blue ocean strategy summary pdf

Results? Challenging an industry’s conventional wisdom about which buyer group to target can lead to the discovery of blue ocean. A company will have more success, fewer risks, and increased profits in a blue ocean market. Well, by reading the book you will discover the answer, which is much simpler than you may think: In the blue oceans’ world the competition is just irrelevant because the rules of the market game are waiting to be set. She is coauthor, along with W. Chan Kim, of Blue Ocean Strategy, Expanded Edition (2015). We apologize for the inconvenience. Or the blue ocean strategy where you literally have no competition? Despite a long-term decline in the circus industry, Cirque du Soleil profitably increased revenue 22-fold over the last ten years by reinventing the circus. Blue Ocean Strategy vs. Harvard Business Publishing is an affiliate of Harvard Business School. The sets of rules and principles that are present in the book are meant to be followed by intrepid strategists; all managers can find that the navigation is relatively easy, considering the author’s critical strategic advice. It is a marketing theory from the similarly-named book that was published in 2005 and became a perennial bestseller. According to the authors themselves, W. Chan Kim & Renee Mauborgne, the blue ocean strategy has 8 core principles: Applying these core principles into your strategy will guide you in creating the right blue ocean strategy for your business. Summary Of The Blue Ocean Strategy Also, they serve as essential pointers about their future strategy. In blue oceans, you invent and capture new demand, and you offer customers a leap in value while also streamlining your costs. The blue ocean strategy is all about making the competition irrelevant. All rights reserved. In red oceans—that is, in all the industries already existing—companies compete by grabbing for a greater share of limited demand. Let me guess: now that you are sure that the authors are experts in the field, you are positive that this book may be beneficial to you. However, the irony is that any discovered blue ocean turns red eventually. That’s why there is no sense to compete in innovations on a red market. There are two ways to create blue oceans. Because untapped value is often hidden in additional product and service. Innovations are happening today at an intense pace due to globalization, mass production, and technology, which facilitate and accelerate the creation of new products, but similar to each other. It is blue because there’s nobody there, the ocean is crystal clean. 8 Prerequisite: “companies must break out of the accepted boundaries that define how they compete” and to have a keen insight into how to reconstruct market realities to open up blue oceans. This concept is not about senseless innovations. It is the idea of trying to find market spaces that are free of competitors by creating and caputuring new demand, making the competition irrelevant. By doing this they were able to break the value-cost trade off by providing better value than cable TV (because you could watch any show you wanted at any time, without commercials) at a lower cost than cable TV. They assert that these strategic moves create a leap in value for the company, its buyers, and its employees while unlocking new demand and making the competition irrelevant. In blue oceans, demand is created rather than fought over. Updated on Feb. 07, 2020:  We’ve stopped support of Roadmap Planner but the Roadmap feature is now available in our new goal-oriented platform – Goals by KeepSolid. Creating a blue ocean for your company is based on believing that to be successful in business you have to generate and capture more value and not attack and compete with established companies where margins are low, and prices always fall. Traditional Competitive Strategy vs Blue Ocean Strategy ∗Competitive Advantage - Porter’s Five Forces ∗Blue Ocean Strategy is a: ∗Value Innovation Strategy – competes in an uncontested market space ∗“Combination Strategy ”: pursue differentiation while controlling costs. Companies just have to monitor competitors’ actions in their pricing policy and adjust theirs’ accordingly. It requires tons of creativity and out of the box thinking. You probably thought: COMPETITION. h޴[�k�7�W���W�f$(��Mr�� �{-�|�s����:�h��{f��.Gt�"ǰ��;��G�����&ŖB)6 Some say that the blue oceans concept is a myth and nothing more than a sweet title. In our humble opinion, the name contributed the popularity of strategy, but it is definitely not the key merit of this theory. Instead of dividing up exist-ing—and often shrinking—demand and benchmarking competi-tors, blue ocean strategy is about growing demand and breaking If your presentation includes a comparison between the red ocean and blue ocean strategies, then you can check out this free template from Slide Hunter. Yes, you read right, dance steps! Strategy Canvas as a graphical and visual representation of the competition and its attributes is the best way to find the path that you and your company should take on a long run.

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