Exploring Blue Oceans For Your Business

Service Description

Duration: 3 day (21 hours) Language: English This Course provides participants with a basic introduction to the concepts, tools and methodologies of strategic value innovation known as Blue Ocean thinking to empower businesses to be “different” from rather than “better” than the rest by using them in strategic moves to open hitherto un-served markets so as to create highly profitable uncontested market space. Companies have long engaged in head-to-head competition in search of sustainable, profitable growth. They have fought for competitive advantage, battled over market share, and struggled for differentiation. In today's overcrowded industries, competing head-on results in nothing but a bloody "red ocean" of rivals fighting over a shrinking pool of profits. While most companies compete within such red oceans, this approach will become increasingly less effective in the future for creating profitable growth. Blue Ocean thinking is based on the study of 150 strategic moves spanning more than 100 years and 30 industries to provides a systematic approach to creating uncontested market space and making the competition irrelevant. Dr Michael Heng and his NTU students have used the Blue Ocean tools on more than 320 local companies to analyze their strategic moves and discover their respective blue ocean potential by creating more than 300 possible “value innovation” ideas. The consultancy and research findings have been summarized in the 2009 book “Beyond the Blue: In Search of Blue Oceans” covering 5 industries. The Course explores the following subjects in depth: 1) Strategy vs Strategic Moves • Identify the correct competitors • Substitute vs alternatives • Value innovation 2) Red vs Blue Oceans • Red ocean thinking • Blue ocean thinking • 6 stages of buyer experience 3) Know Your Customers And Non-Customers • Untapped markets • 3-tiers of non-customers • Buyer utility map 4) Create Strategy Canvas • Value elements • Desired vs must • “As-is” vs “To-be” 5) 4-Actions Decision Matrix • Eliminate or reduce • Maintain • Create 6) 6 Thinking Paths Framework • Markets without competition • Putting it all together