“Blue Ocean” is a slang term for the uncontested market space for an unknown industry or innovation. The term was coined by professors W. Chan Kim and Renee Mauborgne in their book “Blue Ocean Strategy: How to Create Uncontested Market Space and the Make Competition Irrelevant” (2005). Blue Oceans are associated with high potential profits. Blue Ocean Strategy has literally changed the way companies do business. It has turned the way we think of competition on its head.
The strategy represents the simultaneous pursuit of high product differentiation and low cost, thereby making competition irrelevant. It is an “and-and,” not an “either-or” strategy. Conventional wisdom holds that companies can either create greater value for customers at a higher cost or create reasonable value at a lower cost. Here strategy is seen as making a choice between differentiation and low cost. In contrast, Blue Ocean Strategy seeks to break the value-cost trade off by eliminating and reducing factors an industry competes on and raising and creating factors the industry has never offered.
Classical strategies built around market share rarely lead to dramatic and enduring success. In most industries – probably yours – hard fought gains fade as competitors copy innovations and counterattack with new offers of their own. But there is a way out of this competitive “Red Ocean”. Using cutting edge concepts to drive value innovation and demand creation, the organization can plan a course to a “Blue Ocean” where the competition does not yet exist.
What consistently separates winners from losers in creating Blue Oceans is their approach to strategy. Creators of Blue Oceans do not use the competition as their benchmark, but follow a different strategic logic that we call Value Innovation. Instead of focusing on beating the competition, make them irrelevant by simultaneously creating a leap in value for buyers and your company, thereby opening up new and uncontested market space.
This Blue Ocean Strategy course will show delegates how to create uncontested market space and make the competition irrelevant. In this one day “action learning” course, delegates will learn the practical application of Blue Ocean Strategy/Value Innovation tools, methodologies, and frameworks. Participants will gain an in-depth understanding of how to apply the tools and methodologies to break through conventional competitive strategic thinking.
Key benefits of attending this workshop
By end of this course, delegates will be able to:
- IMPLEMENT strategic change and set clear direction
- UNDERSTAND your own Leadership Style and its impact on others
- ACQUIRE an in-depth understanding of Blue Ocean Strategy tools and concepts
- APPLY Blue Ocean Strategy Principles, Frameworks and Tools
- START developing Blue Ocean Strategy for your Organisation
- UNDERSTAND how to engage their Colleagues in a Blue Ocean Strategy
- BUILD business competency through a structured Blue Ocean Strategy (BOS) journey
- GENERATE and validate ideas through the process of Blue Ocean Strategy
- GAIN knowledge of Value Innovation Practices and Methodologies of Blue Ocean Strategy
Who Should Attend?
The seminar is specifically designed for:
- C-Suite Executives
- Directors of Strategy
- Senior Managers
- Sales and Marketing Managers
- Product Managers
- Business Unit Managers
- Senior Management Positions related Consulting
- Head of Research and Development
- Business Development Executives
and anyone with direct responsibility for strategic thinking and business development.
Why you should Attend?
The Blue Ocean Strategy is a Reconstructionist view of the market where no accepted boundaries or structure is present. The structure can be created or recreated by the steps taken by players in the market. Strategy and thinking is not limited by preconceived barriers, and a shift happens from a focus on the supply side to a focus on the demand side. Value Innovation takes precedence over competing blindly with a simultaneous focus on differentiation and cost effectiveness.
In an established industry, companies compete with each other for every piece of available market share. The competition is often so intense that some firms cannot sustain themselves. This type of industry describes a Red Ocean, representing saturated market share bloodied by competition.
To avoid costly competition, firms can innovate or expand in the hope of finding a Blue Ocean. A Blue Ocean exists where no firms currently operate, leaving the company to expand without competition.
In this workshop, you will be exposed to the organizational strategy and strategic leadership. Further to that, participants will learn innovation management and identify whether Blue Ocean Strategy is right for their organization.