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Blue Ocean strategy Outguns Red Ocean Strategy - Anshumalii

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Blue Ocean strategy Outguns Red Ocean Strategy - Anshumalii

  1. 1. Blue Ocean StrategyBlue Ocean Strategy VsVs Red Ocean StrategyRed Ocean Strategy How to Champion Success by CreatingHow to Champion Success by Creating Uncontested Market OpportunitiesUncontested Market Opportunities and Making Competition Irrelevantand Making Competition Irrelevant ByBy Anshumali Saxena March 2013Anshumali Saxena March 2013 Marketing Change Agent @ Marketing MessiahsMarketing Change Agent @ Marketing Messiahs
  2. 2. Age of Disruptive Discontinuity In an “age of disruptive discontinuity,” as Drucker called the current era, entrepreneurs can find significant growth opportunities to create or transform organizations if they were willing to get ahead of societal changes i.e. lead the change. 2
  3. 3. Age of Disrputive DiscontinuityDrucker said that the best way to predict the future is to invent it. Discontinuities provided gaps in society that could be filled with creativity. Innovators should be attuned to unmet needs that did not yet show up in market research. 3
  4. 4. Infra/super-structure 4
  5. 5. Blue Ocean Strategy Is about winning without fighting To fight & conquer in all your battles is not supreme excellence; supreme excellence consists in breaking the enemy's resistance without fighting. A skilful leader subdues enemy's troops without any fighting; he captures their cities without laying siege to them; he overthrows their kingdom without lengthy operations in the field - Sun Tzu in ‘ Art of War’
  7. 7. A Bolt from the Blue! BLUE OCEANS’ Strategy success-story- Inspired our Kingdom of Dreams  A one time accordion player, stilt – walker, and fire – eater, Guy Laliberte is now CEO of CIRQUE DU SOLEIL, one of Canada’s largest cultural exports. Created in 1984 by a group of street performers in less than 20 years. CIRQUE DU SOLEIL has achieved a level of revenues that took RINGLING BROS. and BARNUN & BAILEY – the Global Champion of the circus industry – more than 100 years to attain.  To achieve stellar success through Blue Ocean Strategy you don’t need big bang credentials but an uncommon approach to tap common sense driven latent customer aspirations to create the Big Bang a wow- success-wave
  8. 8. Remarkable, rapid growth in a Declining Market given up for Dead It was not achieved in an attractive industry but rather in a declining industry in which traditional strategic analysis pointed to limited potential for growth. Alternative forms of entertainment- ranging from various kinds of urban live entertainment to sporting events to home entertainment-cast an increasingly long shadow. All you need to succeed is a lifelong passion of your parent industry and an ocean of undiluted and unconquerable optimism that motivates you and your core team
  9. 9. Another compelling aspect of CIRQUE DU SOLEIL’s success is it did not win by taking customers from the already shrinking circus industry. Instead it created uncontested new market space or they called BLUE OCEANS that made the competition irrelevant. One of the 1st CIRQUE Productions was titled “We reinvent the circus”. “The only way to beat the competition is to stop trying to beat the competition.” Blue Ocean Strategy’ Success Mantra: Nothing’s Impossible in front of Human Ingenuity
  10. 10. 2 Players of Market Universe_ Red Ocean Practioners & Blue Ocean Innovators: 1. Red Oceans  all the industries in the known market space.  industry boundaries are defined and accepted.  companies try to outperform their rivals to grab a greater share of existing demand.  market space gets crowded, prospects for profits and growth are reduced.  products become ordinary commodities with cutthroat competition turning red oceans bloody. Example: PC industry prior to iPADs
  11. 11. 2. Blue Oceans  untapped market space  demand creation and opportunity for highly profitable growth  competition is irrelevant  uncharted
  12. 12. Blue Oceans - a feature of Business life, past & present 100 years ago Automobiles Music recording Aviation Petrochemicals Organised Health care Management consulting Recent Past MFOs for HNI Wealth Smart phones DTH Biotechnology Penny auction sites Movie multiplexes
  13. 13. Industries never stand still. They continuously evolve. Operations improve, market expand and players come and go. History teaches us that we have a hugely underestimated capacity to create new industries and re-create existing ones. Yet the overriding focus of strategic thinking has been on competition-based tried markets & existing business strategies. Corporate strategy is heavily influenced by its roots in military strategy. Strategy is about confronting an opponent and fighting over a given piece of land that is both limited and constant. The Business Landscape Change Is A Global Reality
  14. 14. Accelerated technological advances have substantially improved industrial productivity and have allowed suppliers to produce an unprecedented array of innovative products & services. The result is that in many industries, supply exceeds demand. The trend toward globalization compounds the situation. Trade barriers between nations &regions are dismantled as information on products and prices becomes instantly & globally available, niche markets and havens for monopoly continue to disappear. Blue Ocean Imperative For Creating Wow-Successes
