Blue Ocean Strategy Go where the profits and growth are - and where the competition isn’t W. Chan Kim & Renée Mauborgne.

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Presentation transcript:

Blue Ocean Strategy Go where the profits and growth are - and where the competition isn’t W. Chan Kim & Renée Mauborgne

Smaller Regional Circus Ringling Brothers The Strategy Canvas of Cirque du Soleil hi offering level lo Price Fun & Humor Unique Venue Aisle Concessions Multiple Show Arenas Thrills & Danger Animal Shows Star Performers Theme Refined Viewing Environment Multiple Productions Artistic Music & Dance Cirque du Soleil © Kim & Mauborgne 2006

The Strategy Canvas of Cirque du Soleil hi offering level lo Price Fun & Humor Unique Venue Aisle Concessions Multiple Show Arenas Thrills & Danger Animal Shows Star Performers Theme Refined Viewing Environment Multiple Productions Artistic Music & Dance Cirque du Soleil Reduce Eliminate Raise Create © Kim & Mauborgne 2006 Ringling Brothers Smaller Regional Circus

Personal Finance Software The Pencil Personal Finance Software Industry hi offering level lo PriceSpeedAccuracy Optional FeaturesEase of Use Quicken © Kim & Mauborgne 2006

Red Ocean Versus Blue Ocean Strategy Differentiation or low costDifferentiation and low costCompete in existing market spaceCreate uncontested market space Segment existing customersAttract noncustomersBeat the competitionMake the competition irrelevant Blue Ocean StrategyRed Ocean Strategy Competitive AdvantageValue Innovation Exploit existing demandCreate and capture new demand © Kim & Mauborgne 2006

Substantially Higher Returns from Investments in Blue Oceans Business Launch Revenue Impact Profit Impact Red Oceans Market-Competing Business Launches Blue Oceans Market-Creating Business Launches © Kim & Mauborgne 2006

Is there a pattern to blue ocean creation?

Researching the History of Blue Ocean Creation Data: 150 blue ocean creations, more than 30 industries, over 100 years ( ) hotel, cinema, retailing, airline, energy, computer, broadcasting, home construction, automobile, steel manufacturing, chemicals, cosmetics, software, etc. Variables considered: industrial, organizational, strategic variables © Kim & Mauborgne 2006

Value Innovation School Trial & Error Pattern Entrepreneur A way of Thinking Theory Methodologies Analytical Frameworks Opportunity Maximizing & Risk Minimizing Entrepreneurial Risk Learning from Failures DNA / Culture Units for Experimentations (Spin-offs) Risk Taking or Risk Avoiding Schumpeterian School Innovation Random Systematic © Kim & Mauborgne 2006

Minimizing Risks and Maximizing Opportunities in Formulating and Executing Blue Ocean Strategy Formulation Risks Execution Risks Search Risk Planning Risk Scale Risk Business Model Risk Organizational Risk Management Risk Formulation Principles Reconstruct market boundaries Reach beyond existing demand Get the strategic sequence right Execution Principles Focus on the big picture, not the numbers Overcome key organizational hurdles Build execution into strategy © Kim & Mauborgne 2006