Reference no: EM132874558

Since its introduction in 2004, Blue Ocean Strategy has received much attention among management practitioners and researchers. Many were intrigued by the idea that organizations could focus their efforts on creation of uncontested market spaces where head-to-head competition would no longer be relevant. For some, Blue Ocean Strategy was a strong response to the dominance of neoclassical economic thought on the field of strategy, and the beginning of a new era that promised economic growth and high profitability across industries.

The critiques of Blue Ocean Strategy, on the other hand, have suggested that the idea lacks external validity and that prescriptions for organizations based on the concept rarely lead to successful outcomes. Some have also argued that the underlying assumptions of Blue Ocean Strategy are not that different from the foundations of Competitive Strategy.

Your task is to write analyze the concept of Blue Ocean Strategy. You need to build on your understanding from the readings, the video from Andrew Burke's interview, and also Michael Porter's interview on his Five Forces framework to build your arguments. You need to briefly discuss what Blue Ocean Strategy could mean to the strategic decision at your own organizations, what are the positives and what are the challenges?