Blue Ocean Strategy: How to Create Uncontested Market Space and Make the Competition Irrelevant by
WHAT IS BLUE OCEAN STRATEGY
Blue Ocean Strategy was developed by W. Chan Kim and Renée Mauborgne. They observed that companies tend to engage in head-to-head competition in search of sustained profitable growth. Yet in today’s overcrowded industries competing head-on results in nothing but a bloody red ocean of rivals fighting over a shrinking profit pool. Lasting success increasingly comes, not from battling competitors, but from creating blue oceans of untapped new market spaces ripe for growth.
Blue Ocean Strategy challenges everything you thought you knew about strategic success and provides a systematic approach to making the competition irrelevant. Get inspired, learn more, watch the video below.
8 KEY POINTS OF BLUE OCEAN STRATEGY
1. It’s grounded in data
Blue ocean strategy, developed by W. Chan Kim and Renée Mauborgne, is based on a decade-long study of more than 150 strategic moves spanning more than 30 industries over 100 years.
2. It pursues differentiation and low cost
Blue ocean strategy is based on the simultaneous pursuit of differentiation and low cost. It is an ‘and-and,’ not an ‘either-or’ strategy
3. It creates uncontested market space
Blue ocean strategy doesn’t aim to out-perform the competition. It aims to make the competition irrelevant by reconstructing industry boundaries
4. It empowers you through tools and frameworks
Blue ocean strategy offers systematic tools and frameworks to break away from the competition and create a blue ocean of uncontested market space
5. It provides a step-by-step process
From assessing the current state of play in an industry, to exploring the six paths to new market space, to understanding how to convert noncustomers into customers. Blue ocean strategy provides a clear four-step process to create your to-be blue ocean strategy
6. It maximizes opportunity while minimizing risk
The blue ocean idea index allows you to test the commercial viability of your ideas and shows you how to refine your ideas to maximize your upside while minimizing downside risk
7. It builds execution into strategy
The process and tools are inclusive, easy to understand and communicate, and visual – all of which makes the process non-intimidating and an effective path to building execution into strategy and the collective wisdom of a company
8. It shows you how to create a win-win outcome
As an integrated approach to strategy, blue ocean strategy shows how to align the three strategy propositions – value, profit, and people – to ensure your organization is aligned around your new strategy and that it creates a win for buyers, the company, and for employees and stakeholders
BLUE OCEAN STRATEGY BOOK
A landmark work that upends traditional thinking about strategy, this bestselling strategy book, written by W. Chan Kim and Renée Mauborgne, challenges everything you thought you knew about strategic success and charts a bold new path to winning the future.
When first published in 2005, Blue Ocean Strategy challenged the tenets of competitive strategy, the then dominant school of strategy, and called for a shift of focus from competition to creating new market space and hence making the competition irrelevant. Based on over a decade-long study of 150 key strategic moves spanning more than a hundred years and thirty industries, the authors W. Chan Kim and Renée Mauborgne argue that cutthroat competition results in nothing but a bloody red ocean of rivals fighting over a shrinking profit pool and that lasting success comes not from battling competitors but from creating “blue oceans” – untapped new market spaces ripe for growth. Kim and Mauborgne present a systematic approach to making the competition irrelevant, outlining principles and tools any organization can use to create and capture their own blue oceans.
Embraced by organizations and industries worldwide, Blue Ocean Strategy is a global phenomenon that has sold 3.5 million copies, is published in a record-breaking 44 languages and is a bestseller across five continents. Updated and expanded with fresh content, consider it your guide to creating uncontested market space – and making the competition irrelevant.
Free Listening to Blue Ocean Strategy: How to Create Uncontested Market Space and Make the Competition Irrelevant by
Winning by not competing! This international best seller upends traditional thinking with principles and tools to make the competition irrelevant.
In an audiobook that challenges everything you thought you knew, W. Chan Kim and Renee Mauborgne assert that tomorrow’s leading companies will succeed, not by battling their rivals for market share in the bloody “red ocean” of a shrinking profit pool, but by creating “blue oceans” of untapped new market spaces ripe for growth.
Based on a study of 150 strategic moves, spanning more than 100 years and 30 industries, they provide a systematic approach that every company can use to render rivals obsolete and unleash new demand:
· Reconstruct market boundaries
· Focus on the big picture
· Reach beyond existing demand
· Get the strategic sequence right
· Overcome organizational hurdles
· Build execution into strategy
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About author W. Chan Kim
Kim is a Fellow of the World Economic Forum. He has published numerous articles on strategy and management which can be found in The Academy of Management Journal, Management Science, Organization Science, Strategic Management Journal, Administrative Science Quarterly, Journal of International Business Studies, Harvard Business Review, Sloan Management Review, and others. The Journal of International Management recognizes Kim as one of the world’s most influential academic journal authors in global strategy. He also has published numerous articles in The Wall Street Journal, The Wall Street Journal Europe, The New York Times, The Financial Times and The Asian Wall Street Journal, among others.
Kim is the co-author of Blue Ocean Strategy: How to Create Uncontested Market Space and Make the Competition Irrelevant (Harvard Business Review Press). Blue Ocean Strategy has sold over 3.5 million copies and is being published in a record-breaking 44 languages. It is a bestseller across five continents. Blue Ocean Strategy has won numerous awards including “The Best Business Book of 2005″ Prize at the Frankfurt Book Fair. It was also selected as a “Top Ten Business Book of 2005″ by Amazon.com, and as one of the 40 most influential books in the History of the People’s Republic of China (1949-2009) along with Adam Smith’s The Wealth of Nations and Milton Friedman’s Free to Choose.
Kim has been consistently ranked in the top 3 in The Thinkers50 listing of the World’s Top Management Gurus. In 2014, Kim, along with his colleague Renée Mauborgne, received the Carl S. Sloane Award for Excellence from the Association of Management Consulting Firms due to the impact their management research has made on the global consulting industry. He also won the 2011 Thinkers50 Strategy Award. Kim was selected for the 2011 Leadership Hall of Fame by Fast Company magazine and was named among the world’s top five best business school professors in 2013 by MBA Rankings.
Kim received the Nobels Colloquia Prize for Leadership on Business and Economic Thinking 2008 and is a winner of the Eldridge Haynes Prize, awarded by the Academy of International Business and the Eldridge Haynes Memorial Trust of Business International, for the best original paper in the field of international business. He is the winner of the Prix DCF 2009 (Prix des Dirigeants Commerciaux de France 2009) in the category of “Stratégie d’entreprise.” L’Expansion also named Kim along with his colleague Renée Mauborgne as “the number one gurus of the future.” The Sunday Times (London) called them “two of Europe’s brightest business thinkers,” and noted, “Kim and Mauborgne provide a sizable challenge to the way managers think about and practice strategy. The Observer called Kim and Mauborgne, “the next big gurus to hit the business world.” Kim is the winner of several Case Centre awards including “All-Time Top 40 Bestselling Cases” in 2014, “Best Overall Case” in 2009 across all disciplines and “Best Case in Strategy” in 2008.
Kim co-founded the Blue Ocean Strategy Network (BOSN), a global community of practice on the Blue Ocean Strategy family of concepts that they created. BOSN embraces academics, consultants, executives, and government officers.
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