Innovate your way to success and push your business to the next level!
This book is a practical and accessible guide to understanding and implementing blue ocean strategy, providing you with the essential information and saving time.
In 50 minutes you will be able to:
• Distinguish between the two different types of markets: ‘red oceans’ and ‘blue oceans’
• Use innovation to create your own market, where the opportunities for growth are endless
• Attract new customers that weren’t accessible until now
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50MINUTES.COM provides the tools to quickly understand the main theories and concepts that shape the economic world of today. Our publications are easy to use and they will save you time. They provide both elements of theory and case studies, making them excellent guides to understand key concepts in just a few minutes. In fact, they are the starting point to take action and push your business to the next level.
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In today's fast-moving international business environment, creativity is becoming the key to long-term performance. The need for new perspectives in companies’ innovation policies leads to groundbreaking ideas. Blue ocean strategy illustrates this perfectly.
This strategy, set out in 2005 by W. Chan Kim and Renée Mauborgne in their book Blue Ocean Strategy: How to Create Uncontested Market Space and Make the Competition Irrelevant (translated into 43 different languages with 3.5 million copies sold worldwide), turns the theoretical foundations of strategic business innovation upside down. It encourages all economic stakeholders to do the same – with creative innovations described as 'disruptive' – by investing in technology, conquering new markets or even collaborating with other socioeconomic stakeholders.
This strategy comes from a series of studies and is consistent with a number of other pieces of research, particularly those of the architect Clayton Christensen (born in 1952) and Michael Raynor (born in 1967), a managing director at Deloitte Services LP. It suggests a number of tools to create a systematic process of innovation.
The Blue Ocean Strategy Institute was opened in 2007, at the Fontainebleu campus of INSEAD, to examine the concept in more depth. Thanks to their book, the two authors have been awarded countless prizes and earned international recognition in both the business sphere and the world of marketing.
The Blue Ocean model redefines the classic way of representing development strategies. Igor Ansoff (1918-2002), in one of the first publications dealing with business strategy, Corporate Strategy (1965), and Michael E. Porter (born in 1947), with his five forces model for competition and value chains, are also part of this rethinking of business strategy. Their models are still used today in a number of sectors.
Kim and Mauborgne identify two types of markets in which economic stakeholders operate:The markets referred to as 'red oceans' represent saturated markets. Opportunity for growth is rare because so many stakeholders are involved, fiercely battling to increase their market share. The colour red refers to the competition, but also to the suppliers, customers and purchasing advisers who want to maximise their own margins and shares of the market or other profitability measures (sometimes at the cost of outsourcing, mergers, bankruptcy, etc.).The markets referred to as 'blue oceans'
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