[Biz] 비지니스 모델의 탄생
지에프컨설턴트 조회수:3247
2015-02-04 15:19:00
 
 

 

 

 

 

사업모델 구축 과정을 직관적으로 알 수 있는 영상

 

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1. CS - Customer Segments (고객 세그먼트)
    - 조직은 하나 이상의 Customer Segment에게 상품이나 서비스를 제공
    - Customer Segments 빌딩블록은 기업이 제각기 얼마나 상이한 유형의 사람들 혹은 조직을 겨냥하는지를 규정

    - Customer Segments의 예
      · Mass Market: 가전 제품 분야
      · 틈새시장: '공급자-바이어'관계, 메이저 자동차 생산업체
      · 세그먼트가 명확히 이루어진 시장: 상대 기업에 따라 제공하는 가치가 조금씩 다르다
      · 복합적인 세그먼트가 혼재돼 있는 시장: 복합적인 고객 비즈니스 모델을 가진 기업
      · 멀티사이드 시장: VISA, 구글, 이베이, MS 윈도우즈, 파이낸셜타임스 등

2. VP - Value Propositions (가치 제안)
   - 조직이 제공하는 가치는 커뮤니케이션, 물류, 세일즈 채널 등을 통해 고객에게 도달
   - 조직은 고객이 처한 문제를 해결해주고 욕구를 충족시켜주는 특정한 가치를 제공
   - 특정한 Customer Segment가 필요로 하는 가치를 창조하기 위한 상품이나 서비스의 조합
      · 새로움: 아무도 제시하지 않았기 때문에 필요한지조차 몰랐지만, 전적으로 새로운 니즈를 찾아내 충족시켜 줌
      · 퍼포먼스: 제품/서비스 성능을 향상시키는 방법 또한 가치를 창조해내는 일반적이고 전형적인 방법
      · 커스터마이징: 제품/서비스를 개별고객이나 세그먼트의 특화된 요구에 맞춤으로서 새로운 가치 창출
      · 무언가를 '되게' 만드는 것: 고객이 무언가를 수행하는 것을 돕는 것만으로도 가치는 만들어질 수 있음
      · 디자인: 패션이나 가전 분야에서 디자인은 특히 중요한 가치 제안 요소
      · 브랜드 지위: 고객들은 특정 브랜드를 사용하고 보여주는 단순한 행동에서 가치를 발견하기도 함
      · 가격: 비슷한 가치를 저가로 제공하는 것
      · 비용 절감: 고객이 비용을 절감하도록 도움으로써 가치를 창출하기도 함
      · 리스크 절감: 고객들이 상품/서비스를 구입할 때 중요하게 생각하는 것 중 하나가 '리스크'
      · 접근성: 예전에는 접근이 쉽지 않았던 상품이나 서비스를 제공하는 것도 가치 창조 방법 중 하나
      · 편리성/유용성: 좀 더 편리하거나 쉽게 사용할 수 있도록 하는 것
 
3. CH - Channels (채널)
   - 조직이 제공하는 가치는 커뮤니케이션, 물류, 세일즈 채널 등을 통해 고객에게 도달
   - 기업이 Customer Segment에게 가치를 제안하기 위해 커뮤니케이션을 하고 상품이나 서비스를 전달하는 방법
   - 채널의 5 요소
       · 이해도: 상품이나 서비스에 대한 고객의 이해도를 어떻게 끌어올릴 것인가?
       · 평가: 고객이 가치 제안을 제대로 평가할 수 있도록 어떻게 도울 것인가?
       · 구매: 어떻게 하면 고객이 더욱원활하게 상품이나 서비스를 구매하게 할 것인가?
       · 전달: 어떤 방법으로 고객에게 가치 제안을 전달할 것인가?
       · 판매 이후: 구매 고객을 어떻게 지원할 것인가?

