Strategy
Blue ocean strategy
Blue ocean strategy focuses attention on the creation of new markets at the product development stage.
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Blue ocean strategy vs Blue ocean strategy (Kim and Mauborgne)
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Strategy
Blue ocean strategy (Kim and Mauborgne)
They further argue that the conventional choice of generic strategy between differentiation and low cost is also sub-optimal.
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Use this when.
Use the method when strategy has become preoccupied with beating competitors. That mindset leads towards a red ocean in which rivals pursue the same customers on the same factors and progressively erode returns. Redirect attention through four questions:
Use the approach when a red ocean position offers limited prospects for profitable growth. In their twenty fifteen work on “red ocean traps,” Kim and Mauborgne identified six mental models that obstruct market creation:
Extracted signals
Strengths, limits, and pitfalls.
Blue ocean strategy
- Use the six principles as a sequence of risk tests. Do not move from an attractive value curve to implementation until utility, price, cost and adoption barriers support a robust business model.
- The framework is not a turnkey implementation plan. It focuses strategic development and offers six principles for addressing the characteristic risks of new market creation: search, planning, scope, business model, organisational and management risk.
- Reconstruct market boundaries: reduce search risk by identifying spaces with compelling commercial potential.
Watch for
- Do not assume an uncontested space contains profitable demand. Test willingness to pay, delivery economics, adoption barriers and imitation risk before scaling the proposed value innovation.
Blue ocean strategy (Kim and Mauborgne)
- Draw the industry curve and the company’s curve on one canvas, then force a concrete eliminate–reduce–raise–create decision for every factor. A curve is useful only when it changes resource allocation.
- The Strategy Canvas and Value Curve provide the visual foundation for the other tools.
- The Strategy Canvas depicts the present competitive landscape. Along one axis it lists the key success factors (KSFs) on which the industry competes; along the other it shows how heavily each company invests in or delivers those factors.
Watch for
- Do not infer causality from retrospective cases or assume an attractive curve guarantees demand. The canvas is unweighted and omits market size, willingness to pay, capability, response and imitation; test each before investing.
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