Managing Innovation: Application of Blue Ocean Strategy for Future Development

Managing Innovation
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Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Innovation Theory..................................................................................................................3
Application of the innovation theory...............................................................................................6
Application of Innovation Theory for future development....................................................8
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................12
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INTRODUCTION
The term innovation is explained as an implementation of practical ideas which is used
for introducing new products and services to the individuals. The primary purpose of the
innovation factor is to improve the existing products or services. All universal standards define
that innovation is identified as a new change or entity which is used for creating and
redistributing the new values in a similar product. The current innovation factor define there are
different concepts exists and all of them focus for spread improvement in value of item for
consumption. The theory of Blue Ocean Strategy refers to the market which is less competitive
and this revolves around the search for a business or sector in which small number of firms
perform and operate their business (Agnihotri, 2016). Zopa is selected as an organisation for this
report and it perform their operations in the financial sector. Moreover, this report highlights on
definition and principles of the blue ocean theory and also on its evaluation for identify benefits
and limitations of the blue ocean theory.
MAIN BODY
Innovation Theory
The Blue ocean strategy is universal in nature and this is induced among all the sectors or
business which is not limited in size and also, relates with more than one business. There are
different sector exists and most of them are not limited for just one business but, at the same time
this is complex to focus on all departments. Therefore, the implement of blue ocean strategy
helps to induce those perspectives which surround towards new business factors and this also
results for perform business with low price pressure. According to the present market conditions,
this is identified that most of the firms face competition from both local and international
competitors (Antysheva, Kochinev and Sviridenko, 2019). So this is necessary for management
to reduce the problems related with the problems that are related with the current market
scenario. There are intense challenges generate problem to manage work in proper manner Also,
the current market conditions defines all situations formulate problem for the individuals to
complete their work in a proper manner. Usually, due to current pandemic conditions there is a
limited room to grow for business and this provides about various competition factor. This helps
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management for capture various demand related with business and also strategy related with
current market scenario, helps for manage all task in a unique manner.
Principle of the theory
The principle of Blue Ocean Strategy is managed with implement of different principles and it
guide the companies about all formulate and execute the blue ocean strategy perspective that is
used for complete all task in a systematic manner. Some of the principles related with theory of
Blue Ocean Strategy are mention as follow:
 Reconstruct market boundaries- The principle identify that entire path which is used
by the authorities of Zopa to complete all work across different domains of industry
(Burke, Van Stel and Thurik, 2016). There are different contested market related space
factor exists and they teach an organisation about all those factors which make better
alternative results for establish the business in a commercial manner.
 To focus on the picture, not numbers- With design about all strategic factors this is
understand that strategic planning process consider to implement incremental
improvements and this is used for provide all information through which task is managed
according to the conventional boundaries of work. This define about the powerful factors
through which all commonalities is used for maximise the size of blue ocean strategy.
 Get the strategic sequence- According to this principle, respective organisation ensure
companies not generate only leap in the values for mass number of buyers but also for
formulate and implement the viable business model. It also refers about the task and this
helps to create the profits in a proper manner.
Blue Ocean Strategy define about all principles and according to this leadership for Zopa
perform an important role and it show about all those factors which make viable perspective and
this helps to maintain profitable growth for business (Jingbo and et. al., 2018). Also, to address
the hurdles principle of Blue ocean strategy helps to create new business terrain factors and this
is used to create about all those strategy which make better sequence factors such a utility, cost,
adoption and price. It results all principle address by execution of risk related strategy to manage
all work according to Blue Ocean strategy.
Processes of the theory
Most of the business organisation fail within a small life time span and with understand of
different factors. This is understood that all tasks are used by management for the better
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