Blue Ocean Strategy, Innovator Dilemma, Good Management, Lean Start-up

This article discusses the key aspects of Blue Ocean Strategy, Innovator Dilemma, Good Management, and Lean Start-up. It explains how these strategies can help in creating uncontested market space, maximizing opportunities while minimizing risks, transforming execution into strategy, and providing a scientific approach to startups. The article also highlights the importance of targeting disruptive innovation, being patient for growth and impatient for profit, and using lean start-up methodology for effective decision-making and implementation of success.

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STRATEGY

Blue ocean strategy dwells on the lengthy study of moves than 150 strategic counts and
stretches over 30 industries in a time period of 100 years. The industries that were analyzed
comprised of cinema, airlines, computers, automobiles, etc. The perspective of Blue Ocean
leads to the evolution of new ideas instead of limiting it. The horizon is expanded and ensures
that the movement is in the correct direction. The key aspects of blue ocean strategy are as
follows:
1. Empowering through tools
The presence of Blue ocean strategy ensures that the correct and framework is present in the
organization. The presence of different tools provided by the Blue Ocean strategy ensures
that the competition can be faced with ease and leads to a development of uncontested market
space. The arena of strategy, by contrast, has provided a strategy on how to compete in the
market space. This leads to the creation of tools that are analytical in nature and the
framework helps in attainment of the goals. Blue Ocean strategy is based on the pattern of a
common strategy. The patterns have allowed the development of a strong framework and the
methodology has ensured link innovation that is systematically linked so that the boundaries
of the industry can be valued and reconstructed. The framework that comprises of visual and
actions leads to shedding of light on the projection of the unconstructed problem. A roadmap
is being provided for critical visual guidance for pursuing systematically value innovation
and creation of market space that is uncontested. Hence, companies can make changes of
proactive nature.
The opportunities are maximized while risk is minimized. It is one of the best and unique
result that can be attained by the application of this mechanism. Blue Ocean strategy can be
described as a strategy that maximizes opportunity and minimize risk. The presence of blue
ocean strategy leads to the mechanism of robust nature to lessen the risk and enhance the
level of success. The Blue Ocean Index is a major and key framework. The Blue Ocean Idea
Index enables testing of the commercial viability of the blue ocean ideas and enables how to
refine the ideas to enhance the upside while reducing the downside risks. Four major
questions can be answered through it that is is there a major reason for the public to purchase
the offering? Secondly, is it directed to the masses so that they can purchase it at the
prevailing price? Thirdly, can the offering be produced at the strategic price and reap a strong
profit? Lastly, the hurdles in the process of adoption are being discussed.
2. Creation of uncontested market space
Another key aspect of Blue Ocean strategy is to create market space of an uncontested
nature. it further strives to make the competition irrelevant in nature by reconstruction of the
boundaries. The conventional method is more directed towards the functional area. The main
aim over here is to stress upon the advantages that they possess. On the contrary blue ocean
strategy influences them to come out from the boundaries and define new concepts. Hence,
the focus moves to across the blue ocean strategy and break out from the orthodox
movements. This leads to creation of new, as well as market space that is uncontested and has
high profitable growth.
3. Develops execution into strategy
The execution is transformed into strategy. The process, as well as tools ate exclusive in
nature and easier in terms of communication. The blue ocean strategy can be defined as a
strategy that connects analytics with the dimension of the human or organization. It lays
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emphasis and pay heed to the importance of interlinking with the mind of the people with a
new defined strategy so that when it comes to the individual level, people embrace it of their
own and hence is in a situation to move beyond the mandate execution to voluntary
cooperation in implementing this. To ensure that, this happens blue ocean strategy does not
differentiate strategy formulation from execution. Blue ocean strategy ensure a strong
execution into strategy that initiates through the movement of process that is fair in nature in
the making, as well as rolling of strategy. Fair process consists of engagement, explanation,
as well as preparation for the implementation by invoking the fundamental pillars of trust,
commitment and cooperation of the organization.
Innovator Dilemma
The innovator dilemma can be defined as a business classic that projects the disruption power
and states why the market leader is nor successful in terms of technologies and variance in
the industry and the role of incumbents in this process to secure the leadership in the market
for a prolonged time.
The key aspect of innovator dilemma is as follows
The targeting of an incumbent should never be done with the sustaining solution
A sustaining innovation is one that enhances the product for the customers who exist
providing them with enhanced features, better performance, and more options. Sustaining
innovation can be defined as the most common and helps the companies to escalate the
product from not-good-enough in the early stages to being more-than-good-enough in the
later stages. A sustaining solution should never be utilized to compete with an incumbent.
The incumbent organization can be defined as the one with all the available resources that is
the customer base and the motivation to fight any danger that comes from the new
competitor. In any situation, the incumbent will win if they are threatened by a technology
