MCO304 • STRATEGIC MANAGEMENT

Individual Assignment

Title : Individual Research Term Paper

Student : HUY Sokleap

Lecturer : Mr. Rashad Yazdanifard

Department : Post Graduate in Cambodia

Date/Day : October 1st – 17th, 2009, Saturday & Sunday

Time : 1:30 to 7:30 pm and 8:30 am to 2:30 pm

I, Huy Sokleap, hereby certify that the written reviews are of my own work and
where there are referencing texts and or supports paragraphs, they are quoted
accordingly.

Sokleap.

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 Around the Blue Ocean Concept:
Dive into the business ocean of an underdeveloped country of
Cambodia with the mind-set and creativity of value-innovation

By HUY Sokleap

Abstract

Several previous works on strategies to pursue the underdeveloped market and population

has changed paradigms about poverty. Therefore, structuring the entry into

underdeveloped countries such as Cambodia, as a business opportunity is theoretically

interesting. However, there are numerous impediment of such approach, in terms of

resources, capabilities and strategic model. This paper is then to hope for introducing the

way of thinking of “whether to do it” question to contribute to a way of “how to do it”

from the perspectives of blue ocean strategy in terms of the mind-set, analysis tools and

frameworks and creativity of value-innovation.

The aim of this paper is not to give on prescriptions, but to introduce and create the ideas

about the opportunities available (within the Cambodia market) to companies to build

business that are able to achieve real value challenges for the companies’ benefits and the

poor people benefits to good wealth concurrently.

Keywords: Blue ocean concepts tools and frameworks, underdeveloped countries, deep
poverty, Cambodia, underdeveloped markets creation, Innovation, Creativity, manager’s
mind-set, poverty alleviation, social entrepreneur.

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Introduction
Looking at Cambodia

Cambodia is governed by Hun Sen Prime Minister since 14 January 1985 1 until now it

has slowly grown up but it can grow more. Phnom Penh is the capital city of Cambodia.

It has a small size if compare with Hong Kong or Beijing. It is bordered with Thailand to

the north and west, Laos to the northeast, and Vietnam to the east and southeast.

Cambodia is a third-world country, a poor country, an underdeveloped country, however

it is developing. A better picture is to imagine about the place where it would be like in

the past 20 years of Bangkok or the past 50 years of London. What’s happening now in

Cambodia is a place that every thing is just starting to emerge in all different industries

such as property, telecommunication, transportation, food and beverage, fashion, leisure

activities, hospitality, and more. Cambodia is a small country and has a small Phnom

Penh City indeed, but it a new space – a new ocean – a new opportunity for the

businesses.

Looking from a company point of view, an extreme case of dilemma exists due to the fact

that Cambodia is an underdeveloped country, where mass poverty means that even the

most basic needs of millions of people are not met and markets to serve them are largely

absent. Where as in comparison to the mature markets in highly developed countries,

there are competitions that have optimized the price/benefit ratios for their consumers and

their people. Thus enables their people to consume more of the things they want and not

just what they need to survive – an important driver of choice and perceived quality of
1
Sited from http://www.statemaster.com/encyclopedia/Prime-Minister-of-Cambodia.

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life. Therefore, in the context of deep poverty – by which we mean countries with low

economic wealth creation and significant clusters of people living below recognized

poverty lines, such as Cambodia with daily incomes of less than two US dollars –

companies face a triple dilemma:

First, there could indeed be no markets that a company can enter and an entry decision

might thus revolve more around how to build markets than to enter them; second, doing it

alone might not be feasible, given that company resources and capabilities have evolved

in a very different environment and may only be partly relevant to a poor-country

context; and third, the absence of markets translates into a lack of local companies with

which it would be feasible to from the kind of partnerships that might be needed to

provide the locally relevant resources and capabilities mentioned above.

The nonexistence of markets for many goods and, indeed, of whole industries in

underdeveloped countries such as Cambodia might be the ultimate opportunity for

creating a market space. Though, these ideas sound persuasive in theory, finding ways to

enact them determines success and failure (Seelos and Mair 2006).

Statement of the Problems

“Whether” or “how” to enter underdeveloped markets like Cambodia?

