Blue Ocean Strategy II – Profiting from Innovation
Companies develop new products and services in the hope of growing their future profits and staying ahead of their competitors. However, many such new offerings are merely revisions of existing ideas or technical innovations that consumers do not value. As a result, they fail to attract customers and deliver disappointing profitability. The most profitable innovators search beyond the boundaries of their industries to discover new, untapped demand in areas that their competitors overlook. They build profit logic into their unconventional designs, attract new customers to the industry, and so enjoy a period of near-monopoly power in an uncontested new mass market.
Developed by Professors Kim and Mauborgne, Blue Ocean Strategy (BOS) describes a process for profitable innovation. It is emerging as the most significant development in strategic thinking since the era of competitive strategy began in the 1980s. Andy shows how to approach innovation in businesses of any size or sector, even in poor markets or declining industries.
Participants will use a combination of presentations, discussions and a case study to help them:
- Revisit briefly the main concepts of Blue Ocean Strategy (described in “Blue Ocean Strategy I”).
- Identify different types of innovation and discover which have the greatest profit potential.
- Understand how to discover customer problems that industries overlook that could form the basis of profitable new products or services.
- Gain experience using main tools of BOS: the Buyer Experience Cycle and the Buyer Utility Matrix (plus all the tools introduced in “Blue Ocean Strategy I”).
- Apply these tools to a case study: locating the focus of an industry, discovering overlooked customer problems, aggregating demand to create a mass market and developing profitable innovations to address that demand.
The workshop contains a mix of case studies, video, group working, theory segments and plenary discussions with the opportunity to discuss any aspect of strategy, Blue Ocean Strategy or innovation with a qualified expert.
Participants learn how to find customer problems that industries overlook that could form the basis of highly profitable new offerings. Using Blue Ocean tools and a case study, they search systematically for ideas with the greatest profit potential, thereby learning to avoid the common pitfalls and risks usually associated with innovation. Participants will receive a hand-out summarising the main concepts and tools.
This workshop is suitable for a half day retreat.