REFLECTION JOURNAL #1

The strategies that an organisations managers pursue have a major impact on its
performance. So, what is strategy and does strategy matter?

Discuss, making

reference to the different perspectives on strategy.

The strategies that an organisations managers pursue have a major impact on its
performance. Strategy is a complex concept that involves a lot of various processes
and activities within an organisation. There are many different definitions provided for
strategies but Mintzbergs 5 Ps of strategy has helped me most to understand the
complex definition of strategy among different theories. Professor Henry Mintzberg of
McGill University in Montreal, Canada, points out that strategy can be viewed as a
plan, ploy, position, pattern, and perspective (Ketchen, and Short, 2012, p 10-11).
Strategic Plan is the core strategy because every organisation creates a strategic
plan to guide its future. It is a carefully designed set of steps that a firm intends to
follow to become successful. I can relate this process to earning my college degree
as a key step in my strategic plan for my future career. The second way to view
strategy is in terms of ploys. It is a move to trick competitors that involves using
creativity to enhance success. Strategy as pattern focuses on the extent to which a
firms actions over time are consistent. For instance, Apple is very consistent in its
strategic pattern as it always responds to competitive challenges by innovating. The
next P is position. Strategy as position refers to a firms place in the industry relative
to its competitors. McDonalds, for example, has long been and remains the clear
leader among fast-food chains. The fifth and final P shifts the focus to inside the
minds of the executives running a firm. Strategy as perspective refers to how
executives interpret the competitive landscape around them. I believe that because
every person is unique, two different executives could look at the same event such
as a new competitor emerging and attach different meanings to it. One might just
see a new threat to his or her firms sales; the other might view the newcomer as a
potential ally (Ketchen, and Short, 2012, p 11-16). Strategic management matters a
lot because it focuses on firms and the different strategies that they use to become
and remain successful. This is similar I believe, to earning a college degree, a life
experience I am currently undergoing myself. Life is full of unexpected twists and
turns, so maintaining flexibility is wise for individuals planning their career strategies

as well as for firms. Multiple views of strategy exist, and the 5 Ps described by Henry
Mintzberg enhance understanding of the various ways in which firms conceptualise
strategy. Most organisations create intended strategies that they hope to follow to
become successful. Over time, however, changes in an organisations situation give
rise to new opportunities and challenges. Organisations respond to these changes
using emergent strategies. Realised strategies are a product of both intended and
emergent strategies (Ketchen, and Short, 2012, p 18-22). I have learned that the five
steps of the Strategy Making Process are goal setting, external analysis, internal
analysis, strategy formulation, and strategy implementation. The process analyses
the major initiatives taken by organisations top management, involving resources
and performance in external environments. It entails specifying the organisation's
mission, vision, and objectives; developing policies and plans, often in terms of
projects and programs that are designed to achieve these objectives; and then
allocating resources to implement the policies and plans, projects and programs.
Every organisations future depends on its leader (Hill, and Jones, 2012, p 10-20).
Therefore, the strategies and actions that the leader is going to take are extremely
vital as it will thoroughly reflect on the organisations performance status.
Having read and analysed the importance of strategy to organisations, I have
realised that strategy is also important to individuals because it can be also applied
by them in several ways. To sum up, a good strategy helps both organisations and
individuals to achieve their best in what they do in life. I genuinely do believe that
strategic management is extremely important in every organisation as it examines
how actions and events involving leaders, organisations, and industries influence a
firms success and failure. I have significantly developed my knowledge of strategies.
References:
Hill, C. W.L., Jones, G. R. (2008). Strategic Management Theory, Boston: Houghton
Mifflin Company.
Ketchen, D., Short, J. (2012). Short Strategic Management: Evaluation and
Execution. Retrieved from http://2012books.lardbucket.org/books/strategicmanagement-evaluation-and-execution/index.html