In 1987, Canadian management scientist Henry Mintzberg distinguished five visions of strategy for organizations. He calls them the 5 P's of strategy. They stand for Plan, Pattern, Position, Perspective and Trame. A strategy diamond is a collection of the five elements that form a coherent business strategy.
These five elements of strategy include arenas, differentiators, vehicles, staging and economic logic. This model was developed by strategy researchers Donald Hambrick and James Fredrickson. The five elements of the Strategy Diamond Model include arenas, differentiators, vehicles, staging and economic logic. These five aspects are related to the choices that companies, companies and teams must make when defining and refining strategies.