There has been preceding efforts on strategies to pursue business opportunities in the

underdeveloped countries. These have helped shift paradigms about poverty (Prahalad

and Hart, 2002) and have intrigued about the concept of viewing the poor as customers

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and not merely the recipients of donations. However, there still require “some model” for

companies to accomplish this idea (Seelos and Mair 2006). In about 40 years later, it is

estimated that 2.2 billion more people will populate this planet, but only 2.6% of them

will live in high-income countries (the World Bank, 2009). Therefore, these people will

have considerably lesser buying power and they will not be reachable through traditional

corporate channels. As this intriguing matter continues, two questions arise in evaluating

the attractiveness of doing business in underdeveloped markets such as Cambodia: First,

whether to do it; and second, how to do it.

There have been repeatedly urges and communications for why companies should think

about underdeveloped markets (Prahalad and Hammond, 2002; Seelos and Mair, 2005a).

As the existing markets for those high income well developed countries are at declining

growth and fast commoditization, it has created the tensions and twists on managerial

decisions to focus on value appropriation at the cost of concentrating on new ways to

create value (Kim and Maugborne 2005). Cost cutting, reorganizations and layoffs aim to

increase efficiencies and productivity, but may also limit creativity and innovativeness

(Seelos and Mair 2006). By recognizing this, it is an encouragement towards doing the

business in undeveloped markets.

On the other hand, there is a multifaceted set of issues might explain the lack of

companies’ investment in the underdeveloped countries of deep poverty, such as the

amount of a supportive institutional landscape, lack of guide to effectively access the

poor, levels of political and economic uncertainties, and many others. Moreover,

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resources and capabilities that companies have developed in their mature markets maybe

of low or uncertain value in the perspective of the underdeveloped countries such as

Cambodia. It is often unclear which resources and capabilities are necessary to

successfully act in such a context and it could be difficult and might take a very long time

to build them. Therefore, a question arises as in how can companies create and occupy

new market space in the deep poverty situation such as Cambodia?

Among the proposed strategies, Christensen and Raynor (2003) have introduced some

concepts and ideas to escape the hyper competition and lack of growth in context of

"Innovator’s Solution". They challenge the managers to consider “low-end disruptions”

instead of focusing and obsessing with the existing customers and markets that are “core”

to a company’s business. Christensen and Raynor believe that “low-end disruptions”

would help to create products and services that fundamentally new quality/price relation

to satisfy a customer need. This could well be an ideal framework from looking at poor

countries, such as Cambodia, where innovation and low-end disruption might be the only

ways to serve the poor people – the customers (Hart and Chirstensen, 2002). Moreover,

Kim and Mauborgne (2004) have suggested creating and occupying new market space

through value innovation, which is understood as new combination of elements of

customer benefit into a single offering. In underdeveloped countries, such as Cambodia

that is just emerging from the war state, there is ultimate opportunity for creating a new

market space in the absence of markets for many goods in the whole industries of the

country.

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There are many different concept, ideas, tactics and strategies that have been created,

advised, recommended and implement to try to answer how a company should act in

order to capture this context. This paper is then hoped to contribute to a better

understanding of how companies might be able to recognize the Cambodia’s market

space as a blue ocean and access that ocean through blue ocean strategy with an

opportunity for innovation and benefit for the poor as well as the companies.

The Blue Ocean Strategy

Idea of Blue Oceans

Kim and Maugborne of Instead Business School have defined the term “Blue oceans” as

all the industries that do not exist. It is the unknown market space and untainted by

competition. In blue oceans, demand is created rather than fought over. There is ample

opportunity for growth. Blue Ocean is a parallel to describe the wider, deeper potential of

market space that is not yet explored 2. With this, the underdeveloped markets (the

Cambodia’s market) is in line with the definition since there are many opportunities,

demands and spaces to be created by the companies.

Blue Ocean Strategy is about challenging assumptions on strategy, redefining market

boundaries and making the competition irrelevant, rather than competing on established

ground. Quoted from the book 3, it is “geared towards creating ‘new market space’ and

encompasses the entire value chain of product, service delivery, costs and pricing, instead

of merely looking at any one function.” By entering the underdeveloped markets, the

2
www.innofuture.com.au. FAQ of BLUE OCEAN STRATEGY. PDF
3
Kim and Maugborne (2005): The Blue Ocean Strategy

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company is searching for different-new markets, thereby creating new markets with

different resources, capabilities and strategies.

