Blue Ocean Strategy: Creating Your Own Market

2 May 2023

In "Blue Ocean Strategy: Creating your Own Market", Max Freedman, the author (along with contributing writers C. Edwards and K. Harrison) lays out the basics of a having a blue ocean strategy, which, in its simplest terms, is about "helping your company gain uncontested market space separate from other, similar businesses."

Pros of a Blue Ocean Strategy point to the benefits of avoiding saturated markets and introducing growth potential. Both attractive benefits, to be sure. On the con side, we should consider that at blue ocean strategy may be too ambitious, too risky and may not be permanent as successful initiatives likely would attract imitators. Both pros and cons should be in forefront of any market analysis. The key to exceptional business success, the authors points out, is to redefine the terms of competition and move into the blue ocean, where you have the water to yourself keeping in mind that the goal of such a strategy is not to beat the competition, but to make the competition irrelevant.

According Freedman, "the best offense … is to make a blue ocean shift and create your own blue ocean. Imitation is not the path to success, especially in the overcrowded industries most companies today confront."

"When there is limited room to grow, businesses should try to look for verticals to find new sectors where they can enjoy uncontested market share." In closing, the authors note, "perhaps it is time for businesses to stop competing and start creating."
#business #growth #strategy #markets #blueocean

https://www.businessnewsdaily.com/5647-blue-ocean-strategy.html

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The Leadership Odyssey

HBR Magazine May-June 2023

An article on the new leadership that's worth stealing a few moments from your busy schedule; indeed it's a subject particularly appropriate for these "most interesting" times. What makes a good leader and leadership in general continues to be a hot topic and for that I am thankful because one need not look too far in analyzing the success or failure of an organization. That's a point of view only. How can leaders successfully shift from the more traditional leadership skills to "people skills." We understand from this article, that the terms “soft skills” and “people skills” can refer to a wide range of competencies and capabilities. For most executives, this may represent a confusing road ahead. What are the rules of the road? The article notes that "No leader who has built a career on making expert contributions and exercising hands-on control can be expected to make the leap overnight to a people-centric style." Certainly encouraging, I suppose. Three stages of discovery are put forth to demonstrate how executives can arrive at this "new understanding," this self-revelation, if you will, of who they are as leaders. In the end, one can agree or not with the authors' leadership model. I would suggest that where you stand relative to your leadership skills in leading a team or an organization forward, depends on your proven experiences and your ability to be creative, adaptive, innovative and results oriented. That may well mark me as "old school."

Corporate Travel Not Rushing Back

18 Mar 2021 17:39

An interesting article in Harvard Business Review (3/18/21) entitled The State of Globalization in 2021 by Phillip Bastiani. Particularly the piece on corporate travel - a quirky topic of and not one to set the world on fire. The author notes that business trips made up just 13% of international travel before the pandemic, but they do clearly play key roles in facilitating trade, investment, and the management of global corporations. Bastiani goes to note that travel companies and ancillary support services are expected to recover in the COVID world well before travel for "internal company meetings and participation in conferences and trade shows."

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When Brands and Business go Hand-in-Hand

16 Mar 2021 08:37

The goal of your business is likely to generate income, while the broader goal of building a brand should be to grow a community. That community can of course lead to sales - that’s how brand and business go hand-in-hand, and why both are so important. 

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Sustainability and Small Business: Mutually Exclusive?

14 Mar 2021 15:21

We are hearing an awful lot about sustainability and in so many different contexts that it can get downright confusing. At any point in time, we could be  talking about sustainability relative to climate change, business, resiliency, social justice, corporate and social responsibility (CSR), environment and technology. You see my point? And that's just the beginning. 

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