  15. 15. Blue Ocean strategy driven Theory of Increasing Returns increasingly replacing Theory of Diminishing Returns. No permanent winners who can monopolize success despite their massive economic muscle and seemingly invincible status. Google upstaging Microsoft, Facebook upstaging Google Game-changers Create Great Value in Business Eco-System
  16. 16. it shows that the strategic move and not the company of the industry, is the right unit of analysis for explaining the creation of blue oceans and sustained high performance. Strategic move is the set of managerial actions and decisions involved in making a major market – creating business offering. Compaq, for example was acquired by Hewlett – Packard in 2001 and ceased to be an independent company. As a result, many people might judge the company as unsuccessful. This does not, however, invalidate the blue ocean strategic moves that Compaq made in creating the server industry. Human enterprise & not business segment characteristics that drive breakthrough successes
  17. 17. Industry ranged from hotels, cinema, retail, airlines, energy, computers, broadcasting and construction to automobiles and steel. We analyzed not only winning business players who created blue oceans but also their less successful competitors. The creators of blue oceans, surprisingly didn’t use competition as their benchmark. Instead they followed a different strategic logic -value innovation. Value innovation is the cornerstone of blue ocean strategy. We call it value innovation because instead of focusing on beating the competition, you focus on marking the competition irrelevant by creating a new benchmark n value for buyers and your own company.
  18. 18. Value innovation: Cornerstone of Blue Ocean Strategy Value innovation is created in the region where a company’s actions favorably affect both its cost structure and its value proposition to buyers. Cost savings are made by eliminating and reducing the factors an industry competes on. Buyer value is lifted by raising and creating elements the industry has never offered. Overtime, costs are reduced further as scale economies kick in due to the high sales volumes that superior value generates.
  20. 20. A B 20
  21. 21. Incumbent Dynamic DI Model 21
  22. 22. Non-consum ers New market disruption Sustaining strategy Low-end disruption Performance Performance Time Time 22
  24. 24. Explore whether the idea can become a new market disruption • Is there a large population of people who historically have not had the money, equipment, or skill to do this thing for themselves, and • as a result have gone without it altogether or have needed to pay someone with more expertise to do it for them? 24
  25. 25. Explores the potential for a low- end disruption • Are there customers at the low end of the market who would be happy to purchase a product with less (but good enough) performance if they could get it at a lower price? • Can we create a business model that enables us to earn attractive profits at the discount prices required to win the business of these over-served customers at the low end? 25
  26. 26. Is the innovation disruptive to all of the significant incumbent firms in the industry?  If it (the innovation) appears to be sustaining to one or more significant players in the industry, then the odds will be stacked in that firm’s favor, and the entrant is unlikely to win. 26
  28. 28. Competing Against Non- consumption  The logic of competing against non-consumption as the means for creating new-growth markets seems obvious.  Despite this, established companies repeatedly do just the opposite. 28
  29. 29. What Makes Competing Against Non-consumption So Hard?  Not see disruption coming in. Even if,  Threat rigidity - Threat elicits more intense and energetic response than opportunity, and then focus on countering the threat to survive. 29
  30. 30. How to Avoid Hard Non- Consumption Competition  First, get top-level commitment by framing a threat as an innovation during the resource allocation process. ex. Newspapers embraced online editions to give existing customers additional choice 30
  31. 31. How to Avoid Hard Non- Consumption Competition  Later, shift responsibility for the project to an autonomous organization that can frame it as an opportunity. ex. Place the responsibility to commercialize the disruption in an independent unit for which the innovation represents pure opportunity – newspaper’s online group 31
  32. 32. Immelt’s CEO GE approach  Shift power to where the growth is.  Build new offerings from the ground up.  Customize objectives, targets, and metrics.  Build the DI unit from the ground up, like new companies.  Have the DI unit report to someone high in the organization. 32
  33. 33. Value innovation Buyer Value Cost Whole system approach makes success of blue oceans sustainable. In contrast, innovations such as production innovation can be achieved at the subsystem level without impacting company’s overall strategy.
