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BOS: Reconstruct Market Boundaries
Bailey Anderson, Angela Chavez, Tucker DeVinny
Six Path Framework
Look Across Alternative IndustriesLook Across Strategic Groups Within IndustriesLook Across the Chain of BuyersLook Across Complementary Product and Service OfferingsLook Across Functional or Emotional Appeal to BuyersLook Across Time
Path 1: Alternative Industries
Blue ocean strategy focuses on looking at alternative industries as opposed to just rivals within the current industryAmerican airlines can capitalize on this strategy by scoping out other modes or transportations such as charter bus transportation and trains.
Path 2: Strategic Groups in Industry
Strategic groups are defined as a cluster of companies in a specific industry who have a similar strategy to follow.Strategic groups can be formed based on levels of price and performance (Luxury brands competing while economic brands compete)American Airlines competes with Delta, JetBlue, and Southwest at a similar price range.Ultra-Low Cost Carriers (LCCs) like Spirit, Allegiant, and Frontier compete with each other at a much lower price point.
Path 3: The Chain of Buyers
The Chain of BuyersPurchasers: Office Equipment IndustryUsers: Clothing IndustryInfluencers: Pharmaceutical IndustryTarget different customer segmentsLarge vs. Small
Path 4: Complementary Product and Service Offerings
Untapped value is hidden in complimentary products and servicesLook at the process before, during, and after the product is usedEx: A movie theater with a babysitting service
Path 5: Functional and Emotional Appeal to Buyers
Functional AppealCompete principally on price and function largely on calculations of utilityEmotional AppealCompete largely on feelingsWhen companies challenge their functional-emotional orientation, they often find new market spaceExamples: QB (Quick Beauty) House, Cemex
Path 6: Time
Key insights to blue ocean strategies arise from how the trend will change value to customers and impact the company's business modelThree critical principles to assessing trendsTrends must be decisive to your businessThey must be irreversibleThey must have a clear trajectoryExample: iTunes
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