In the article “Blue Ocean Strategy” by W. Chan Kim and Renee Mauborgne, the concepts of “red oceans” and “blue oceans” are introduced, their implications are discussed, and their characteristics are defined. Blue oceans are those market spaces where the market is unknown and there is no competition. Demand must be created rather than fought over with other companies. Blue oceans are rarely about technological innovation, but rather a different approach to current market problems. The financial implications of blue oceans are discussed, as well as the importance of this strategy to future business. Blue ocean strategists have always existed, but their importance has grown in today’s continually-changing, competitive market.
1. Discuss blue ocean and red ocean strategies, including the perspective of company strategy, views of competition, and market space. What are some examples of blue ocean firms and of red ocean firms in today’s business markets? 2. Explain the “paradox of strategy” explained in the article. Do you agree or disagree that strategists need to shift their focus away from direct competition and instead towards the concept of blue oceans? Explain your answer with real-world examples and be sure to provide justification for your point of view.
3. The strategies for creating and capturing “blue oceans” have different underlying logic from “red ocean” strategies. What are the unique characteristics that define the creation of “blue ocean” strategies? Describe them. 4. In the context of the Blue Ocean strategy, how will you describe the “environmental determinism” worldview, and how does it compare with the “reconstructionist’ worldview?” Which approach would you choose if you were attempting to transform a failing company? Explain your answer.
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