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Blue Ocean Strategy (Cracow Translation Days 2013)

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Slides from my presentation on the blue ocean strategy at Cracow Translation Days 2013

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Blue Ocean Strategy (Cracow Translation Days 2013)

  1. 1. Blue Ocean Strategy Can translators make competition irrelevant? Marta Stelmaszak Cracow Translation Days 7 September 2013
  2. 2. Agenda • Introduction • Economics and theories • Red oceans and blue oceans • Creating a blue ocean • Formulating a blue ocean strategy • Strategy canvas • Summary and questions
  3. 3. Introduction • About me • About this workshop • Please take notes • Use the notepad in your conference pack • If an example comes to your mind, share it • Try to leave the room with action points
  4. 4. Economics and theories • Why theories are not just theories? • Why theories and strategies are not just for big companies? • What I took away? • LSE: network economics, switching cost, disintermediation • Oxford: law of demand and supply, Veblen goods, marginal cost, production cost • Other: the Golden Circle, Why, ICA • LSE: innovation, disruption, project management, SMART
  5. 5. Red oceans and blue oceans (1) • Book: “Blue ocean strategy. How to created uncontested market space and make competition irrelevant”, W. C. Kim, R. Mauborgne • Preface: “This book is about friendship” • I’ll be using examples: Cirque du Soleil, Apple, others…
  6. 6. Red oceans and blue oceans (2) • Red ocean
  7. 7. Red oceans and blue oceans (3) • Red ocean of translation - examples • Compete in existing market space • Beat the competition • Exploit existing demand • Make the value-cost trade-off • Differentiation or low cost
  8. 8. Red oceans and blue oceans (4) • Blue ocean of translation • Create uncontested market space • Create and capture new demand • Break the value-cost trade-off • Value innovation • Make the competition irrelevant
  9. 9. Red oceans and blue oceans (5) • Blue ocean
  10. 10. Creating a blue ocean (1) A new value curve Eliminate Reduce Raise Create
  11. 11. Creating a blue ocean (2) • Which of the factors that the industry takes for granted should be eliminated?
  12. 12. Creating a blue ocean (3) • Which factors should be reduced well below the industry standard?
  13. 13. Creating a blue ocean (4) • Which factors should be raised well above the industry standard?
  14. 14. Creating a blue ocean (5) • Which factors should be created that the industry has never offered?
  15. 15. Creating a blue ocean (6) • Eliminate Raise • Reduce Create
  16. 16. Formulating a blue ocean strategy (1) • Reconstructing market boundaries • Researching beyond existing demand • Focusing on the big picture
  17. 17. Formulating a blue ocean strategy (2) • Reconstructing market boundaries • Path 1: Look across alternative industries • Path 2: Look across strategic groups within industries • Path 3: Look across the chain of buyers: purchasers, users, influencers • Path 4: Look across complementary product and service offerings • Path 5: Look across functional or emotional appeal • Path 6: Look across time
  18. 18. Formulating a blue ocean strategy (2) • Reconstructing market boundaries Head-to-head competition Blue ocean Industry Focuses on rivals within the industry Looks across alternative industries Strategic group Focuses on competitive position within a group Looks across strategic groups within industry Buyer group Focuses on better serving the buyer group Redefines the industry buyer group Scope of service offering Focuses on maximising the value of service offerings Looks across to complementary product and service offerings Functional-emotional orientation Focuses on improving price performance within the functional-emotional orientation Rethinks the functional- emotional orientation Time Focuses on adapting to external trends as they occur Participates in shaping external trends over time
  19. 19. Formulating a blue ocean strategy (3) • Researching beyond existing demand Soon to be Refusing Unexplored
  20. 20. Formulating a blue ocean strategy (3) • Researching beyond existing demand • Buyer experience cycle Purchase Delivery Use Supplements Maintenance Disposal
  21. 21. Formulating a blue ocean strategy (3) • Focus on the big picture, not numbers
  22. 22. Strategy canvas (1)
  23. 23. Strategy canvas (2)
  24. 24. Strategy canvas (3) • Compare your business with your competitors’ by drawing your “as is” strategy canvas • See where it can be changed
  25. 25. Summary • Compare your business with your competitors’ by drawing your “as is” strategy canvas • See where it can be changed • Go into the field to explore the six paths to creating blue oceans • See which factors you should eliminate, create or change • Draw your “to be” strategy canvas
  26. 26. Questions Marta Stelmaszak www.wantwords.co.uk marta@wantwords.co.uk @mstelmaszak

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