  34. 34. VALUE INNOVATORS  Monitor competitors but do not use them as benchmarks  Do not focus on competing  Do not offer certain product and services features just because that is what their rivals are doing  Must not be constrained by what it already has. It must ask, what would we do if we were starting anew?  Think in terms of the total solution customer’s sought, even if that is beyond industry’s traditional offerings.
  35. 35. Red Ocean StrategyRed Ocean Strategy Blue Ocean StrategyBlue Ocean Strategy
  36. 36. Value innovation is based on the view that market boundaries & industry structure are not fixed and can be reconstructed by the actions and beliefs of industry players. This is RECONSTRUCTIONIST VIEW STRATEGY as it always involve both opportunity and risk, be it a red ocean or a blue ocean initiative. The playing field is dramatically imbalanced in favor of tools and analytical frameworks to succeed in red oceans. Red Oceans will continue to dominate company’s strategic agenda even as the business imperative for creating blue oceans takes on new urgency. Value Innovation- Making Business Breakthroughs Successful & Repeatable
  37. 37. Impact of Creating Blue OceansImpact of Creating Blue Oceans
  38. 38. ANALYTICAL TOOLS & FRAMEWORKS Effective blue ocean strategy should be about risk minimization and not risk taking. The value curve is the basic component of the strategy canvas, is a graphic depiction of a company’s relative performance across its industry’s factors of competition. To reconstruct buyer value elements in crafting a new value curve, they developed the four actions framework.
  39. 39. Blue Ocean Success Framework
  40. 40. CIRQUE DU SOLEIL, provides insights into delivering breakthrough innovation for superior outcomes ELIMINATE - star performers - animal shows - aisle concession sales - multiple show arenas REDUCE - fun & humor - thrill & danger RAISE - unique venue CREATE - theme - refined environment - multiple productions - artistic music & dance
  41. 41. 3 Complementary qualities for Effective Blue Oceans strategy FOCUS – every great strategy has focus, and a company’s strategic profile of value curve, should clearly show it. DIVERGENCE – when a company’s strategy is formed reactively as it tries to keep up with the competition, it loses its uniqueness. COMPELLING TAGLINE – a good strategy has a clear – cut and compelling tagline. A good tagline must not only deliver a clear message but also advertise an offering.
  42. 42. RECONSTRUCT The 1st principle is to RECONSTRUCT MARKET BOUNDARIES 6 basic approaches to remaking market boundaries called SIX PATHS FRAMEWORK. PATH 1: LOOK ACROSS ALTERNATIVE INDUSTRIES Alternatives – products or services that have different functions and forms but the same value-innovation purpose. Colgate offers the expertise of Dentists for Free Oral Healthcare checkups.
  43. 43. PATH 2: LOOK ACROSS STRATEGIC GROUPS WITHIN INDUSTRIES Strategic groups are a group of companies within an industry that pursue a similar strategy. Ex: Shantanu & Nikhil created the blue ocean of “high sportswear fashion where non existed”. PATH 3: LOOK ACROSS THE VALUECHAIN OF BUYERS Purchasers who pay for the product or service may differ from the actual users, and in some cases there are important influences. Ex: Bloomberg became one of the largest & most profitable business information providers in the world.
