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Blue ocean strategy
- 1. 1www.study Marketing.org Blue Ocean StrategyBlue Ocean Strategy
- 2. 2www.study Marketing.org ContentsContents 1.1. Blue Ocean Vs. Red Ocean StrategyBlue Ocean Vs. Red Ocean Strategy 2.2. Blue Ocean Strategy ToolsBlue Ocean Strategy Tools 3.3. Strategy Canvas and Four Action FrameworkStrategy Canvas and Four Action Framework 4.4. Six Principles of Blue Ocean StrategySix Principles of Blue Ocean Strategy 5.5. Formulating Blue Ocean StrategyFormulating Blue Ocean Strategy 6.6. Executing Blue Ocean StrategyExecuting Blue Ocean Strategy If you find this presentation useful, please consider telling others about our site (www.studyMarketing.org)(www.studyMarketing.org)
- 3. 3www.study Marketing.org Blue Ocean Vs. Red OceanBlue Ocean Vs. Red Ocean StrategyStrategy
- 4. 4www.study Marketing.org Blue Ocean vs. Red Ocean StrategyBlue Ocean vs. Red Ocean Strategy • Create uncontested market space • Make the competition irrelevant • Create and capture new demand • Create uncontested market space • Make the competition irrelevant • Create and capture new demand • Compete in existing market space • Beat the competition • Exploit existing demand • Compete in existing market space • Beat the competition • Exploit existing demand Blue Ocean StrategyBlue Ocean Strategy Red Ocean StrategyRed Ocean Strategy
- 5. 5www.study Marketing.org Blue Ocean vs. Red Ocean StrategyBlue Ocean vs. Red Ocean Strategy • Break the value- cost trade off • Align the whole system of a firm’s activities with its strategic choice of differentiation and low cost • Break the value- cost trade off • Align the whole system of a firm’s activities with its strategic choice of differentiation and low cost • Make the value-cost trade off • Align the whole system of a firm’s activities with its strategic choice of differentiation or low cost • Make the value-cost trade off • Align the whole system of a firm’s activities with its strategic choice of differentiation or low cost Blue Ocean StrategyBlue Ocean Strategy Red Ocean StrategyRed Ocean Strategy
- 6. 6www.study Marketing.org Blue Ocean Strategy ToolsBlue Ocean Strategy Tools StrategyStrategy CanvasCanvas • A diagnostic tooldiagnostic tool for building a compelling blue ocean strategy • It captures the current state of playcurrent state of play in the known market space • Allow you to understand : • where the competition is currently investing • the factors the industry currently competes on in product, service and delivery • what customers receive from existing competitive offerings on the market
- 7. 7www.study Marketing.org Four Action FrameworkFour Action Framework EliminateEliminate ReduceReduce RaiseRaise CreateCreate
- 8. 8www.study Marketing.org Four Action FrameworkFour Action Framework EliminateEliminate ReduceReduce RaiseRaise CreateCreate Which of the factors that the industry takes for granted should be eliminated?eliminated? Which factors should be reduced wellreduced well belowbelow the industry’s standard? Which factors should be createdcreated that the industry has never offered? Which factors should be raised wellraised well aboveabove the industry’s standard?
- 9. 9www.study Marketing.org Four Action FrameworkFour Action Framework The Case of Cirque du Soleil (A Circus Company)The Case of Cirque du Soleil (A Circus Company) • Theme • Refined environment • Multiple productions • Artistic music and dance EliminateEliminate ReduceReduce RaiseRaiseCreateCreate • Star performers • Animal shows • Aisle concession sales • Multiple show arenas • Fun and humor • Thrill and danger • Unique venue
- 10. 10www.study Marketing.org Six Principles of Blue Ocean StrategySix Principles of Blue Ocean Strategy 1. Reconstruct market boundaries 2. Focus on the big picture, not the numbers 3. Reach beyond existing demand 4. Get the strategic sequence right 5. Overcome key organizational hurdles 6. Build execution into strategy Formulation PrinciplesFormulation Principles Execution PrinciplesExecution Principles
- 11. 11www.study Marketing.org FormulatingFormulating Blue Ocean StrategyBlue Ocean Strategy
- 12. 12www.study Marketing.org New Market Space • In Red Oceans, industry boundaries are defined and accepted, and the competitive rules of the game are known • In Blue Oceans, there exists untapped market space, demand creation, and the opportunity for highly profitable growth • Most Blue Oceans are created from within red oceans by expanding industry boundaries
- 13. 13www.study Marketing.org 1. Reconstruct Market Boundaries1. Reconstruct Market Boundaries • Focus on rivals within industry • Focuses on competitive position within strategic group • Focuses on better serving the buyer group Head-to-Head StrategyHead-to-Head Strategy Blue Ocean StrategyBlue Ocean Strategy • Looks across alternative industries • Looks across strategic group within industry • Redefines the industry buyer group
- 14. 14www.study Marketing.org 1. Reconstruct Market Boundaries1. Reconstruct Market Boundaries • Focuses on maximizing the value of product or service offerings within the bounds of its industry • Focuses on adapting to external trends as they occur Head-to-Head StrategyHead-to-Head Strategy Blue Ocean StrategyBlue Ocean Strategy • Looks across to complementary product and service offerings • Participates in shaping external trends over time
