The “5 P’s of Strategy” capture the complexity of defining Strategic Management.
ID: 345985 • Letter: T
Question
The “5 P’s of Strategy” capture the complexity of defining Strategic Management. Select one of the 5 P’s and (1) explain why you selected that particular concept, i.e. why do you believe it is important to the overall strategic management process, and (2) explain whether that particular concept requires more of a perspective of art or science from the strategic leader’s point of view. Offer supporting rationale for your explanation and be sure to reference your statements using proper APA formatting.
Explanation / Answer
I have selected PLAN from the five P's.
>> Plan is very important to put any idea or strategy into execution. Planning is the most important and fundamental thing to do for any strategy to be successful. Planning a strategy involves lot of science as every step in the planning has to be thought of with a logical perspective. During the planning stage, the stakeholders are identified and inputs are taken from them, all the activities and resources required for successful implementation of the strategy are identified, the timeline for various activities are set. The expected outcomes from the strategy are clearly defined. Planning is essential for a strategy to be successful.
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