For my final blog I thought I would relate my field of study, Management, with a relatively entrepreneurial strategy in marketing, called the Blue Ocean Strategy, developed by Professor W. Chan Kim and Renee Mauborgne. I have tried to source peer reviewed content from those that have studied this theory and related it back to strategic management, but I have not been able to find the relevant information, so here is my attempt at mapping it out myself.
The Blue Ocean strategy in marketing is designed to create uncontested markets for companies explains Swan (2014) as he navigates through the theory that has formed this strategy. The four action framework is designed to support a marketing strategy that ultimately positions the business or product into the Blue Ocean, from the Red Ocean.
Image source: Kim, C. and Mauborgne, R. (2016). https://www.blueoceanstrategy.com/tools/red-ocean-vs-blue-ocean-strategy/
Now as you can see competing in the Blue Ocean looks far more attractive, but it is much harder to create a new market than it is to compete in an existing market, however the rewards are much more sustainable. The same can be said about strategic management, change in management mentality. Is. Hard. But the rewards are much more sustainable. How can this strategy apply to Management? Consider this, can you seriously relate the top five traits listed below with your current manager or management team? If you have answered yes to at least three traits, you have a pretty good boss, just saying.
The top 5 traits of an effective leader for consecutive years are
(Filipkowski & Donlon, 2014)
If you can effectively build a strategy around these traits you will ultimately set yourself apart from the competition and make them irrelevant.
Fig 1. Comparison of the Blue Ocean strategy applied to Marketing and how it might apply to Management & Strategy
Blue Ocean strategy is a framework for developing Marketing goals and Objectives (Ferrell and Hartline, 2014). It is designed to challenges traditional assumptions about marketing strategy, so in retrospect it can also be the fundamental objective for a strategic manager, to challenge traditional assumptions about management and strategy. As a marketing tool the use of this framework is to support a marketing strategy (Chaffey & Ellis-Chadwick, 2016, p. 178), whereas the management framework would support a business strategy through effective leadership.
Chaffey, D. and Ellis-Chadwick, F. (2016). Digital Marketing: Strategy, implementation and practice. Edinburgh Gate: Pearson Education Limited
Ferrell, O. and Hartline, M. (2014). Marketing strategy. Mason, OH: South-Western/Cengage Learning.
Filipkowski, J. and Donlon, J. (2014). Top 10 Skills Needed for Effective Leadership | Chief Executive Magazine. Chief Executive Magazine. Retrieved September 10 from: http://chiefexecutive.net/op-10-skills-needed-for-effective-leadership-bcl14/
Kim, C. and Mauborgne, R. (2016). Four Actions Framework | Blue Ocean Strategy Tools and Frameworks. Blue Ocean Strategy. Retrieved September 10 from: https://www.blueoceanstrategy.com/tools/four-actions-framework/
Swan, S. (2014). Applying Blue Ocean Strategy to digital marketing – Smart Insights Digital Marketing Advice. Smart Insights. Retrieved September 10 from: http://www.smartinsights.com/online-brand-strategy/brand-positioning/blue-ocean-strategy-digital-marketing/