Author: W. Chan Kim

“Blue Ocean Strategy: How to Create Uncontested Market Space and Make the Competition Irrelevant” by W. Chan Kim and Renée Mauborgne is a groundbreaking business book that introduces the concept of creating “blue oceans”—untapped market spaces ripe for growth, as opposed to “red oceans” where competition is fierce and markets are saturated.

Detailed Summary

Part One: Blue Ocean Strategy

• Chapter 1: Creating Blue Oceans: This chapter introduces the core idea of blue oceans versus red oceans. It uses the example of Cirque du Soleil, which combined elements of circus and theater to create a new market space, targeting adult theatergoers rather than traditional circus audiences.
• Chapter 2: Analytical Tools and Frameworks: The authors present tools like the Strategy Canvas, the Four Actions Framework, and the Eliminate-Reduce-Raise-Create Grid. These tools help businesses visualize their current market position and identify opportunities to create blue oceans.

Part Two: Formulating Blue Ocean Strategy

• Chapter 3: Reconstruct Market Boundaries: This chapter discusses six paths to creating blue oceans, such as looking across alternative industries and strategic groups within industries.
• Chapter 4: Focus on the Big Picture, Not the Numbers: Emphasizes the importance of visualizing strategy and using the Strategy Canvas to focus on the big picture.
• Chapter 5: Reach Beyond Existing Demand: Strategies to tap into noncustomers and unlock new demand.
• Chapter 6: Get the Strategic Sequence Right: Ensures that the blue ocean idea is commercially viable by following a sequence of buyer utility, price, cost, and adoption.

Part Three: Executing Blue Ocean Strategy

• Chapter 7: Overcome Key Organizational Hurdles: Addresses common challenges in implementing blue ocean strategies, such as cognitive, resource, motivational, and political hurdles.
• Chapter 8: Build Execution into Strategy: Stresses the importance of fair process and building trust and commitment among employees.
• Chapter 9: Conclusion: Summarizes the key points and reinforces the importance of continuous strategy renewal to sustain blue ocean success.

Reviews

Positive Reviews:

• Innovative Approach: Many reviewers praise the book for its innovative approach to business strategy, highlighting its practical tools and frameworks that help companies break free from competition¹.
• Real-Life Examples: The use of real-life examples, such as Cirque du Soleil and Southwest Airlines, makes the concepts more relatable and easier to understand².
• Comprehensive and Actionable: Readers appreciate the comprehensive nature of the book, which not only presents the theory but also provides actionable steps for implementation².

Criticisms:

• Complexity: Some readers find the concepts and frameworks complex and challenging to implement without additional guidance².
• Overemphasis on Success Stories: A few critics argue that the book focuses too much on success stories and doesn’t adequately address potential pitfalls or failures².

Overall, “Blue Ocean Strategy” is highly regarded for its fresh perspective on business strategy and its practical tools for creating new market spaces. It’s a valuable read for anyone looking to innovate and stay ahead of the competition.

Source:
(1) Blue Ocean Strategy Summary and Study Guide | SuperSummary. https://www.supersummary.com/blue-ocean-strategy/summary/.
(2) Blue Ocean Strategy Book Summary, Review, Notes. https://growthabit.com/blue-ocean-strategy-book-summary-review-notes/.
(3) Book Summary – Blue Ocean Strategy (Kim & Mauborgne) – Readingraphics. https://readingraphics.com/book-summary-blue-ocean-strategy/.
(4) Blue Ocean Strategy Summary – Soundview Executive Book Summaries. https://www.summary.com/book-summary/blue-ocean-strategy/.
(5) Blue Ocean Strategy [Full Summary] of Key Ideas and Review | W. Chan …. https://www.blinkist.com/en/books/blue-ocean-strategy-en.
(6) goodreads.com. https://www.goodreads.com/book/show/4898.Blue_Ocean_Strategy.