Under blue ocean strategy, there have many sets of analytical tools and frameworks for

executing the strategy in practice and also lines of thought about ways of executing the

strategy process. Below are the listed principles, frameworks and tools that a manager

could use to tackle the blue ocean strategy (Zainal Abidin Mohamed 2007):

i. Six Paths Framework: market reconstruction analysis

ii. Strategy Canvas: diagnostic & action framework
iii. Four Actions Framework: value innovation analysis
iv. Eliminate-Reduce-Raise-Create Grid
v. Four Steps Visual Strategies: big picture analysis
vi. 3-Tier of Non customers: demand expansion framework
vii. BOS sequences
viii. Buyer Utility Map
ix. Buyer Experience Cycle
x. Price Corridor of the Mass
xi. BOS Profit Model
xii. Blue Ocean Idea Index

All these concepts and approaches are to assist the company to find its place – creating

the blue ocean. In creating the blue ocean, they then can explore creativity while

searching relevant local resources and capabilities that entrepreneurial pioneers have

already built instead of building them from scratch. However, it is the manager himself,

who after become aware of the strategy, believe in the need to adopt the approach and the

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strategy so that the company be benefit and at the same time increasing the Cambodia

industry markets and achieving value benefits for both.

Developing a Blue Ocean Idea

Blue ocean strategists recognize that “market boundaries exist only in managers’ minds,

and they do not let existing market structures limit their thinking” (Kim and Maugborne

2004). If they look beyond, in this case is to look into the underdeveloped countries, to

them there are further demand out there that are mostly unexploited. Therefore, back to

the core of the dilemma is “how” to create the market, is in turn, requires a change of

mind and attention from supply to demand, from a focus on competing to a focus on

creating innovative value to unlock new demand and serve the people (the poor people).

By expanding the demand side of the economy, hopefully within the underdeveloped

countries, new wealth is created both sides – the company and the people. This paper will

look at Blue Ocean Principles and frameworks in three paths (Pitta, D. 2009):

1. A requirement for a new mindset - how companies put their mind set (by taking

the risk) into this context of deep poverty country to believing it as a blue ocean,

2. Analysis (exploring some concepts and tools mentioned above) - how resources

and capabilities contributed by both the companies and the local pioneers can be

configured into novel business model that satisfy both the needs of the poor and

the needs of the company for adequate economic returns.

3. a measure and exploiting of creativity by understanding “Value Innovation”

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Mindset

There are three ways to start the thinking of blue ocean strategies. The first way is to

redefine an industry and focus on non-customers (Kim and Mauborgne 2004 & 2005). By

creating offerings that are relevant to non-customers (in this case is the poor people), the

companies are looking to new markets and attract business that traditional competitors

did not. There are six paths frameworks to follow in order to reconstruct market

boundaries as Kim and Mauborgne suggested. The six paths are as listed below;

(Hongyul Yoon):

(1) Look across alternative industries

(2) Look across strategic groups within industry

(3) Redefine the industry buyer group

(4) Look across to complementary product and service offerings

(5) Rethink the functional-emotional orientation of its industry

(6) Participate in shaping external trends over time

The second approach is to lock their mind to create total solutions. Companies should

sell products that solve problems or supply benefits. Hearsay, is about looking beyond the

benefits already supplied to customers’ problems, companies may be able to supply

benefits customers’ need. In other perspective, it is the approach that the competitors do

not provide or look into the market. In underdeveloped market space, this is the approach

to cease the opportunity in supplying complementary needs for the poor.

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In the third way, the companies would need to give attention to the tradeoffs that they

would face. In searching for the balance between price, features, and benefits, the

companies would yield a particular mix for a particular segment (Kim and Maugborne

2009). Tracing back, the balance is based on conventional views of customer needs that

may no longer be relevant but are frozen by factors like sunk costs, established

distribution, and competitive activity. By breaking the compromises within the existing

industry, the companies might de-segment a market to find the underserved, in other

word; they will discover the potential market of the poor to serve the poor while

achieveing some benefit with their tradeoffs.

Setting the mind within this context of deep poverty, would call for the vision and the

willingness to take risks and discard traditional tested methods and targets as important.

