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• W110515299 abstract "In this paper, we summarize the components and framework that make up the Ocean and Strategies, as identified and given these titles in recent strategic management literature. This is done by means of a case study analysis of a United States bank that has successfully implemented these strategies. From these analyses, a number of implications are drawn for how elements of these two very different strategies (Blue Ocean and Strategies) can be incorporated into overall business strategy. We argue that as the business environment has become more competitive, so benefits from these two strategies has increased, despite the greater amount of planning required. Introduction The speed, complexity, and dynamic nature of the global business marketplace have never been greater (Hoskisson, Hitt, Ireland, and Harrison, 2008; Ma, 2004; Peng, 2009). In order for firms to be successful, they must constantly be gauging their internal performance while also scanning the external environment, looking for the next opportunities, threats, and challenges that are ever changing each day. Firms without clear and sustainable strategies for long term success are inevitably destined to falter among a fiercely competitive sea of competition (Carpenter and Sanders, 2009; Hitt, Ireland, and Hoskisson, 2010; Pitta, 2009). While not easy, there are proven frameworks that companies can follow in order to develop a successful strategy to insulate them from the competition and maximize business results. Two frameworks for developing such strategies are presented in the Harvard Business Review articles entitled Blue Ocean (Kim and Mauborgne, 2005) and Judo Strategy: The Competitive Dynamics of Internet Time(Yoffie and Cusumano, 1999). In this paper, we will summarize the components and framework that make up the strategies discussed in the two articles while also including recent examples of companies that have successfully implemented these. In the final section, we will discuss the implications of the Ocean and Strategies for one US bank, in terms of how it can incorporate elements into its business strategy. Ocean Strategy Extending their 2002 Harvard Business Review article (Charting Your Company's Future), Kim and Mauborgne (2005) describe the bifurcation of the global business sea into two primary types of environments/waters: Red Oceans and Oceans. This metaphor is used to describe the differences between the market boundaries and degree of competition in each sea. The red ocean is comprised of all businesses, operating in a highly competitive marketplace, marked by relatively undifferentiated, commoditized products and services. The boundaries of the red ocean are well defined and the size of the pie is essentially fixed based on customer demand - existing companies and new entrants supply the market with goods and services while clawing at one another to steal a bigger share of the relatively fixed customer demand (Abraham, 2006). Organizations attempt to compete by reducing prices below their competitors in order to attract/steal customers, which in turn reduces profit margins to such thin levels that future opportunities become limited, or eliminated altogether by the strongest competition in this survival of the fittest environment (Druehl and Schmidt, 2008). Eventually, the business industry (ocean), which may have begun as a promising sea of opportunities (clear waters), will become unattractive with few growth prospects and much bloodshed (red ocean). Kim and Mauborgne (2005) assert that red oceans continue to exist given the ingrained military mentality (e.g., going to battle head on with the enemy /competitors) that underpins much of corporate strategy, constantly seeking ways to develop and exploit a competitive advantage. An illustrative example of a red ocean in recent years is the PC industry - a market in which there is significant competition beUveen a larger number of manufacturers (Dell, Acer, HP, Gateway, Sony, Toshiba, Lenovo, etc. …" @default.
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• W110515299 date "2011-03-01" @default.
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• W110515299 title "Effects of Market Boundaries and Market Competition on Business Strategy: An Examination in the United States Banking Sector" @default.
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