Blue Ocean Strategy enables managers and entrepreneurs to develop value innovations through the Four Actions Framework. Blue Ocean Strategy formulation focuses on eliminating, reducing, raising, or creating features to an existing product or service in order to make the product attractive to non-customers. After years of teaching and facilitating Blue Ocean Strategy formulation sessions, we have observed that participants often have difficulty in the create new features action. We assert that applying the Creative Problem Solving (CPS) process is a more effective and reliable means of developing new product features as part of the Four Actions Framework. We describe how educators and practitioners can facilitate CPS sessions as part of formulating new Blue Ocean Strategies.
Read full abstract