Once again, this past week flew by really quickly. This week¿s theme was on strategy in which I found that out of all the readings, I felt that the reading about the Blue Ocean Strategy to be the most interesting. I find that what Kim and Mauborgne have done in this article; splitting up the market into two different sectors; the red ocean that contains all the existing companies and the blue, containing the unknown, or rather, the market that none has attempted to venture into, to be rather useful and helpful, not only for those who are wanting to get into the innovation/production sector, but just about everyone else in the world today (2004). The reason being is that even if you may not be in the IT industry, (oftentimes when people think of innovation, the brand Apple/IBM/Sony comes into mind, all of which pertains to the technology sector), but by applying it to my own situation, for instance, the film industry instead, one would require at least a rough knowledge of what is and was existing in the industry already, for instance, the types of genres that had been produced, the cinematography techniques that had been and are still engaged with today and even the actors that had or are still stars today. Not only are these things important, but by knowing them, one would also know what or who else has not entered the market. Hence, seeing how one of the main points highlighted in the article is about how setting up your strategy in the ¿blue ocean¿ opposes one¿s common way of thinking/setting up a strategy, for instance, evident in how it does not support the common way of thinking that a strategy basically being a decision ¿between differentiation and low cost¿ but believes that one can still be successful by going after differentiation and low cost at the same time (Chan and Mauborgne, 2004, p. 82), it reflects on the success of Easy Rider (1969), which instigated the entire New Hollywood phrase, in which it saw major studios being able to make profit from low-budget films, and creating the success of unknown actors as well (this was a film that contributed to Jack Nicholson¿s rise to fame).
Also, as this week¿s topic was on strategy, as mentioned earlier, the lecture on Monday saw us not only covering Porter¿s generic strategies, but different strategies such as ¿low cost strategy, differentiation strategy, focus strategy¿ and seeing which are the two strategies that we may choose to go for in regards to MikesBikes. For my team, I would say that we might have actually come up with a pretty different and unique strategy if compared to others. As of now, it is a definite to say that we do not know how our final results would eventually be but it would be pretty interesting to see how things work out. Also, applying these strategies to the Blue Ocean article, I wonder if there are many, like us, who may actually choose to venture away from the ¿safe¿ market and actually aim towards the unknown¿
Kim, W. C. & Mauborgne, R. (2004). Blue ocean strategy. Harvard Business Review, 82(10, 75--84