that is sustaining in nature. They will simply ensure in what they are good at and serve the
customer with the enhancement of the product.
The innovator dilemma is to penetrate the market from below. It lay emphasis on the fact that
the product should be created that is not as proper as the incumbents, however, it is cheaper,
easier or more convenient. Hence, it is imperative that the target should be done on a lower
profit margin. The incumbent will lead to the removal of low margin business and
concentrate on higher growth.
Good management
It is the middle-level management that plays a leading role in weeding the ideas. The main
emphasis is on the idea that will have high conversion rates. Sustaining technology is easy in
this scenario for identification. When it comes to the concept of well-run companies, it will
automatically move towards ideas that keep the company propelling forward in terms of
strong profit scenario and high level of product for the customer. Hence, good managers are
doing the role that is needed to in terms of shifting the sustaining technology and curtailing
the ones that are disruptive in nature. From the dilemma, it is clear that the manager can
suffer a strong setback when they back up a project that fails. When it fails for the purpose or
reason of technology then it is not harmful in nature, however, if it fails for lack of market
then it is highly damaging in nature.
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However, when the company is ready to pursue a new technology then the cost network and
value can lead it to failure. For instance, the sales and marketing department might not
support the new technology as they fail to cater to the customer requirement that means
innumerable decision goes against the disruptive technology.
Be patient for growth, and impatient for profit
The main challenge that the company face is that of a funding problem for the innovation that
is disruptive in nature. Further, if the market size is small the return will be small too. This is
due to the fact that disruptive innovation should begin at the low end of the market and
ensure a formidable work that disrupts the incumbents. Further, when it comes to the prospect
of investment it means investment into new growth initiative is good money until the time the
business is healthy. But when the scenario changes and the business come under immense
pressure then the good money transforms into a bad one. Such a pressure abstain the
innovator to go through the strategy and trace the disruptive innovation.
Lean start-up
The lean start-up leads to an approach that is scientific in nature and manages the start-ups to
provide the desired product to the hands of the customer in a faster manner. It is one of the
methods that teaches how to initiate a startup, how to steer, when to turn and when to
accelerate the business. It is an approach that is principled in nature to the development of a
product.
The methodology of lean startup has a major premise that the startup is a grand experiment to
provide an answer. This method helps in ensuring an answer to the question that whether the
product should be built and whether a business can be sustainable or not in terms of product
or services. This experiment can be termed as more than the theoretical inquiry. If it is
successful it will enable the manager to get started with the campaign thereby adding an
employee to every experiment and leading to the establishment of the product. Decision
making becomes easy with the help of lean start-up process as it helps in solving real
problems and provide a detailed specification of what needs to be established.
In manufacturing the progress is ascertained by the production of goods that are of high
quality. Lean start-up process is validated through a strong method for the progress of
demonstration when there is strong level of uncertainty. Once the process of validate learning
is implemented, the process of development can shrink in nature. The Lean Startup approach
is beneficial in the manner that the companies can build order and not chaos. It is due to the
premise that the tools helps in creation of vision on a continuous platform. Such a vision
helps in creating a strong status leading to a strong process of decision making. When the
decision making is strong and unique it leads to additional benefits. The entrepreneurs can
plan accordingly when the vision of the organization is clear. Further, uncertainty is
eliminated that leads to a better prospect and smooth course of action. The lean start-up
process is directed in a fashion that leads to the growth of the business. The strategies can be
properly ascertained and directed when the lean start-up process is into action. The presence
of lean start-up helps in gathering up of idea and builds them into code followed by the
measure that helps to create data and then leading to idea. The presence of this tool enables
transformation and the loop time is less when it comes to this tool. Further, removal of
uncertainty leads to an enhanced procedure and helps in getting the process on track. Through
this process, the process of learning is highly influenced. The process consists of actionable
metrics that leads to the projection of cause and effect question. The benefit of this startup
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resides in the fact that the process does not initiate with the business plan rather begin with
the search of a model of business. After some rounds of experiment and feedback, a model
that can be fruitful and result oriented is put into execution. Hence, the overall discussion
stress upon the fact that lean start-up is highly beneficial to the start-ups. Furthermore, the
lean start-up process is not only limited to a individual ventures rather is a potent tool that is
utilized by the big companies. Lean process is changing the entire process of the start-ups and
hence, must be used in a manner that is result oriented. Hence, it can be said that the lean
method will provide a strong solidity to the start-ups leading to an effective decision making
and implementation of success. This method is better as compared to the traditional
mechanism that is vulnerable to failure.
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