In a marketplace full of fierce competitors, diving into the same bloody waters isn’t always the best strategy. Back in 2004, W. Chan Kim and Renee Mauborne of Harvard Business Review codified an approach to creating workable strategies that set an organization apart from the competition. These “Blue Ocean” strategies focus on finding out what customers need that the market isn’t giving them, getting rid of what the customers don’t need, and competing on the organization’s strengths, rather than just trying to imitate everyone else in the “Red Ocean.”
Below are a few resources I found useful in understanding, developing, and executing “Blue Ocean” strategies:
Harvard Business Review Articles
- Blue Ocean Strategy. Chan Kim and Renee Mauborne. Harvard Business Review. Oct. 2004.
Creating New Market Space. Chan Kim and Renee Mauborne. Harvard Business Review. Jan.- Feb. 1999. - Value Innovation: The Strategic Logic of High Growth. Chan Kim and Renee Mauborne. Harvard Business Review. Jan. – Feb. 1997.
- Closing the Gap Between Blue Ocean Strategy and Execution. Chan Kim and Renee Mauborne. Harvard Business Review. Feb. 5, 2015.
Key Concepts and Tools
I found the following concepts particularly useful
- Blue Ocean vs. Red Ocean Marketspaces and Strategies
- Four Actions Framework (Raise/Reduce, Eliminate/Create)
- Strategy Canvas Template (MS Excel)