Developing a Business Strategy - Explained
How to Develop a Business Strategy
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Table of ContentsHow do Managers Develop or Formulate a Business Strategy?
How do Managers Develop or Formulate a Business Strategy?
The preeminent scholar in this regard is Henry Mintzberg. In 1998, Mintzberg proposed that the practice of strategic management observes three main perspectives (or ―streams). Within these streams their are a total of ten different schools of thought concerning how strategist perceive the creation of strategy.
The Prescriptive Perspective
- Prescriptive Design School
- Planning School
- Positioning School
The Describing Perspective
- Entrepreneurial School
- Cognitive School
- Learning School
- Power School
- Cultural School
- Environmental School
The Configuration Perspective
- Configuration School
Mintzberg further proposed the 5 Ps of Strategy to provide parameters for how managers define or see strategy. Mintzberg proposed that strategies can be seen as a:
Mintzberg further broke down strategic formulation into 4 categories:
Each category helps to bridge the understanding between how strategies is formulated and how it is ultimately carried out.