  44. 44. PATH 4: LOOK ACROSS COMPLEMENTARY PRODUCTS AND SERVICE OFFERINGS Analyse what happens before, during and after the product is used. e.g. Secure B2B e-sourcing for SMEs from China with drop- shipping services by Alibaba.com. PATH 5: LOOK ACROSS FUNCTIONAL OR EMOTIONAL APPEAL TO BUYERS 2 possible bases if appeal: Rational – e.g. branded, authentic Jewelry by Tanishq Emotional – e.g. T20 carnival IPL from BCCI PATH 6: LOOK ACROSS TIME Managers can actively shape their future and lay claim to a new Blue Ocean e.g. Magi Noodles strategy with 8 years of business losses inbuilt at the start
  45. 45. 3 PRINCIPLES - CRITICAL TO ASSESSING TRENDS 1. Must be decisive to your business 2. They must be irreversible 3. They must have a clear growth trajectory Example: Apple Inc
  46. 46. FOCUS ON THE BIG PICTURE, NOT THE NUMBERS Focus on Big picture, not the numbers is a principle that is key to mitigating the planning risk of investing lots of time but delivering only tactical red ocean moves. Develop alternative approach to existing strategic planning process that is based not on preparing a document but on drawing a breakthrough strategic canvas.
  47. 47. 4 STEPS OF VISUALIZING STRATEGY 1. VISUAL AWAKENING 2. VISUAL EXPLORATION 3. VISUAL STRATEGY FAIR 4. VISUAL COMMUNICATION -compare your business with your competitors by drawing “as is” strategy canvass. -see where your strategy needs to change. -go into the field to explore the six paths to creating blue oceans -observe the distinctive advantage of alternative products and services -see which competitors you should eliminate create or change. -draw your “to be” strategy canvass based on insights from the field observations. -get feedback on alternative strategy canvass from customers, competitors customers and noncustomers. -use feedback to build the “to be” future strategy. -distribute your before and after strategic profiles on one page for easy comparison. -support only those projects and operational moves that allow your company to close the gaps to actualize the new strategy.
  48. 48. REACH BEYOND EXISTING DEMAND 2 Conventional Strategy Practices: 1. Focus on existing customers 2. Drive for fines segmentation to accommodate buyer differences 3 TIERS OF NON-CUSTOMERS 3RD TIER2ND TIER 1ST TIER YOUR MARKET 1st tier – “soon-to-be” noncustomers who are on the edge of your market, waiting to jump ship. 2nd tier – “refusing” noncustomers who consciously choose against your market. 3rd tier – “unexplored” noncustomers who are in the markets distant from yours
  49. 49. GET THE STRATEGIC SEQUENCE RIGHT Buyer utility Is there exceptional buyer utility in your business idea? Price Is your price easily accessible to the mass of buyers? Cost Can you attain your cost target to profit at your strategic price? Adoption What are the adoption hurdles in actualizing your business idea? Are you addressing them up front? YES YES YES YES No  Rethink No  Rethink No  Rethink No  Rethink These 1st two steps address the revenue side of a company’s business model A commercially viable BOS idea
  50. 50. Execution Principles  Overcome key organizational hurdles  Cognitive, limited resources, motivation and political hurdles - Hot spots, cold spots and horse trading  Build execution into strategy  Fair process is a key variable that distinguishes successful blue ocean strategic moves from those that failed Examples: 1. IPL 3. Maggi Noodles 2. Cirque du Soleil 4. iPAD/iPhone BUILD EXECUTION INTO STRATEGY
  51. 51. 3Es of Strategic Fair Process  Engagement – means involving individual in the strategic decisions that affect them by asking for their input and allowing them to refute the merits of one another’s ideas and assumptions.  Explanation – means that everyone involved and affected should understand why final strategic decisions are made as they are.  Expectation clarity – requires that after a strategy is set, managers state clearly the new rules of the game.