4. CR - Customer Relationships (고객 관계) 
   -  고객과의 관계는 각각의 고객 세그먼트 별로 특징적으로 확립되고 유지 
   - 특정한 Customer Segment와 어떤 형태의 관계를 맺을 것인가를 의미
   - 특정한 Customer Segment와 Customer Relationship을 형성할 때 공통적으로 꼽을 수 있는 방식
       · 개별 어시스트: 사람이 직접 하는 상호 교류가 필요한 방식
       · 매우 헌신적인 개별 어시스트: 고객별로 전담인력을 두어 헌신적으로 응대하게 하는 방식
       · 셀프서비스: 고객이 스스로 니즈를 해결하도록 필요한 모든 수단 제공
       · 자동화 서비스: 셀프서비스와 자동화 프로세스를 혼합한 것
       · 커뮤니티: 점점 더 활발하게 기존 고객이나 잠재 고객과 밀접한 관계를 맺기 위한방법으로 유저 커뮤니티 활용
       · 코-크리에이션: 고객들과 함께 가치를창조하기 위해 '고객-벤더' 관계를 넘어서고 있음

5. R$ - Revenue Streams (수익원)
   - 조직은 고객들에게 전달하고자 하는 가치를 성공적으로 제공했을 때 수익을 얻음
   - Revenue Stream은 기업이 각 Customer Segments로 부터 창출하는 현금을 의미
     (수입에서 비용을 제한 것이 Revenue 이다)
   - Business Model의 두가지 형태의 수익원
       · 고객의 1회 지출로부터 유발되는 수익
       · 고객에게 Value Proposition을 전달하거나 구매 후 고객을 지원하는 데 따른 연속적인 지출로부터 유발되는
         반복적인 수익
   - 수익원을 창출하는 방법
       · 물품 판매
       · 이용료
       · 가입비
       · 대여료/임대료
       · 라이센싱
       · 중개수수료 
       · 광고
   - 가격 메커니즘
       · Fixed Menu Pricing (고격가격제): 정적 변수(static variables)에 따라 가격이 미리 정해짐
       · Dynamic Pricing (변동가격제): 시장 상황에 따라 가격이 변함

6. KR - Key Resources (핵심자원)
   - 앞의 다섯 가지를 실현하려면 자산으로서 핵심자원이 필요
   - Key Resources 빌딩 블록은 비즈니스를 원활히 진행하는 데 가장 필요한 중요 자산
   - Key Resource 분류
       · 물적 자원: 생산시설, 건물, 자동차, 기계, 시스템, 판매시스템, 물류 네트워크 등
       · 지적 자산: 브랜드, 독점적 지식, 특허나 저작권, 파트너십, 고객 데이터베이스 등
       · 인적 자원: 경험이 풍부한 과학자 집단, 숙련된 대규모 영업팀 등
       · 재무 자원: 현금이나 신용한도, 스톡옵션 등

7. KA - Key Activities (핵심활동)
   - 앞의 다섯 가지를 실현하려면 조직은 또한 여러 유형의 핵심활동을 수행해야 함
   - 기업이 비즈니스를 제대로 영위해나가기 위해서 꼭 해야 하는 중요한 일
   - Key Activities 분류
       · 생산: 우수한 품질의 제품을 설계, 제작, 운송하는 것
       · 문제해결: 고객이 처한 각각의 문제에 대한 새로운 해결책을 찾아내는 것
       · 플랫폼/네트워크: 네트워크와 중개 플랫폼, 소프트웨어, 브랜드등도 플랫폼의 기능

8. KP - Key Partnerships (핵심 파트너십)
   - 특정한 활동들은 외부의 파트너십을 통해 수행하며(아웃소싱), 일부 자원 역시 조직 외부에서 얻음
   - 비즈니스 모델을 원활하게 작동시켜줄 수 있는 '공급자-파트너' 간의 네트워크
   - Partnership을 구축하는 이유
       · 최적화와 규모의 경제
       · 리스크/불확실성의 감소
       · 자원/활동의 획득

