How to Create Uncontested Market Space and Make Competition Irrelevant
If you ever need a clue or a long term advice that will guide you throughout the whole process of how your company can maintain its current position in the existent market and discover new ones with less competition that are much more profitable and prosperous then, this is the book for you. Blue Ocean Strategy is an “out-of-box” kind of breakthrough book that gives its readers a new way of understanding the framework organization that has an assignment to identify and implement different blue ocean strategies in various industries.
A true masterpiece written by W. Chan Kim and Renée Mauborgne, the book is empowered to impact new ideas on traditional and older business industries. The main part is not the only intriguing section of the book, even the appendices are more than capable of grabbing reader’s attention with first class high-quality examples about lots of different product categories that vary from the Model T to movie theater products. 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 key strategic advice.
Depending on different personalities and risk aversion mentality an intrepid executive may or may not undertake a voyage that can lead him to a spacious ‘’blue ocean of possibilities’’ and abandon the competitive and ‘’life-threatening’’ business waters.
Who is this book for
The book is intended for all businessmen from various Industries, those eager to learn new ways, techniques, methods, and strategies that are not only beneficial in the business world but also in other aspects of life.
Blue Ocean Strategy book cannot and isn’t suitable only for the business community. Adults, students, and knowledge seekers would find it also thrilling and inspiring, they may feel an intense urge while reading it that can drive them to call-to-action decisions and mentality. Some experts divide the population, especially the young adults in two categories: Doers and Delayers (thinkers). The first category represents those people that may find this book as something that they crave for, an inspiring piece of written material that may carry them through life. The written word of the Blue Ocean Strategy book for some people or in our case the second category evokes some inner stimulus, It is somehow awakening the ‘’sleeping beauty’’ from within.
The real question that may occur within our minds is: How can a book be suitable for different kinds of persons with divergent backgrounds?
The answer lies within the question – The book is designed to target and answer the financial and business difficulties that almost every person faces on a day to day basis.
Authors’ expertise and short biography
As a South-Korean-born theorist and businessman W. Chan Kim has established himself as a professor of the University of Michigan Business School in the US. Later on, his professional life reaches a culmination while teaching international management and strategy and by having an executive role as a co-director at the INSEAD Blue Ocean Strategy Institute located in Fontainebleau, France. There are numerous business journals written for Financial Times, The Wall Street Journal and The New York Times which represent only a small portion of Mr. W.Chan Kim’s area of expertise, he is also the founder and inventor of Value Innovation Network.
American-born economist and a business theorist Renée Mauborgne currently works as a professor for strategy and management theories. Mis. Renée Mauborgne just like Mr. W.Chan.Kim has an executive role at the INSEAD Blue Ocean Strategy Institute as a co-director and she is a Distinguished Fellow at INSEAD, where she teaches the different blue ocean strategies and management techniques as we said earlier. As a fellow of the World Economic Forum, she has even declared herself as a writer due to numerously written articles on Blue Ocean Strategies and managing multinational corporations and companies.
Key Lessons from Blue Ocean Strategy
- Eliminate all Market Boundaries
- Leave the Statistics aside and see the Big Picture
- Don’t Limit your Business
- New technology doesn’t guarantee success
Eliminate all Market Boundaries
The first thing that every business faces are the wrongly evaluated premises that are shaping your company’s model. To get a wider and broader perspective to the surroundings assumptions, and reports must be made so that you can specify the type of industry and market standards that you should omit, eliminate or even rebuild. For example: These analytic processes were used by Casella Wines from Australia. In pursuance of prosperity, Casella Wines has increased its brand awareness by breaking all marketing habits that resulted in a huge success of the newly created then Yellow Tail brand that was categorized as one of the fastest growing labels in the U.S history.
“Leave Statistics aside and see the Big Picture”
You must resist the temptation to start with early negative judgmental comments and predictions, your focus must be fixated at the company’s overall view and long-term opportunities. Many strategists get lost down in statistics and income predictions, so they often miss the really important aspects that they should be concentrated on. 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.
Don’t Limit your Business
It is only natural that a company would rely on Pareto’s 80:20 customer mechanisms. However, the real growth lies beyond the current demand, therefore, businesses must find a new way and sacrifice their early profits by placing customer satisfaction at the very center of their priorities(not the money). This would lead to an engagement possibilities with neutral and competitor’s customers.
“New technology doesn’t guarantee success”
The strategy must be executed sequentially so that the company would achieve its “value innovation”. The latest technological equipment is helpful in creating safety and high-quality products and services, however, just by having it without any knowledge of using it doesn’t indicate that your company is capable of producing a blue ocean product. An assessment for such product/service is required to test their usefulness, handiness, safety, distribution complexity, service delivery, environmental contribution and “environmental friendliness”.
If you feel like this is the book for you, feel free to contact us for further information. You can download our mobile app and share your experiences with us. Between you and your book, there is a one click delay – check it on Amazon!