Analysis – the strategy canvas and the four action framework

Several of the old analytic tools are well suited to determine the efficiency or

effectiveness of the business competitive field (Pitta, D. 2009). However, given this new

way to look into the marketplace, another “task of analysis” is used. It is the task of

analyzing consumer wants, in terms of that “are they currently met and discerning unmet

needs?” The tool that focuses on identifying these unmet needs “issue” is called the

strategy canvas.

The strategy canvas looks at dynamic quantitative distinctiveness of business market

(Kim and Mauborgne, 2004). It lists on those elements such as product, service, and

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delivery, hereinafter simplified as product. It is for analyzes and uncovers all the features

of a product and how much is the consumer’s need. In its graph, the x-axis is made up of

the industry’s significant factors of competition (and is discrete in nature) whilst the y-

axis is its relative performance scores or values as perceived by the customers. It is

always a comparison between the company’s relative score against other players in the

same industry on every of the discrete factors considered (Pitta, D. 2009).

Moreover, another tool is use to challenge an industry’s strategic logic and business

model. It is called the four action framework. It comprise of four set of question as

follows: 1.Which of the factors that the industry takes for granted should be eliminated?

2. Which factors should be reduced well below the industry’s standard? 3. Which factors

should be raised well above the industry’s standard? and 4. Which factors should be

created that the industry has never offered? (Kim and Mauborgne, 2005, p28-37).

Companies begin the method by answering these questions to set up the 'value curve' of

the industry they manage in and then categorize how they can differentiate themselves

from their competitors by ‘eliminating, reducing, raising and creating’ key elements

within their core offering to their customer and noncustomer groups and hence creating a

new value curve which is significantly differentiated from their generic industry value

curve.

Armed with the non-customer assessment of their “needs” level of each attribute, the

company could plot a strategy that would appeal to a group of non-customers, (in this

case are the poor people). The hope is that the strategy would allow reducing the

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company’s cost structure (low-cost) while delivering the enhanced value to its target

customers (differentiation). This requires creativity as the two criteria of “low-cost and

differentiation” would be added to the strategy canvas for adjusting the relative offering

levels.

Creativity

This differentiation and low cost is about creating exceptional value for the buyer and

compelling profit for the companies. Therefore, the core element is the third element -

creativity, is vital to serve new customers (the poor people) in new ways.

It is the creativity of a company to move away from the traditional product differentiation

of trying to produce and supply with the companies’ production equipments, resources

and logistics available to blue ocean strategy of demand based in term of what customer

want to may want; how can a product give real value for clients? Creativity plays a focal

role in blue ocean strategic thinking.

Joining in value-innovation

Creativity is innovation, and innovation is creativity. It is “an essential concept is that the

innovation (in product, service, or delivery) must raise” 4 and create value for the market,

especially this (underdeveloped countries) kind of market, while simultaneously reducing

or eliminating features or services that are less valued for this kind of market. This is the

core thinking of blue ocean strategy: value-innovation.

4
Sited from: http://www.innovationmanagement.org/Wiki/index.php?title=Blue_Ocean_Strategy

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 5
“Value innovation places equal emphasis on value and innovation” (Leavy B. 2005).

Importantly, value innovations disregard one of the most commonly approaches of

competition-based strategy, which is the trade-off between value and cost. “It is

conventionally believed that companies can either create greater value to the customers at

higher cost or create reasonable value at a lower cost” (Kim and Maugborne 2005). With

value-innovation, companies don’t have to give off value for cost or cost for value,

instead, they need to create (using their willingness, assessment and creativeness) to raise

value for the poor, people who are the companies’ new non-customers, and simply

achieve it through low-cost.

Creativity is a constant element of any human action. It is the motor of human action. The

driving force of creativity may be passion for the new – and for creation itself.

Happenings of creativity keep moving like waves in an ocean – endlessly. Thus the

concept of innovation and creativity would embed a possibility for a positive

improvement; easier use, better function, and better life for the poor and simultaneously

create the benefits for the company’s value and profits as well.

