Assignment:
Review the blue ocean strategy case study by W.Chan Kim and Renedd Mauborgne
Harvard Case Study: Blue Ocean Strategy
Brief Description: HBR article includes a one-page preview that quickly summarizes the key ideas behind a blue ocean strategy and provides an overview of how the concepts work in practice along with suggestions for further reading and study.
Overview: In studying more than 150 blue ocean creations in over 30 industries, the authors observed that the traditional units of strategic analysis--company and industry--are of limited use in explaining how and why blue oceans are created. The most appropriate unit of analysis is the strategic move, the set of managerial actions and decisions involved in making a major market-creating business offering.
Creating blue oceans builds brands. So powerful is blue ocean strategy, in fact, that a blue ocean strategic move can create brand equity that lasts for decades. In order to make a significant strategic move, it is theorized that a managerial team must be skilled in systems thinking or systems theory.
Objectives:
• To build upon our discovery thus far as to ways marketing strategies can create uncontested markets for brands / companies that offer new value to customers while also reducing companies' costs.
• Relate concept of systems thinking / systems theory to a career in marketing management
Preparation & Analysis due by this week's class session.
Step 1 - Research the concept of systems or systematic thinking (sometimes referred to as systems theory) and write down for yourself a brief explanation of how systems thinking should relate to strategic marketing in the future.
Step 2: Read the Blue Ocean article/case study and write a brief reaction paper (2 - 3 pages) explaining Cirque de Soleil's successful blue ocean marketing strategy from the perspective of the five key components of a blue ocean strategy listed below.
o Create uncontested market space
o Make the competition irrelevant
o Create and capture new demand
o Break the value / cost tradeoff
o Align the whole system of a company's activities in pursuit of differentiation and low cost
Step 3: Answer this question. Does your research or discovery from the case analysis have anything to do with your research in Step 1 in terms of creating a successful business or marketing career in the emerging 21st century "knowledge economy?" Explain.