Strategic Marketing Management: A Brief overview of the Blue Ocean Strategy

Blue Ocean Strategy as defined by the creators of this strategy W. Chan Kim and Renée Mauborgne, is the set of tools, frameworks and methodologies that analyze the old strategies and creates a comprehendible structure to the formally unstructured problems in a company’s strategy. Following the analytic set of tools of this strategy theory, a company can create a new market place for itself, avoiding the industry full of competition.

What Does Blue Ocean Mean?

Blue Ocean Strategy is based on the idea of a free and peaceful ocean; where ocean has been metaphorically used in place of a market. This concept revolves around the idea that there should be independent business in a peaceful market place where any kind of competition or rivalry among businesses becomes irrelevant and unnecessary.

A struggling organization needs to analyze, evaluate and rebuild their business strategy to overcome the challenges that are being faced. Blue Ocean Strategy helps the organization to create a free market space for itself with innovation, low prices and high quality. To understand Blue Ocean Strategy in the best way, to benefit the organization that you work in there are some Academic Help and Dissertation Services UK which provide several courses related to Strategic Marketing Management. These academic services also provide Dissertation Proposal Help for young aspiring marketers 

Application of Blue Ocean Strategy’s Analytic Tools:

1.    Value Innovation is a constant pursuit for lower cost and higher value for products to minimize the cost and raise the value of product is essential in creating a free market space.

2.    The Strategy canvas is a diagnostic and action framework that allows the organization and its strategists to observe the state that is currently being played at the market place and then to redefine the blue ocean offering.  It allows you to understand clearly where the competitors are investing in, the factors of completion and the final product for the customers.

3.    The Four Actions Framework consist of four actions that bring about a new value curve for the product or service of a company. This framework evaluates the internal factors of the company or product with respect to the traditional external industry. These four actions are; Reduce, eliminate, create, raise.

4.    The Three Characteristics which can make an effective Blue Ocean Strategy are focus, divergence and a compelling tagline.

5.    Visualizing:

Visualizing strategy is essential to creating Blue Oceans. The four steps of visualizing include:

•    Visual Awakening: it involves comparison between own and competitor’s business.

•    Visual Exploration: it involves the four actions framework, six paths framework and visualizing the distinctive merits or demerits for alternative product/service offerings.

•    Visual Strategy: this step involves drawing future strategy on a canvas based on visual observation, getting feedback on it from various resources, then formulating the best strategy using feedback.

•    Visual Communication: this step requires comparison of past and present strategies and implementing the new strategy.