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What are the key components of the Blue Ocean Strategy framework?

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Blue Ocean Strategy is a popular framework for creating and capturing new markets by offering unique value to customers. It challenges the conventional wisdom of competing in existing markets with similar products and services, and instead focuses on creating uncontested market space where the competition is irrelevant. In this article, you will learn about the key components of the Blue Ocean Strategy framework and how they can help you develop a critical thinking mindset for strategic planning.

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Priyanka Aggarwal

LinkedIn Top Voice | Growth Strategist at Publicis Sapient | Gartner | EY | Cultural Champion
Muhammad Tanveer

Director of Sales | Luxury Hospitality | Global Top 100 Most Inspirational People in Hospitality | Top Industry Voice |…

1 Value innovation

The core concept of Blue Ocean Strategy is value innovation, which means creating a leap in value for both customers and the company. Value innovation is achieved by aligning the four elements of the strategy canvas: the value proposition, the profit proposition, the people proposition, and the strategic profile. The value proposition defines how the company delivers superior value to customers by eliminating, reducing, raising, or creating factors that matter to them. The profit proposition ensures that the company captures value by reducing costs and increasing revenues. The people proposition motivates and empowers the employees to execute the strategy by aligning their incentives and capabilities. The strategic profile represents the visual depiction of the company's relative performance across the key factors of competition.

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Muhammad Tanveer

Director of Sales | Luxury Hospitality | Global Top 100 Most Inspirational People in Hospitality | Top Industry Voice | Strategic Market Expansion | Thought Leadership
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The Blue Ocean Strategy framework, developed by W. Chan Kim and Renée Mauborgne, consists of several key components: 1. **Value Innovation**: The central concept of Blue Ocean Strategy is to create value innovation, which means simultaneously pursuing differentiation and low cost. This is in contrast to traditional strategies that often focus on one or the other.

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Value innovation, a core concept of Blue Ocean Strategy, involves creating new market space by simultaneously increasing value for customers while reducing costs. It's about breaking free from competition and finding untapped market opportunities. Example: Instead of traditional supplier negotiations, a company might create a digital platform connecting buyers and suppliers directly, reducing costs and increasing efficiency while providing a better experience for both parties. This value innovation can lead to a "blue ocean" of uncontested market space.

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2 Four actions framework

The four actions framework is a tool that helps generate value innovation ideas by asking four questions: What factors can be eliminated that the industry takes for granted? What factors can be reduced well below the industry standard? What factors can be raised well above the industry standard? What factors can be created that the industry has never offered? By answering these questions, the company can identify the trade-offs and assumptions that limit the industry's value creation and break away from them.

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The Four Actions Framework in Blue Ocean Strategy helps businesses challenge industry norms to discover new market opportunities: 1. Reduce: Cut unnecessary industry standards. Example: Procurement reduces intermediaries by dealing directly with manufacturers. 2. Raise: Enhance overlooked factors above industry norms. Example: Procurement elevates supplier collaboration for custom products. 3. Eliminate: Remove low-value aspects. Example: Digital procurement eliminates paperwork, streamlining processes. 4. Create: Innovate with new value propositions. Example: An online platform provides real-time supplier data for informed decisions. It encourages innovative thinking, reshaping industries, and finding uncontested market spaces.

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3 Eliminate-reduce-raise-create grid

The eliminate-reduce-raise-create grid is a matrix that summarizes the results of the four actions framework and helps communicate the value innovation logic. It shows which factors are eliminated, reduced, raised, or created by the company's strategy and how they affect the cost structure and the buyer value. The grid also helps identify potential risks and gaps in the strategy and refine it accordingly.

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4 Three tiers of noncustomers

The three tiers of noncustomers are potential customers who are not yet served by the industry or who are on the edge of leaving it. They represent a huge opportunity for value innovation and market expansion. The first tier consists of soon-to-be noncustomers who are minimally satisfied with the current offerings and are ready to switch. The second tier consists of refusing noncustomers who consciously reject the current offerings and seek alternatives. The third tier consists of unexplored noncustomers who are in distant markets or have different needs and preferences. By understanding the pain points and aspirations of each tier, the company can tailor its value proposition and reach out to them.

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5 Buyer utility map

The buyer utility map is a tool that helps identify and unlock new sources of buyer value by examining the six stages of the buyer's experience cycle and the six utility levers. The six stages are purchase, delivery, use, supplements, maintenance, and disposal. The six utility levers are customer productivity, simplicity, convenience, risk, fun and image, and environmental friendliness. By applying the utility levers to each stage, the company can discover how to eliminate the biggest blocks to buyer utility and create exceptional value.

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A Buyer Utility Map in Blue Ocean Strategy visually represents factors that influence a buyer's purchasing decision. It identifies key aspects of value for customers. Example: In procurement, if a supplier offers not just cost savings but also streamlined order processing, transparent billing, and excellent customer support, they create a Blue Ocean by enhancing buyer utility. This can lead to increased customer loyalty and competitive advantage.

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6 Six paths framework

The six paths framework is a tool that helps discover new market spaces by looking beyond the conventional boundaries of the industry and the competition. The six paths are: path one, look across alternative industries; path two, look across strategic groups within the industry; path three, look across the chain of buyers; path four, look across complementary product and service offerings; path five, look across functional or emotional appeal to buyers; and path six, look across time and trends. By exploring these paths, the company can identify and leverage unmet needs, untapped demand, and emerging opportunities.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Priyanka Aggarwal

LinkedIn Top Voice | Growth Strategist at Publicis Sapient | Gartner | EY | Cultural Champion
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The Blue Ocean Strategy is like a map for companies to find new and uncontested markets. First, they try to offer something better and cheaper than others. Then, they use a chart to see how their products are different from competitors. They also think about four things: what to stop, what to do less of, what to make better, and what to create. And there's a grid to help them come up with new ideas. Altogether, these tools help companies move away from competing in busy markets to creating new and unique opportunities for themselves.

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What are the key components of the Blue Ocean Strategy framework?

1

2

3

4

5

6

7

1 Value innovation

2 Four actions framework

3 Eliminate-reduce-raise-create grid

4 Three tiers of noncustomers

5 Buyer utility map

6 Six paths framework

7 Here’s what else to consider

Critical Thinking

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What are the key components of the Blue Ocean Strategy framework?

1

2

3

4

5

6

7

1 Value innovation

2 Four actions framework

3 Eliminate-reduce-raise-create grid

4 Three tiers of noncustomers

5 Buyer utility map

6 Six paths framework

7 Here’s what else to consider

Critical Thinking

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