9. CS - Cost Structure (비용구조)
   - 비즈니스 모델의 여러 요소를 수행하자면 비용이 듬
   - 비즈니스 모델을 운영하는 데서 발생하는 모든 비용
   - 비즈니스 모델의 Cost Structure
       · Cost-driven (비용 주도)
       · Value-driven (가치 주도)
    - Cost Structure 구성 요소
       · Fixed costs (고정비): 인건비, 임대료, 물리적 생산시설 등
       · Variable costs (변동비): 생산되는 제품/서비스규모에 비례해 변동되는 비용
       · Economics of scale (규모의 경제): 산출량이 늘어나면 비용 대비 효과가 더 커짐
       · Economics of scope (범위의 경제): 운영범위를 넓히면 비용 대비 효과가 더 커짐

 

 

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This post comes mainly as a reaction to the various attempts by others to adapt and merge the Business Model Canvas with Customer Development for the entrepreneurial context. While it’s great and fascinating to see how people are tinkering with Steve’s and our method to adapt them for their start-ups, I am also worried that they lead young companies down the wrong path.

Steve and I have both already written about how our methods fit together here (Steve) and here (me). However, this time I took some time to sketch out a more detailed start-up process that merges the concepts and tools from Steve’s bestselling The Four Steps to the Epiphany and our globally bestselling Business Model Generation ? A Handbook for Visionaries, Game Changers, and Challengers. Additional concepts and tools, such as Eric Ries’ Lean Start-up, may be added subsequently.

I will illustrate this process through the fictional story of Dave Sanburn, a former finance type based in Dallas, who decided to launch his own start-up. His entrepreneurial story all started with an unsatisfied customer need that gave him the idea for his start-up.

1) THE BUSINESS IDEA AND INITIAL STRESS TESTS

Dave likes wearing tailor-made shirts, but sees shopping as a chore. He used to buy these kind of shirts during his business trips to London, but was never really satisfied, neither by the experience nor the price. When Dave realized that it was not so easy to conveniently find and buy tailor-mode shirts in Dallas he wondered if this could be a business idea worth pursuing.

Ideas for a business can have various origins. Sources could be:

  • An unsatisfied customer need like Dave’s. In fact, many successful entrepreneurs launch a start-up because their own personal needs couldn’t be satisfied by the market.
  • technology (innovation) that allows doing business in a different or more efficient way. Think of how Skype started offering free phone calls because they used the readily available and free Internet as an infrastructure, rather than a proprietary network.
  • new product or service that the market hasn’t seen yet, or that is offered with a different or better value proposition. The Nespresso machine is an example of the former, while cheap flights by Southwest, easyJet or Ryanair are an example of the latter.

Let’s get back to Dave and help him run a first rough stress test of his business idea. Dave should look at four areas: customers, key trends (e.g. technology), competitors, and the macro environment. (These for areas are a simplification of the Business Model Environmentoutlined in Business Model Generation).


Dave should investigate a series of questions related to each of the four areas:

  • Customers: Who could the customers for the business idea be? What jobs are they really trying to get done? Are there enough potential customers? Do they have buying power? Are they easy to reach?
  • Trends: Could some of the key trends render the business idea obsolete in the future (e.g. tech trends, legal trends, etc.)? Are key trends going to boost the business idea in the future (e.g. socio-economic trends, etc.)?
  • Competitors: Which other companies are already operating in this space? What are the substitute products and services? Which actors (competitors or partners) are key in this space?
  • Macro environment: Which macro-factors must be in place to make the idea reality (e.g. infrastructure, talented employees, etc.)?

In the graphic below I added four of the concepts from Steve’s The Four Steps to the Epiphany, which I think can be of tremendous help at this stage (additions in red).

Regarding customers (right-hand side), Dave should start sketching out some first rough customer hypotheses and problem hypotheses. Steve’s book contains excellent worksheets with questions to develop the hypotheses. Regarding competition (left-hand side), Dave should add a first rough take on the market type hypothesis and competitive hypothesis.