  52. 52. SUSTAINABILITY & RENEWAL OF BLUE OCEANS • Value innovation does not make sense to a company’s conventional logic • Blue Ocean Strategy may conflict with other company’s brand image • Natural Monopoly: The market often cannot support a second player • Patents or legal permits block imitation •High volume leads to rapid cost advantage for the value innovator, discouraging followers from entering the market. • Network externalities discourage imitation • Imitation often requires significant political, operational, &cultural changes. • Companies that value – innovate earn brand buzz and a loyal customer following that lends to shun imitators.
  53. 53. Inculcating an intrapreneurship work culture, enterprise-wide  Intrapreneurship is entrepreneurship that takes place within an organization  Entrepreneurship is the contribution of an innovation or added value  Intrapreneurship is similar to entrepreneurship  Intrapreneurial practice is similar to entrepreneurial practice  Intrapreneurship is a miniature version of entrepreneurship: same flavour, same substance, similar activities but less risky
  54. 54. What are intrapreneurs? People who are dedicated to what they do  People who do not like routine  Results-oriented  Focus on novelty and innovation  People who regard boundaries differently from other people  Agents of change
  55. 55. Characteristics of intrapreneurs (1)  Committed  Motivated  Flexible/ adaptable  Creative/resource-ful  Willing to learn  Innovative  Visionist
  56. 56. Characteristics of intrapreneurs (2) ☺ Sensitive to environments ☻ Want to do more  High standards  Able to live with risk and ambiguity  Able to manage risk  Balanced relations system (information/support)
  57. 57. Differences between entrepreneurs and intrapreneurs Entrepreneur  Venture creator  Controls resources  Absolute decision-making power  Knows all the firm’s operations Intrapreneur  Staff member  Not much control over resources  Not much power  Knows the activities in his or her sector
  58. 58. Intrapreneurial Practice . Development of something new Observation of needs Reflexive listening Opportunity Ongoing progress
  59. 59. What does intrapreneurial activity involve? ¤ Presence of a need ¤ Opportunity detection and creation ¤ Design and development of innovative projects ¤ Risk management ¤ Resource use ¤ Political skills ¤ Support system, usually informal ¤ Innovative activities ¤ Added value
  60. 60. Why behave and act like an intrapreneur? Different reasons  Need to advance or progress  Intrapreneurs are committed to what they do, like to go further, and are perfectionists  Intrapreneurs behave as though the business belongs to them  Intrapreneurs seek performance, both for themselves and for their organization
  61. 61. Intrapreneurs Creative and Action-oriented ☻It’s not hard to understand the intra-preneurial profile. Intra-preneurs are passionate about new ideas and want to learn. Unlike managers, they become bored and are uncomfortable with repetitive tasks. Serban Teodoresco
  62. 62. How do intrapreneurs think?  Knowledge of the sector Need Opportunity Visionist conception What should be Anticipated result Creativity stimulated by thinking about the user’s needs
  63. 63. Five Precepts for Intrapreneurs  Set goals that include precise targets  Decide how to go about achieving those goals (including scenarios)  Select the right time for action  Make sure people are aware of achievements  Garner support and acknowledge supporters after the fact
  64. 64. Fighting Organization’s Immune System  Understand the DNA of the organization  Identify elements of resistance to change  Identify communication taboos  Identify the aspects that prevent people from taking action  Identify progressive elements that can be relied on for support (bridges) Build a highway to action
  65. 65. Overcome the Morphine Effect  Look carefully to develop the people and resources within the organizational environment that are no longer seen or used to their full potential and value  Identify attitudes from the past that prevent people from seeing changes in the environment  Identify things that have become routine, but that could be revitalized Do not be afraid of rattling the cage and proposing new ideas
  66. 66. Elements of an Intrapreneurial Activity System Need / opportunity Design Implementation of innovative activities Added value Risk Suppor t Resources Political skills
  67. 67. Intrapreneurial Culture (1) ¤ Values innovation, especially new methods ¤ High level of staff accountability ¤ Activities focused on clients and users, both internal and external ¤ Importance of individual and collective, learning, both formal and informal
