Ltd.’s selection of new markets in Asia 7 4. Market Entry Mode 7 4.1 Hunter Boot Ltd. and entry mode 8 5. The 4 P’s of Marketing 9 5.1 Hunter Boot Ltd.’s two most important P’s 10 5.1.1 Product 10 5.1.2 Pricing strategy to differentiate Hunter products 11 6. Conclusion 11 References 12 1 Introduction This paper looks into different aspects of Hunter Boot Ltd. and its possible expansion to the Asian market. The paper’s content is based on a case study prepared for a Webinar April 12th 2013. The report goes through Hunter Boot Ltd.’s history, theories of comparative and competitive advantages, market screening criteria, Asian market, entry modes and how Hunter Boot Ltd. could apply these theories in order to enter Asian market. Lastly, the report is finished with a short summary of the subject. In recent years, an increasing number of key industries such as automobile and motorcycle production, agricultural equipment, aerospace, military hardware, telecommunication, electronics and luxury consumer goods have become global in scope. Firms in these industries originate,...

Words: 3058 - Pages: 13

Premium Essay

Define Marketing Mix.

...benefit the organization and its stakeholders.” The marketing mix is a business tool used in marketing and by marketers. It is the combination of marketing activities that an organization engages in so as to best meet the needs of its targeted market. Traditionally the marketing mix consisted of just 4 Ps, getting the mix of these elements right enables the organization to meet its marketing objectives and to satisfy the requirements of customers. The marketing mix is often crucial when determining a product or brand's offer, and is often associated with the four P's. When marketing their products firms need to create a successful mix of these four P’s: • Product • Price • Place • Promotion. These four P’s are the parameters that help the marketing managers in controlling, subject to the internal or external constraints of the market environment. The aim is to make decisions that centre the four P’s on the customers in the target market in order to create perceived value and generate a positive response. To create the right marketing mix, businesses have to meet the following conditions: • The product has to have the right features - for example, it must look good and work well. • The price must be right. Consumer will need to buy in large...

Words: 1483 - Pages: 6

Premium Essay


...sports is on the rise and here to stay. I can remember 20 years ago being introduced to sports center and ESPN and wondering where my life was heading and now that I love what I love (Sports) it feels great. 2. Discuss the need for market segmentation. Define the term and how you as a sport marketer must apply this theory. Expand on how the segmentation is recognized and established throughout the definition process (in relation to your practicum or work experiences). In essence people are different, some sports businesses treat every consumer as an individual creating a program tailored to individual needs and capabilities. Market segmentation is a marketing strategy that involves dividing a broad target market into subsets of consumers who have commons needs and priorities. Obviously any segmentation strategy relies on the DBM system to distinguish marketable clusters. Although marketing theorists differ on...

Words: 1169 - Pages: 5

Premium Essay

Quantum Bank Case Study , Pg 73

...consumer goods; or use it provide services to final consumers; or government that use these products and services to serve the society. While B2B activity may exist in both traditional form and online, the acronym B2B is commonly refer to the online variety (Jobber, 2007, p. 19). Modern marketing concept can be defined as identifying and meeting targeted consumer needs and wants better than the competitor, for the benefit of the organization and its stakeholders. Therefore, the function of marketing management will include formulating and implementing a suitable marketing strategy to achieve organization goals; through satisfied customers (Kotler & Keller, 2009, p.45). In fact, the most successful B2B marketing is often based on a simple strategy: Deliver clear, relevant messages consistently well over time to carefully selected prospects. Here are seven principles of a simple but smart B2B marketing strategy: 1. Targeting. Aim your marketing campaigns toward the people who most want to hear from you: Prospects with the same needs and demographics as your best customers. 2. Relevance. In a noisy marketplace, people tune out messages that aren’t directly relevant to their interests. Know the needs of the business decision-makers you’re targeting and tailor your messages accordingly. 3. Consistency. Marketing across all channels – from paid advertising to sales letters, from websites to face-to-face presentations – should support your brand positioning and......

Words: 702 - Pages: 3

Premium Essay

Four P's Marketing Mix on Starbucks

...2 Four P’s Marketing Mix on Starbucks The marketing mix plays an important part in marketing. The purposes of the marketing mix are to use a combination of tools to satisfied the customers and obtain company goals. The marketing mix is referred as the four P’s: product, price, place, and promotion. “The elements are adjusted until a right combination is found that serves the needs of the product’s customers while generating optimum income”. (Marketing Mix, 2010, p. 1). By using the four P’s, most businesses have the ability to connect with consumers within the targeted market. The ability to create a successful marketing mix often has good results. However using the wrong mix can lead to failed marketing strategies which can result in the business dissolving. The key is not to get stuck on one mix; the combination of elements often has better results than just using one. This research paper will review all elements of the marketing mix and how each ones plays an important role that organizations must acknowledge in order to be successful. The first P in the mix is the product. The product is used to determine market needs, wants, and desires, to assess internal resources regarding satisfying market needs, wants, and desires with innovation, to develop process for market resource and product testing, and to forecast product life cycle. With this being said, the product would refer to a physical product or service in a company. The product would be used to satisfy a......

Words: 1212 - Pages: 5