Stress-testing the business idea is part desk-research (thank you Google) and part “getting out of the building”, to use Steve Blank’s terms. The goal of this phase is to figure out if a business idea is worth pursuing.

2) BUSINESS MODEL PROTOTYPING ? GENERATING ALTERNATIVES

After some initial research Dave decides to continue investigating his business idea. The question is: how can he offer tailor-made shirts in a viable way and how can he turn this into multi-million dollar business?

At this point many entrepreneurs fully focus on the product or service they are planning to offer. Big mistake. It’s far more illuminating to sketch out and think through several alternative business models for a product, service, or technology.

The same product, service, or technology may fail with one business model, but succeed with another. For example, few people know thatNespresso ? today a 2+ billion USD business owned by Nestle ? almost failed in the late 80s because of an unsuccessful business model. With exactly the same product and technology (Nespresso machines and pods), but a very different business model, Nespresso started its global conquest of the espresso market.

I call this phase business model prototyping. It’s the one that business people and entrepreneurs struggle most with. Rather than sketching out 4-6 potential business model alternatives in 60 minutes, most people feel more comfortable merely discussing ideas or one single business model. Big mistake. It’s more valuable to have several business model alternatives on the table so you can discuss their strengths and weaknesses.

To compare the different potential business models you particularly want to play around with ballpark figures for each alternative. You can either do this with a spreadsheet or even more conveniently with our upcomingiPad app (don’t ask for the release date ;-) .

3) SELECTING A BUSINESS MODEL: PLAN A

After going through several alternatives and comparing them with a set of criteria Dave has selected the one he thinks looks most promising. It’s illustrated in the next three images.

This first Business Model Canvas below illustrates the basic model of offering tailor-made shirts that are manufactured in China to white-collar office workers in big US cities. The hundred million-dollar question is of course how to reach them, i.e. through which channels?

This is where Dave’s business model becomes special. He plans to operate no stores and no sales force. His intention is to generate sales through independent “style advisers” who will earn commissions of up to 25 percent on clothing they sell.

The second Canvas illustrates the value proposition that shall attract the “style advisers” who will essentially be recruited by other advisers. Like in most direct-sales companies, advisers will get a cut of the sales made by reps they recruit.

The last Canvas shows how Dave’s company is different from most other shirt retailers. For example, he operates no stores, no sales force, and only manufactures shirts that have already been sold.

4) TESTING THE BUSINESS MODEL ? CUSTOMER DEVELOPMENT

As attractive as this first business model might look, it’s nothing else than a set of guesses. Nobody knows if it’s really going to work? This is where the real value of Steve Blank’s Customer Development kicks in. Each post-it note in the Canvas should be turned into a hypothesis and then tested. In Steve’s 4-step methodology this is the first phase calledCustomer Discovery.

Visually this can be represented with three layers. A first (Canvas) layer represents the business model. This is what we just outlined above with Dave’s example of a tailor-mode shirt maker. The second (Canvas) layer outlines the underlying hypothesis for each post-it note. The third (Canvas) layer turns each hypothesis into a test, so that it can be verified and measured.

Let’s briefly go through these three layers with a simple example that Dave could put in practice:

  • Business Model Layer: In the business model Dave might define a price point of 150.- USD for a shirt, because he thinks his shirts need to be about 50% cheaper than a similar shirt sold through traditional retail. The profitability of his business model is calculated based on this price.
  • Hypothesis Layer: The underlying hypothesis for this price point is that customers would not buy if the shirts were more expensive, but wouldn’t buy many more shirts if they were cheaper (else Dave risks leaving money on the table).
  • Test (and Measurement) Layer: A way to test the above hypothesis would be a field trial with different prices. Another way to test the hypothesis would be to set-up a different websites with different prices and analyze customers’ response rates.

The challenge for Dave is to develop the three layers for each business model building block and post-it note in the Canvas ranging from customers, over value proposition, all the way to resources, and cost structure.