  68. 68. Intrapreneurial Culture (2) ¤ Support for people who do and achieve things – “doers” ¤ Tolerance for mistakes but not for stupidity ¤ Innovative people are valued ¤ Acknowledgment and rewarding of success ¤ Sharing of profits or revenues generated by intrapreneurial activities
  69. 69. How do intrapreneurs act?  Intrapreneurs:  Enjoy action  Listen to their own intuition  Are always testing something  Prefer a gradual approach  Are well informed; they know up to where they can stretch the boundaries of what is possible  Listen, observe, question, think, learn, communicate and choose the right time to take action
  70. 70. Managing Intrapreneurial Projects . Information gathering Market surveys Sector analysis Understanding of consumer needs and trends Design of the vision Design of projects Action plans Market test Feasibility studies
  71. 71. Some Characteristics of Intrapreneurs  The same as those of entrepreneurs, except more so Some characteristics of entrepreneurs Committed Resourceful Flexible Innovative Sensitive to environmental changes Tolerate risk Know their sector Hard workers Action-oriented Some characteristics of intrapreneurs Conservative risk takers Have good relations networks both inside and outside the organization Know the limits of what is acceptable Use resources wisely Politically skilled Focused on results
  72. 72. 72 Intrapreneuring G.Pinchot & R. Pellman  Make your mistakes faster and cheaper  Bet on people not just ideas  Recognize real intrapreneurs from promoters  Don’t filter out the truth  Treat the team as single entity  Don’t trigger corporate immune system with “Grandiosity”  Live with your customers  Build financial models but don’t believe them  Sponsors must move closer to a peer relationship with the team  Reach out across corporate boundaries
  73. 73. 24 The Intrapreneur’s 10 commandments G. Pinchot 1) It is easier to ask for forgiveness than for permission 2) Do any job needed to make the project work regardless of your job description 3) Come to work each day willing to be fired 4) Recruit a strong team 5) Ask for advice before asking for resources 6) Spread credit wide and celebrate victories 7) When you bend the rules always keep the best interest of the company and customers in mind 8) Recognize and honor your sponsors 9) Underpromise and overdeliver 10) Be true to your goals but realistic about ways to achieve them
  74. 74. What to do to prepare for intrapreneurial action Enter into contact with an entrepreneurial culture, intrapreneurs and entrepreneurial actors  Read biographies (case studies) of entrepreneurs and intrapreneurs  Work with internal and external mentors  Become a mentor for young, innovative entrepreneurs  Think about, describe and perfect one’s own intrapreneurial model
  75. 75. What can be done to improve the probability of intrapreneurial success?  Use mentors and coaches  Set up an innovation support advisory board for every project  Set up a club for intrapreneurs or “innovation enthusiasts”  Introduce a formal support policy for innovative expression  Introduce a program to acknowledge innovative achievements
  76. 76. Intrapreneurship and Mentors  Importance of the role played by mentors in every professional activity  Excellent evaluation of entrepreneurship mentoring programs  Mentors need some basic training  Often, different forms of dual mentoring can be used: e.g. technical mentor and managerial mentor  Mentoring activities should be completed by coaching activities
  77. 77. What impacts do intrapreneurial activities have on organizations?  A society without entrepreneurs will eventually die, as will an organization without innovation  Development of a culture based on excellence, leadership and success (Jack Welch, Japanese firms)  Internal stimulation beyond the stage where “other people” are insecure
  78. 78. Conclusion  Intrapreneurship leads to innovative practices that catapult the organization into a leadership position in its sector  Intrapreneurship involves risk and requires above-average levels of effort and skill, but it brings a great deal of satisfaction to the people who practise it Intrapreneurship is a win-win process
  79. 79. Intrapreneurship is a bridge to innovation
  80. 80. Intrapreneurship Innovation in Organizations The Light  Thanks  Questions?
  81. 81. Individuals can create Blue Ocean to re-invent themselves or even their companies Sportswoman Marie Kom: Showbiz Superstar Amitabh Bachchan Steve Jobs - iPAD Ratan Tata _ Nano car
  82. 82. Guts to Glory Blue Ocean Strategy Mission Necessities When there is will there is a way too – Desire, Discipline & Dedication Fortune favours the brave: Stay true to the course & be ethical always