- 15. 15www.study Marketing.org 2. Focus on the Big Picture, not the Numbers2. Focus on the Big Picture, not the Numbers Focus on the Big PictureBig Picture, not the Numbers The Four Steps of Visualizing Strategy • Visual Awakening • Visual Exploration • Visual Strategy Fair • Visual Communication
- 16. 16www.study Marketing.org 2. Focus on the Big Picture, not the Numbers2. Focus on the Big Picture, not the Numbers VisualVisual AwakeningAwakening • Compare your business with your competitors’ by drawing your “as is” strategy canvas • See where your strategy needs to change
- 17. 17www.study Marketing.org 2. Focus on the Big Picture, not the Numbers2. Focus on the Big Picture, not the Numbers VisualVisual ExplorationExploration • Go to the field to explore the six paths to creating blue oceans • Observe the distinctive advantages of alternative products and services • See which factors you should eliminate, create, or change
- 18. 18www.study Marketing.org 2. Focus on the Big Picture, not the Numbers2. Focus on the Big Picture, not the Numbers Visual Strategy Fair • Draw your “to be” strategy canvas based on insights from field observations • Get feedback on alternative strategy canvases from customers, competitors’ customers, and noncustomers • Use feedback to build the best “to be” future strategy
- 19. 19www.study Marketing.org 2. Focus on the Big Picture, not the Numbers2. Focus on the Big Picture, not the Numbers Visual Communication • Distribute your before-and-after strategic profiles on one page for easy comparison • Support only those projects and operational moves that allow your company to close the gap to actualize the new strategy
- 20. 20www.study Marketing.org 3.3. Reach Beyond Existing DemandReach Beyond Existing Demand The ThreeThe Three Tier of Non-Tier of Non- customerscustomers • First tier: “Soon to be” non-“Soon to be” non- customerscustomers who are the edge of your market, waiting to jump ship • Second tier: “Refusing” non-“Refusing” non- customerscustomers who consciously choose against your market • Third tier: “Unexplored” non-“Unexplored” non- customerscustomers who are in markets distant from yours
- 21. 21www.study Marketing.org 4.4. Get The Strategic Sequence RightGet The Strategic Sequence Right The Sequence of Blue Ocean StrategyThe Sequence of Blue Ocean Strategy Buyer utilityBuyer utility Is there exceptional buyer utility in your business idea? PricePrice Is your price easily accessible to the mass of buyers? CostCost Can you attain your cost target to profit at your strategic price? AdoptionAdoption What are the adoption hurdles in actualizing your business idea? A commercially viableA commercially viable blue ocean ideablue ocean idea
- 22. 22www.study Marketing.org ExecutingExecuting Blue Ocean StrategyBlue Ocean Strategy
- 23. 23www.study Marketing.org 5.5. Overcome Key Organizational HurdlesOvercome Key Organizational Hurdles Overcome KeyOvercome Key OrganizationalOrganizational HurdlesHurdles CognitiveCognitive HurdleHurdle MotivationalMotivational HurdleHurdle ResourceResource HurdleHurdle PoliticalPolitical HurdleHurdle
- 24. 24www.study Marketing.org 5.5. Overcome Key Organizational HurdlesOvercome Key Organizational Hurdles CognitiveCognitive HurdleHurdle (status quo)(status quo) ResourceResource HurdleHurdle • Ride the “Electric Sewer” • Meet with Disgruntled Customers • Redistribute resources to your hot spots • Redirect resources from your cold spots • Engage in horse trading
- 25. 25www.study Marketing.org 5.5. Overcome Key Organizational HurdlesOvercome Key Organizational Hurdles MotivationalMotivational HurdleHurdle PoliticalPolitical HurdleHurdle • Zoom in on Kingpins (key influencers) • Place kingpins on a fishbowl • Atomize to get the organization to change itself • Secure a consigliere on your top management team • Leverage your angels and silence your devils
- 26. 26www.study Marketing.org 5. Build Execution Into Strategy5. Build Execution Into Strategy Fair Process of StrategyFair Process of Strategy Strategy Formulation Process Fair Process – Engagement, Explanation, Expectation clarity Strategy Formulation Process Fair Process – Engagement, Explanation, Expectation clarity Attitudes Trust and Commitment – “I feel my opinion counts” Attitudes Trust and Commitment – “I feel my opinion counts” Behavior Voluntary Cooperation – “I’ll go beyond the call of duty” Behavior Voluntary Cooperation – “I’ll go beyond the call of duty” Strategy Execution Exceeds Expectation – self initiated Strategy Execution Exceeds Expectation – self initiated
- 27. 27www.study Marketing.org Source of ReferenceSource of Reference • W. Chan Kim and Renée Mauborgne, Blue Ocean Strategy, HBS Publication
- 28. 28www.study Marketing.org Assignment: Choose a real product that is already on the market (it can be either one of the above or your own preferences of product), brainstorm the value factors of the product and develop the Strategy Canvas
- 29. 29www.study Marketing.org End of MaterialEnd of Material