When Dave tests the business model with customers he is likely to modify it in an iterative fashion every time he learns more from customers. Once he thinks he’s got it right, he can continue with the remaining 3 steps of Customer Development, notably Customer Validation, Customer Creation, and Company Building.

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DEVELOPING A BUSINESS MODEL, THE BUILDING BLOCKS, THE BUSINESS MODEL CANVAS, THE BIG VISION, RED AND BLUE OCEANS

Thinker

Everyone in the tech world talks about business models. But I’ll bet that if you quizzed a random sample of these people, you’d find that they really don’t know what a business model is. I did just that with my students at UC-Berkeley. Most raised their hands, and MBA student Blake Brundidge’s attempt to answer the question was a valiant one?but none of them really had a clue.  The only one who got the answer right was Lionel Vital, a Stanford student gatecrashing my iSchool class.

The reality is that a business model is like the old saying about teenage sex: everyone talks about it all the time; everyone boasts about how well he or she is doing it; everyone thinks everyone else is doing it; almost no one really is; and the few who are are fumbling their way through it incompetently. (Yes, I know things have changed.)

I’ll tell you what a business model is, in case you are quizzed by your investors.

But first, let me answer the big question that is surely on your mind: what is a Stanford student doing at Berkeley? It may be that our classes at Berkeley are much better than those at Stanford. That is probably why Lionel approached me at the beginning of the semester and begged to be allowed to audit my class. To Lionel’s credit, he scored better than any of the Berkeley students. So perhaps some Stanford kids are a little smarter, but Berkeley students get better education? I know that our students certainly have a lot more fun. You just have to visit the campuses to note the stark difference.

Now let’s discuss business models. Sorry, the teenagers reading this will need to get their sex education somewhere else. I teach only entrepreneurship and globalization.

Step one in building a successful business is to learn what products or technologies your customers really need and are willing to buy. This is an iterative process that I explained in this piece. The vast majority of technology startups fail because too few customers buy or use their products. So don’t underestimate the importance of validating and testing your ideas.

Developing the right product is hard. But what is harder is building a good business model. Fortunately, there’s nothing magical about a business model. It’s simply the nuts and bolts of how a business plans to generate revenue and profits. It details your long-term strategy and day-to-day operations.

Entrepreneurs put together elaborate business plans showing optimistic market-share projections. Even 1% of a billion-dollar market seems lucrative, right? Wishful thinking is great, but when it comes time to create your business model, you need to be realistic.The challenges differ from industry to industry, but here are seven basic components of a business model:

  1. Reaching customers. Ralph Waldo Emerson famously said, “Build a better mousetrap, and the world will beat a path to your door.” The reality is that even if you did, no one would find you. Even when you know who your prospects are, it’s usually difficult and costly to reach them. You have to find them via the Internet and e-mail, or the old-fashioned way?through broadcast media, print ads, direct mail, telemarketing, or references or by cold-calling. And these potential customers are not likely to be waiting to hear from you and may not respond to you. So be sure you know how you are going to find and reach them. 
  2. Differentiating your product. You think you’ve got the very best solution, but so does the other gal (or guy). There’s always competition, whether you realize it or not. Smart marketing executives know how to develop unique product-positioning strategies that highlight a product’s true value. You need to thoroughly understand the competition and effectively communicate the unique advantages of your product. 
  3. Pricing. One of the most basic decisions you have to make is how much you’re going to charge for your product or service. Giving your stuff away is the way to go on the web, but remember that you still need to figure out how you are eventually going to make money?you can’t make it up on volume. Start by understanding how much customers value what they’re gaining from you. Then you need to estimate your total costs, analyze the competitive landscape, and map out your long-term strategy. For your company to survive, your product’s price must be greater than its overall cost. 
  4. Selling. Persuading customers to buy a product that they need is one of the most important skills an entrepreneur must learn (read It’s All About Selling for Survival). You’re going to be selling at every juncture. So you have to understand what it takes to close a deal and put together the necessary sales process. And this process has to be perfectly conceived. Be sure you test your selling strategy as you would your product.
  5. Delivery/distribution. This is easy on the Internet. But for big-ticket items, you usually require a direct sales force; for mid-range products, distributors or value-added resellers; and, for low-priced items, retail outlets or the Internet. It’s different in every industry and for every type of product, but you have to get this right. Your products need to be designed and packaged for the channel through which they will be distributed to customers.
  6. Supporting Customers. In addition to teaching customers how to use your product, you need to ensure that you can deal with defects and returns, answer product questions, and listen to and incorporate valuable suggestions for improvement. You may need to provide consulting services to help customers integrate and implement your products. If your product is a critical component of a business, you may also need to provide 24/7 onsite or web support.
  7. Achieving customer satisfaction. The ultimate success or failure of a business depends on how much it helps customers achieve their objectives. Happy customers will become your best sales people and buy more from you. Unhappy customers will become your biggest liability.