Real challenges for creative forces – an opportunity for blue oceans in Cambodia

In underdeveloped world, challenges for creative forces as manager of meanings and

value innovator are unlimited (Virpi Haavisto). A great challenge for the company is to

recognize the creative ideas. In underdeveloped countries level, there exist plenty of

5
See also: Kim, W.C. and Mauborgne, R. (2005), “Value innovation: a leap into the blue
ocean”, Journal of Business Strategy, Vol. 26 No. 4, pp. 22-8.

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serious problems to be solved, care of lonely and marginalized people, health services

and education day-care, aging of populations, taxation politics, unemployment, etc. In

Cambodia, illiteracy and un-educated give rise to numerous challenges to the society.

Tackling these social issues can open up to real challenges for creativeness which open

for opportunity in creating the market. If a company is to have an open question “What

may a human being want? Basic needs for the poor?” ends up with a larger certainty in a

clear blue ocean than a question “How should we differ our product to get it better in the

eyes of a client than the ones of the competitors?” The mind-set surrounded in the first

question has all possibilities for new markets.

Open Questions – a step towards Real Values

It would be imperative to start the use of creativity and blue ocean strategy making

towards real problems of societies and populations, such a case like underdeveloped

countries (i.e. Cambodia), not only the ones of business. That is a huge challenge for the

people in power; leaders, managers and decision-makers – both in business and politics

(Kirkpatrick, D. 2001).

A real world blue ocean strategy case of Cambodia would be to turn the fact of illiteracy

and basic needs into an advantage to exploit investments. The central questions might be

the following:

 How to secure equal possibilities for good health-care and education for every

citizen?

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  How to keep tax-flow sufficient for the poor and the companies?

 How to keep adequate amount of working places in Cambodia?

 How to design taxation system that is worthwhile for entrepreneurs?

 How to keep industries and companies investing to Cambodia?

The center of blue ocean strategy making is “in the thinking about the human beings and

their needs” (Haavisto Virpi 2006). With this positive mind-set, attitude, and idea, given

the context of underdeveloped countries such as Cambodia, can lead to ultimately good

results, and also strengthen responsibility in individual, societal and worldwide level

(Haavisto Virpi 2005). “In Aristotle’s words, in true value-innovation lies a potential for

a good life”

From this, a company could manage to see that there is a possibility of altering the

business playing field. It takes a mindset that conditions can be changed. Past success or

the value of companies that have achieved success shouldn’t be constraint the mind-set

toward entering the underdeveloped market. As a matter of fact, within the undeveloped

market the resources and capabilities could be sought locally, creativity and cheaply

(UNDP 2009)6. Thus, success can be achieved with the willingness to change, a great

deal of courage and internal persuasion. In the process, it also requires the use of new

analytical tools that could show series of the product characteristic that need to be

provided and served. The strategy canvas can show the overall picture of products and

which of their attributes need to change. Where as the four action frameworks can tackle

6
Cambodia Economic Forum UNDP (2009), “Cambodia Competitiveness Study”, Overseas Development
Institute Presentation Case.

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answers to how to produce picture of those products. Finally, it requires a great deal of

creativity in context of value-innovation, real value challenges, humanity and social costs

and contributions7.

Recommendations and Discussions

Those companies who have a mind to creating or entering markets in developing

countries, should consider the following actions 8:

 Study about the idea of social entrepreneurs and its challenges.

 Embrace social entrepreneurs in the companies’ global market analysis to learn

about potentially disturbing innovations.

 Build relationships, connections, and networking with the locals and its social

entrepreneur. Collaborate these rapports through building trust and understanding.

 Try to identify the problems about poverty-related and possible solutions.

 Learn about local cultures and social structures.

 Analyze the local business models and examine how they are creating resources

that could support a joint effort in targeting the large underdeveloped customer

base in poor countries. Think about what organizational structures would best

deliver company goals and the goals of the entrepreneurs.

 Invest in the most promising initiative in the form of “social venture capital”.

They could e maximizing social impact from your capital while you are buying an

7
Furthur readings: Prahalad, C. K. and A. Hammond (2002), Prahalad, C. K. and A. Hammond (2002), and
Cambodia Economic Forum UNDP (2009)
8
Collaborate from Seelos C. and Mair, J. (2006), Feeney, Don. and Minor, Peter. (2007), and Cambodia
Economic Forum UNDP (2009)

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 option that the initiatives you are funding will create strategic resources on which

to base new value propositions in your future markets.

