How to create blue ocean strategy

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how to create blue ocean strategy

Blue Ocean Strategy: How to Create Uncontested Market Space and Make the Competition Irrelevant by W. Chan Kim

The global phenomenon, embraced by business worldwide and now published in more than 40 languages.

This international bestseller challenges everything you thought you knew about the requirements for strategic success.

Since the dawn of the industrial age, companies have engaged in head-to-head competition in search of sustained, profitable growth. They have fought for competitive advantage, battled over market share, and struggled for differentiation. Yet, as this influential and immensely popular book shows, these hallmarks of competitive strategy are not the way to create profitable growth in the future.

In the international bestseller Blue Ocean Strategy, W. Chan Kim and Renee Mauborgne argue that cutthroat competition results in nothing but a bloody red ocean of rivals fighting over a shrinking profit pool. Based on a study of 150 strategic moves (spanning more than 100 years across 30 industries), the authors argue that lasting success comes not from battling competitors, but from creating blue oceans—untapped new market spaces ripe for growth. Such strategic moves, which the authors call “value innovation,” create powerful leaps in value that often render rivals obsolete for more than a decade.

Blue Ocean Strategy presents a systematic approach to making the competition irrelevant and outlines principles and tools any company can use to create and capture their own blue oceans. A landmark work that upends traditional thinking about strategy, this bestselling business book charts a bold new path to winning the future.
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BLUE OCEAN STRATEGY

What is Blue Ocean Strategy?

What if you could consistently create new business where there is little to no competition? A strategy canvas is the most fundamental tool used in the Blue Ocean Strategy framework. To get started, first list the products or services you want to compare. The next thing to do is list the attributes, or factors of competition, that those products compete on. In the spreadsheet, this list goes in the column on the left of the screen and should look like this:.

In this article, we will look at 1 what is a blue ocean strategy? The term blue ocean was coined by two professors W. The authors present the idea of a business being able to operate in a league of its own, without intense competition. The company is able to set its own pace to create, sell and profit from unique products and services in high potential new markets. The blue ocean is taken as a metaphor to represent these industries that may offer greater opportunity or higher profit potential. This is the goal of any blue ocean strategy, to search for and gain uncontested market space instead of engaging in traditional competition. The authors describe red oceans as the existing industries in a known market space.

If you want to minimize the randomness and trial and error in creating new market space, follow these five systematic steps so that you maximize the chances of.
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What are Red Oceans and Blue Oceans?

It sold more than 4 million copies and has been translated into 44 different languages. Now, 12 years later, the authors offer an exciting new book that synthesizes their experience in assisting with the implementation of Blue Ocean strategy. It includes the experience of organizations large and small, for profit, nonprofit and governments. The Acti-Fry made healthier French fries with only one table spoon of oil for two pounds of French fries. It transformed the market for French fry makers. In effect, Blue Ocean strategy involves market-creating innovation.

In , Professors W. Chan Kim and Renee Mauborgne launched a revolution in business strategy by encouraging firms to evacuate shark infested waters. These new spaces are described as "Blue Oceans," compared to the struggle for survival in bloody "Red Oceans" swarming with vicious competition. The Blue Ocean Strategy represents the simultaneous pursuit of high product differentiation and low cost, thereby making competition irrelevant. Porter's name, Kim and Mauborgne attack the famous " five forces " market analysis head on. The key to exceptional business success, the authors say, is to redefine the terms of competition and move into the "blue ocean," where you have the water to yourself. The goal of these strategies is not to beat the competition, but to make the competition irrelevant.

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