This week in mgmt304, we started the ¿real¿ Mikesbikes rounds – practice time was over. In class on Friday, Peter discussed a number of different strategies regarding Mikesbikes, and they raised many questions that my team didn¿t previously have. Strategies such as moving the bike away from the centre of the circle on the perceptual map and taking over other teams somewhat confused the plans my team already had.
Our underlying problem is talked about in the Blue Ocean Strategy (Kim & Mauborgne, 2004) reading. This reading states that blue oceans are a previously unknown market, where demand is created instead of fought over. Our team is very keen to find this so called ¿blue ocean¿ in Mikesbikes, but our problem is how to achieve this. I think most teams in Mikesbikes try to find the blue ocean, however – I imagine there are a couple of other journals written this week by people also keen to find a blue ocean. The key for our team is to hunt out a blue ocean that no one else is trying to simultaneously hunt at the same time.
The question of how my team will achieve this blue ocean is the key issue for my learning journal this week. The reading states that there are two ways to create blue oceans; the first is by creating completely new industries, like eBay with online auctions. The second way is by expanding the boundaries of an existing industry. As we are limited to producing bikes, the second method of expanding our existing industry will have be the route we take in our journey for a blue ocean. Peter offered a few tips on how to do this on Friday, too. As a team, we have worked out how to pursue our own blue ocean, but in the spirit of the competition, I won¿t say in my journal for everyone else to see.
Kim, W. C., & Mauborgne, R. (2004). Blue Ocean Strategy . Harvard Business Review , 76-84.