Companies have long engaged in head-to-head competition in search of sustainable, profitable growth. They have long fought for competitive advantage, battled over market share, and struggled for differentiation. These often lead to intense price wars, slow growth and low profitability.
So, can we break this rather pessimistic ending? In the academic world, the answer is yes. Many business theorists offer mental frameworks to reinvent businesses. However, most of them are still at an experimental stage and they offer very little practical use.
Fortunately, a book titled “Blue Ocean Strategy” provides practical tools and methods for business practitioners to reinvent their businesses. These tools and methods are based on more than 15 years of research on more than 20 companies across different industries in Europe, Asia and America. The focus of these tools and methods are: searching, formulating, evaluating and executing blue ocean strategies. Details are given in a mind map at the end of this post.