Path 1: Look across Strategic Groups Within Industries
Concept name: Multitools (butterfly knife) wallet
Company: https://www.fossil.com/en-us/
6 paths explanation: https://www.collaborat.com/the-six-paths-framework-in-formulating-blue-ocean-strategy/
– For your selected company, provide a potential “break-out” innovation for EACH of the “Six Paths Framework” (see Chapter 3 of Blue Ocean Strategy text). You are not restricted or limited to one innovation per path! You may want to generate “break-out” innovations for each path as a team activity (discussion-debate) or you may want to have each team member generate “break-out” innovations for each of the paths and then evaluate (see Step 2 Screening Method, below) the innovations.
Blue Ocean Innovation Concepts and the Six Paths
IMPERATIVE: It is important that you provide a brief explanation WHY each innovation concept in EACH path meets the criteria for that path!!! In addition, for each concept provide an explanatory comment as to how the concept meets EACH of the criterion below (1-8):
Minimum qualifications for a concept to be an innovative concept (necessary but insufficient for a blue ocean innovative concept):
1) it must provide an overt benefit to a user
(Provide explanatory commentary)
2) it is unique and not easy to imitate
(Provide explanatory commentary)
3) it it feasible and can be implemented
(Provide explanatory commentary)
4) its return exceeds its cost
(Provide explanatory commentary)
5) it offers a complete value proposition
(Provide explanatory commentary)
Minimum additional qualifications for a concept to be a blue ocean break-out innovative concept:
6) Creation of new industries
Blue oceans denote all the industries not in existence and are defined by untapped market space, demand creation, and the opportunity for highly profitable growth.
(Provide explanatory commentary)
7) Uncontested market space
Instead of focusing on beating the competition the focus is on making the red ocean competition irrelevant by creating a leap in value for buyers and the company thereby opening up new and uncontested market space.
(Provide explanatory commentary)
8) Value Innovation
Blue Ocean Innovations may be New to the world but most tend to be New to the market or New product line based on what the Blue Ocean Strategy authors call “value innovation.”
(Provide explanatory commentary)
It is one thing to describe a concept and another thing entirely to explain why the concept is a blue ocean concept. You will need to explain how each concept meets the definition of a blue ocean concept. You need to make your case that the concept is truly a blue ocean concept — one that makes the competition irrelevant by creating a leap in value for buyers and the company thereby opening up new and uncontested market space.
Example: Page 8-28 (please follow this outline)
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