Blue Ocean Strategy: How to Create Uncontested Market Space and Make the Competition Irrelevant
By: W. Chan Kim; Renee Mauborgne
|Ratings: MUST READ||Right Things: 4.8; Right Way: 4.4; Right Team: 4.0;
|Leadership/Management Maturity:||___ Entry (0–1yrs); ___Early (1–3yrs); ___ Competent (3-5yrs); ✔ Proficient (5-10yrs); ✔ Expert (10+yrs);|
|Target Audience:||C-Suite, Senior Leadership, Management/Leadership Development|
|Target Business Stage:||Start-up Stage; Growth Stage; Established Stage;|
|Est. Reading Time:||5- hours, 320 pages|
Prior to the original publication of Blue Ocean Strategies in 2005, the phrase ‘blue ocean’ to describe uncontested market space was not common usage. The book hit business executives hard as it clearly demonstrated, through theory and market examples, how some companies found unique ways to compete in heavily contested market verticals by re-envisioning the market and the consumer. If the market were the ocean, and the hottest competition was marked by red blood in the water, then safer hunting could perhaps be done in ‘blue ocean’ nearby. This ‘blue ocean’ was best accomplished by literally making your primary competitors largely irrelevant by approaching the customer in completely re-imagined ways.
Blue Ocean Strategy was published originally in 2005 with an updated edition in 2015. The updated version builds on the original with updated and entirely new market business examples that demonstrate just how effectively ‘blue oceans’ are being created continually by innovative market leaders. One of the primary complaints of the original publication was that it was written to more of a classroom audience than the standard business leader. The most recent edition addresses that concern somewhat, but…if the prose fails to capture your interest, it is worth the extra effort to persist and read on.
Blue Ocean Strategy provides insights into six tenets required to reposition your company into a new, uncontested, ‘blue ocean’ market space:
- 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
Regardless of your current size, maturity or existing market, Blue Ocean Strategy is a highly informative read and one that can be translated into actual working strategy. While the prose may be out of reach for some readers, leaders responsible for establishing or redefining strategy should make sure that key contributors have worked their way through this book.
|Author:||W. Chan Kim; Renee Mauborgne|
|Author Bios||Chan Kim
|Copyright/Publisher:||Harvard Business Review Press; Expanded Edition (January 20, 2015)|