Managing Innovation: Blue Ocean Strategy Theory and its Application in Dyson Company

Managing Innovation

Table of Contents
INTRODUCTION ..........................................................................................................................3
MAIN BODY...................................................................................................................................4
Definitions, principles and processes of the Blue Oceans theory...............................................4
Evaluation of the theory along with the benefits and limitations................................................6
Application of the Blue Ocean Strategy in historical development............................................7
Application of the Blue Ocean Strategy theory in the future development................................8
CONCLUSION ...............................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Innovation is considered as key approach which is related to discovering new things with
effectiveness. The innovation means development of crucial approaches or elements according to
trends in the contemporary world (Brem, Tidd, and Daim, 2019). The major business
organisations in era of stiff competition between companies focus on development of innovation
in order to perform key development and achieve competitive advantage. In this project example
of Dyson company is taken into consideration in order to understand key dimensions and aspects
of innovation. This project will include key focus on key theories of innovation in order to
perform modern and competitive operations. This project will cover essential and widely
implemented theories of innovation which are Disruptive Innovation theory. This report will also
cover application of these theories in order to provide innovation related to key ideas.

MAIN BODY
Innovation theory
Definitions, principles and processes of the Blue Oceans theory
Blue Ocean strategy- The blue ocean strategy is considered as one of the major
approaches which helps the business to develop further functions and tasks. This theory is
applicable only when there is a low or negotiable competition. The key role of a business is to
focus on implementation of this theory with main controlling and monitoring (Balatsky, and
Ekimova, 2020). The application of Blue Ocean theory in context of Dyson company makes it
more advanced at the marketplace. It is key role of a business to focus on this theory to gain
market space in tough competition based times.
Principles of Blue Ocean Strategy
If the example of Blue ocean strategy is taken into consideration it consist of six key
principles that are effective in making a company developed (Tiwari, and Buse, 2020). The key
principles of Blue Ocean strategy are mentioned below:
 Focusing on big picture not on the numbers- This is one of the most effective and
primary principles of Blue Ocean theory. Under this principle, a company should provide
more focus on incremental improvements in order to develop values in innovation. The
main aim of this principle is to help company in tackling planning which helps in
eliminating risk associated with operations.
 Reconstructing market boundaries- It is one of the main principles which states that
reconstructing the management and structure in an innovative way. It is main role of a
business entity to develop reconstructed marketplace for effectively developing key
functions related to six conventional boundaries.
 Overcoming major organisational hurdles- If the leadership's tipping point, this
depicts that managers should analyse how to run the business entity (Brem, Tidd, and
Daim, 2019). It is key role of management to focus on implementation of blue ocean
strategy in order to eliminate major organisational hurdles and consequences.
 Reaching beyond existing demand- To develop an effective marketplace for a business
it is essential to perform outstanding operations. The existing demand of customer must