Strategy Selection

The selection of the optimal strategic option is essential for long-term business success. Such strategic choice is a comprehensive process that involves narrowing down the strategic options after thorough consideration of the possible impacts of the most influential internal and external factors. This chapter begins with the introduction of Mintzberg’s strategy definition in terms of his 5Ps model that includes the core elements of plan, ploy, pattern, position and perspective, followed by the key selection criteria for strategic choices. Subsequently, some effective strategic management instruments can facilitate the strategy selection process in business practice, such as Porter’s generic strategies, Ansoff matrix, BCG matrix, McKinsey 7-S model and Blue Ocean vs. Red Ocean Strategy.