For Investment in Cambodia, it is preferable for only those requisites and basic everyday

uses. This country is far from fashion and luxurious thing. Every idea you have to thank

about it is really important for life and make it in better quality is the solution. This is an

exciting city; it has a lot of opportunity for investment in Cambodia (Souen Say, 2008).

This paper could have conduct case analysis, with many more examples of collaborative

efforts to learn and understand how a company has been structured and managed within

an underdeveloped country to reflex possible solution to the Cambodia country. By

mentioning this, it remains to be seen that to how far the extent of the blue ocean strategy

described here are just some observations or recommendation that could become a

possible start-up on the thinking (in mind-set), strategy, and or model for companies to

build a large-scale market presence that is positively driven by but also positively drives

socio-economic development in poor countries such as Cambodia.

Conclusion

Within this paper context of deep poverty, the aim of blue ocean strategy is to find what

products and concept are needed and serves people as well as possible. Companies get

their share via a good selling. Customers (the poor people) get what they need and

companies get their bit according to market economy in terms of good results. Blue ocean

thinking appears ethically sustainable strategy.

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Using blue ocean strategy of creative and value innovation concept, business manager

can challenge their mind-set while using the blue ocean strategy frameworks and tools to

explore their creativity. Therefore insights are generated into how to structure and

execute the business to the poor people to generate the necessary profits for companies to

justify investments into market entry and market building, while at the same time

integrating and serving the poorest and their unique needs as well.

On one point, the blue ocean strategy can be beneficial to companies, businesses,

educational institutions and civil society organizations by providing a proven and

practical approach to create the ideas that will lead to breakthrough profitable growth. At

another point, in the heart of blue ocean strategy making is in thinking about the human

beings and their needs. That is a positive idea which in goods cases can lead to ultimately

good results, and also strengthen responsibility in individual, societal and worldwide

level.

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References:

1. Cambodia Economic Forum UNDP (2009), “Cambodia Competitiveness Study”,

Overseas Development Institute Presentation Case.

2. Christensen, C. M. and M. E. Raynor (2003), “The innovator’s Solution: Creating

and Sustaining Successful Growth”, Boston, MA, Harvard Business School Press.

3. Elkington J. and Hartigan P. (2008), “Social Entrepreneurs Create Markets that

Change the World”, Idéia Socioambiental Paper

4. Feeney, Don. and Minor, Peter. (2007), “Factory-Level value Chain Analysis of
Cambodia’s Apparel Industry” USAID

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accompanying industrial strategy making, University of Art and Design Helsinki,
Finland.

6. Hart, S. L. and C. M. Christensen (2002), “The Great Leap”, Sloan Management

Review, 44(1), pp.51-56

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market for HP, argues CEO Fiorina. Is she a crackpot? No, a visionary.” The
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9. Kim, W.C. and Mauborgne, R. (2005), “Value innovation: a leap into the blue
ocean”, Journal of Business Strategy, Vol. 26 No. 4, pp. 22-8.

10. Kim, W.C. and Mauborgne, R. (2009), “How Strategy Shapes Structure”, Harvard
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13. Prahalad, C. K. and A. Hammond (2002), “Serving the world’s poor profitably”,
Harvard Business Review, 80 (9), pp. 48-57.

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14. Prahalad, C. K. and A. Hammond (2002), “The fortune at the bottom of the
pyramid”, Strategy + Business (26), pp.54-67.

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in the Context of Deep Poverty: A Strategy View” Occasional Paper, University
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17. Seelos C and Mair J. (2006) “Research, Education and Training Programme on
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18. Souen Say (2008), “Inside Business: For Cambodia’s mini-marts, it’s all about
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20. The World Bank, “Health, Nutrition and Population data platform, Population
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21. Yoon Hongyul, “Full Scheme Thinking and Feature Transfer for Creation of Blue
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23. http://www.statemaster.com/encyclopedia/Prime-Minister-of-Cambodia.

24. The Blue Ocean Strategy website, www.blueoceanstrategy.com.

25. Maanson Margaret, InnoFuture: www.innofuture.com.au. “FAQ of BLUE OCEAN

STRATEGY. PDF”

26. http://www.innovationmanagement.org/Wiki/index.php?
title=Blue_Ocean_Strategy

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