All the pieces have to come together like a jigsaw puzzle in your business model. The good news is that you don’t have to start from scratch when formulating it. You can give yourself a head start by learning from competitors and other markets. It is not only the successes that provide valuable lessons; it is also the failures.

You can innovate as much in your business model as you do in your products. Be prepared to evolve your innovation strategy as you gain experience and as your market changes. Like your products, it will probably take several versions to get your business model right; you get better with practice.

COMMENTARY:  

The Business Model Canvas

Developing a business model requires that you identify the basic building blocks of the business model that create value innovation.   Alexander Osterwalder's work and thesis (2010, 2004) propose a single reference model based on the similarities of a wide range of business model conceptualizations. With his business model design template, an enterprise can easily describe their business model

  • Strategic Partners - In order to optimize operations and reduce risks of a business model, organization usually cultivate buyer-supplier relationships so they can focus on their core activity. Complementary business alliances also can be considered through joint ventures, strategic alliances between competitors or non-competitors.
  • Key Activities - The most important activities in executing a company's value proposition.
  • Key Resources - They are considered an asset to a company, which are needed in order to sustain and support the business. These resources could be human, financial, physical and intellectual.
  • Value Proposition - The collection of products and services a business offers to meet the needs of its customers. According to Osterwalder, (2004), a company's value proposition is what distinguishes itself from its competitors. The value proposition provides value through various elements such as newness, performance, customization, "getting the job done", design, brand/status, price, cost reduction, risk reduction, accessibility, and convenience/usability.
  • Customer Relationships - To ensure the survival and success of any businesses, companies must identify the type of relationship they want to create with their customer segments.
  • Distribution Channels - A company can deliver its value proposition to its targeted customers through different channels. Effective channels will distribute a company’s value proposition in ways that are fast, efficient and cost effective. An organization can reach its clients either through its own channels (store front), partner channels (major distributors), or a combination of both.
  • Customer Segments - To build an effective business model, a company must identify which customers it tries to serve. Various set of customers can be segmented base on the different needs and attributes to ensure appropriate implementation of corporate strategy meets the characteristics of selected group of clients
  • Costs - This describes the most important monetary consequences while operating under different business models.
  • Revenues - The way a company makes income from each customer segment.

The above building blocks are visualized in Osterwalder's Business Model Canvas:

 

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Seizing The White Space

If you are a new business startup, or an existing company still trying to find its way, I highly recommend that you read Seizing The White Space: Business Model Innovation for Growth and Renewal by Mark W. Johnson.  

The Necessity For A Grand Vision or Mission

I often site the need for a company to establish a grand vision or central mission for the business. This is the foundation upon which business models are built and take root.  Mark Johnson did not address this in the above videos, but I believe it is very important to establish a grand vision or central mission before developing a business model.  If your grand vision or mission statement and business model are not congruent then something is wrong.  Steve Jobs established a grand vision for Apple by developing the Digital Hub Strategy, a subject I wrote about in a blog post dated October 6, 2011 and mention quite regularly in many of my blog posts about Steve Jobs and Apple.

