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Blue Ocean

Strategy
Go where the profits and growth are - and where the competition isn’t

W. Chan Kim & Renée Mauborgne


The Strategy Canvas
of Cirque du Soleil
hi
Ringling Brothers

Cirque du Soleil
offering level

Smaller Regional Circus

lo
Animal Shows Multiple Show Theme Multiple
Price Thrills & Danger
Arenas Productions
Star Performers Aisle Concessions Fun & Humor Unique Venue Refined Viewing Artistic Music
Environment & Dance
© Kim & Mauborgne 2006
The Strategy Canvas
of Cirque du Soleil
Eliminate Reduce Raise Create
hi
Ringling Brothers

Cirque du Soleil
offering level

Smaller Regional Circus

lo
Animal Shows Multiple Show Theme Multiple
Price Thrills & Danger
Arenas Productions
Star Performers Aisle Concessions Fun & Humor Unique Venue Refined Viewing Artistic Music
Environment & Dance
© Kim & Mauborgne 2006
Personal Finance Software Industry
hi
Quicken

Personal Finance Software


offering level

The Pencil

lo
Price Ease of Use Optional Features Speed Accuracy

© Kim & Mauborgne 2006


Red Ocean Versus
Blue Ocean Strategy
Red Ocean Strategy Blue Ocean Strategy

Compete in existing market space Create uncontested market space

Beat the competition Make the competition irrelevant

Differentiation or low cost Differentiation and low cost

Competitive Advantage Value Innovation

Segment existing customers Attract noncustomers

Exploit existing demand Create and capture new demand

© Kim & Mauborgne 2006


Substantially Higher Returns from
Investments in Blue Oceans

Business Launch

Revenue Impact

Profit Impact

Red Oceans Blue Oceans


Market-Competing Business Launches Market-Creating Business Launches

© Kim & Mauborgne 2006


Is there a pattern
to blue ocean
creation?

© Kim & Mauborgne 2006


Researching the History of
Blue Ocean Creation

• Data: 150 blue ocean creations, more than 30


industries, over 100 years (1880-2000)
• hotel, cinema, retailing, airline, energy, computer, broadcasting,
home construction, automobile, steel manufacturing, chemicals,
cosmetics, software, etc.

• Variables considered: industrial, organizational,


strategic variables

© Kim & Mauborgne 2006


Innovation
Random Systematic
• Entrepreneur • Pattern
• Entrepreneurial Risk • A way of Thinking
• Trial & Error • Theory
• Learning from Failures • Methodologies
• DNA / Culture • Analytical Frameworks
• Units for Experimentations • Opportunity Maximizing &
(Spin-offs) Risk Minimizing
• Risk Taking or Risk Avoiding

Schumpeterian School Value Innovation School


© Kim & Mauborgne 2006
Minimizing Risks and Maximizing
Opportunities in Formulating and
Executing Blue Ocean Strategy
Formulation Principles Formulation Risks
Reconstruct market boundaries Search Risk

Focus on the big picture, not the numbers Planning Risk

Reach beyond existing demand Scale Risk

Get the strategic sequence right Business Model Risk

Execution Principles Execution Risks


Overcome key organizational hurdles Organizational Risk

Build execution into strategy Management Risk

© Kim & Mauborgne 2006