According to Steve Jobs the personal computer would become the Digital Hub for theDigital Lifestyle, an emerging digital trend driven by the internet and an explosion in digital devices: digital camera's, videocam's, portable music players, PDA's and DVD video players.  The PC would serve as a Digital Hub that would allow consumers to store, share and playback digital images, music and video files.

Steve Jobs' Digital Hub Strategy
Click Image To Enlarge

In the following video, Steve Jobs introduces the Digital Hub Strategy at MacWorld 2001.  That was the key moment in history that defined Apple's purpose and the basis for its present business model. The Digital Hub Strategy accounts for the overwhelming string of successful consumer electronics products, including the iPod, iPhone and iPad.

 

Blue Ocean Strategy

I also recommend that you read Blue Ocean Strategy by W. Chan Kim and Renee Mauborque.

Companies have long engaged in head-to-head competition in search of sustained, profitable growth. They have fought for competitive advantage, battled over market share, and struggled for differentiation.

Yet in today’s overcrowded industries, competing head-on results in nothing but a bloody“red ocean” of rivals fighting over a shrinking profit pool. In a book that challenges everything you thought you knew about the requirements for strategic success, W. Chan Kim and Renee Mauborgne contend that while most companies compete within such red oceans, this strategy is increasingly unlikely to create profitable growth in the future.

Based on a study of 150 strategic moves spanning more than a hundred years and thirty industries, Kim and Mauborgne argue that tomorrow’s leading companies will succeed not by battling competitors, but by creating “blue oceans” of uncontested market space ripe for growth. Such strategic moves?termed “value innovation”?create powerful leaps in value for both the firm and its buyers, rendering rivals obsolete and unleashing new demand.

Blue Ocean Strategy provides a systematic approach to making the competition irrelevant. In this frame-changing book, Kim and Mauborgne present a proven analytical framework and the tools for successfully creating and capturing blue oceans. Examining a wide range of strategic moves across a host of industries, Blue Ocean Strategy highlights the six principles that every company can use to successfully formulate and execute blue ocean strategies. The six principles show how to reconstruct market boundaries, focus on the big picture, reach beyond existing demand, get the strategic sequence right, overcome organizational hurdles, and build execution into strategy.

I would read Blue Ocean Strategy because it represents a new paradigm for developing business strategy. 

What is Blue Ocean Strategy? Ten Key Points

  • BOS is the result of a decade-long study of 150 strategic moves spanning more than 30 industries over 100 years (1880-2000).
  • BOS is the simultaneous pursuit of differentiation and low cost.
  • The aim of BOS is not to out-perform the competition in the existing industry, but to create new market space or a blue ocean, thereby making the competition irrelevant.
  • While innovation has been seen as a random/experimental process where entrepreneurs and spin-offs are the primary drivers ? as argued by Schumpeter and his followers ? BOS offers systematic and reproducible methodologies and processes in pursuit of blue oceans by both new and existing firms.
  • BOS frameworks and tools include: strategy canvas, value curve, four actions framework, six paths, buyer experience cycle, buyer utility map, and blue ocean idea index.
  • These frameworks and tools are designed to be visual in order to not only effectively build the collective wisdom of the company but also allow for effective strategy execution through easy communication.
  • BOS covers both strategy formulation and strategy execution.
  • The three key conceptual building blocks of BOS are: value innovation, tipping point leadership, and fair process.
  • While competitive strategy is a structuralist theory of strategy where structure shapes strategy, BOS is a reconstructionist theory of strategy where strategy shapes structure.
  • As an integrated approach to strategy at the system level, BOS requires organizations to develop and align the three strategy propositions: value proposition, profit proposition and people proposition.

Red Ocean Versus Blue Ocean Strategy

The vast majorities of companies, regardless of industry sector, compete in "red oceans."   They are basically competing based<

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