Blue Ocean Strategy of Sharing Economy New Rules for New Times Business Society in the Balance

Introduction

The blue ocean strategy refers to a situation or a market where there is no irrelevant competition, or where there is negligible competition. The blue ocean strategy of Sharing Economy New Rules for New Times Business Society in the Balance is focused on searching for new markets and business avenues which operate with minimal pricing pressures. The blue ocean strategy can be applied across different sectors and industries, and the businesses that exist within them. Sharing Economy New Rules for New Times Business Society in the Balance blue ocean strategy is pivoted on entering new market spaces, or developing them as well as on innovation focused internally or externally that helps reinvent the industry to ensure no irrelevant competition (Kim & Mauborgne, 2014).

Moving away from saturated markets

The Sharing Economy New Rules for New Times Business Society in the Balance continues to operate in saturated market spaces, and is restricted in growth and expansion. The Sharing Economy New Rules for New Times Business Society in the Balance’s businesses often face hurdles in the way of development and are also faced with increasingly intense pricing pressures- and are thus said to operate in a red ocean. A red ocean is marked with cut-throat competition and pricing wars that compromise the profits for all players. Pressures in saturated markets along with narrow growth spaces had forced the Sharing Economy New Rules for New Times Business Society in the Balance to search for new avenues – vertically or horizontally – to be able to enjoy higher market shares, and swim in blue oceans (Kim & Mauborgne, 2014).

Blue ocean strategy and differentiation

New industry boundaries

As companies and organizations move towards blue oceans, they redraw and redesign industry boundaries. This is possible through innovation and creativity. The Sharing Economy New Rules for New Times Business Society in the Balance also explores new platforms and channels, as well as means of doing business and is thus able to expand existing industry boundaries. The Sharing Economy New Rules for New Times Business Society in the Balance has also been able to show the potential of developing new industries through its innovations – by identifying new spaces and making the competition irrelevant (Agnihotri, 2016).

Differentiation

The Sharing Economy New Rules for New Times Business Society in the Balance has focused on differentiation under the blue ocean strategy. The Sharing Economy New Rules for New Times Business Society in the Balance’s efforts towards differentiation are focused on creating unique value for the customers in its product and service offerings (Agnihotri, 2016; Blue Ocean Strategy, 2022).

Cost efficiencies and low cost

Under blue oceans, the Sharing Economy New Rules for New Times Business Society in the Balance also focuses on maintaining affordability for the value additions and differentiated products and services that it offers. The Sharing Economy New Rules for New Times Business Society in the Balance commonly continuously reevaluates and reassesses its own processes and systems to maintain high-cost efficiencies (Freedman, 2022).

Value innovation – value addition and low-cost maintenance

In doing so, the Sharing Economy New Rules for New Times Business Society in the Balance has been able to explore blue oceans through value additions as well as affordability for consumers. The Sharing Economy New Rules for New Times Business Society in the Balance has been able to successfully identify what consumer’s value and include it in its offerings and value propositions. At the same time, the Sharing Economy New Rules for New Times Business Society in the Balance has been able to provide the value differentiation at affordable costs. In this manner, the Sharing Economy New Rules for New Times Business Society in the Balance enjoys high levels of value innovation (Kim, 2002; Kim & Mauborgne, 2014).

Understanding red oceans

Under red oceans, where the Sharing Economy New Rules for New Times Business Society in the Balance previously operated, all layers had accepted the predefined structures and boundaries of the industry, and had continued to operate as well as compete within these (The Economic Times, 2022).

Cut throat competition

To be able to remain profitable and successful, players, including the Sharing Economy New Rules for New Times Business Society in the Balance within red oceans, focused efforts on developing and maintaining competitive advantages over one another, and other players. This advantage was largely cost-based, as in the case of the Sharing Economy New Rules for New Times Business Society in the Balance. In this way, wealth was only redistributed at the expense of other players, and the Sharing Economy New Rules for New Times Business Society in the Balance failed to create any new wealth in the red oceans (Kim & Mauborgne, 2005).

Understanding blue oceans

Under the blue ocean strategy, the Sharing Economy New Rules for New Times Business Society in the Balance operates in an industry and market space that is not marked with set boundaries or structures. These blue ocean structures have been recreated by the Sharing Economy New Rules for New Times Business Society in the Balance at large, as well as by other players. Other players have also contributed to the restructuring of the industry through innovation (Kim & Mauborgne, 2014).

Restructuring industrial boundaries under the blue ocean strategy

Under the blue ocean strategy, the Sharing Economy New Rules for New Times Business Society in the Balance is not restricted by predefined rules, barriers, and principles. Instead, the Sharing Economy New Rules for New Times Business Society in the Balance has been able to shift its strategic direction and attention from focusing on supply towards working on developing and creating demand (Blue Ocean Strategy, 2022). The Sharing Economy New Rules for New Times Business Society in the Balance, in this manner, is focused on the building of value innovation in its offerings, along with ensuring efforts towards building and maintaining differentiation and cost-effectiveness. In this way, the Sharing Economy New Rules for New Times Business Society in the Balance has been able to immaterialize the competition (Kim & Mauborgne, 2017).

Strategic directions for blue oceans

The Sharing Economy New Rules for New Times Business Society in the Balance has four different strategic directions, which it can choose from four continuing to pursue its blue ocean strategy. All of these strategic directions will strengthen the company’s current business position and will supports its strategy of value addition and cost efficiencies, as well as differentiation – allowing it to develop strong and sustainable market positions. These directions are

Raise

• The Sharing Economy New Rules for New Times Business Society in the Balance should assess and evaluate the current industry standards and practices.

• The Sharing Economy New Rules for New Times Business Society in the Balance should identify loopholes, and areas which can be improved, expanded upon, or developed a new within the industry.

• The Sharing Economy New Rules for New Times Business Society in the Balance should identify different drivers and factors within the industry boundaries.

• The Sharing Economy New Rules for New Times Business Society in the Balance should identify through research and observation the different factors that could raise above the existing industry standards (Kim, 2002; Kim & Mauborgne, 2017).

Eliminate

• The Sharing Economy New Rules for New Times Business Society in the Balance should assess and observe current industry standards.

• The Sharing Economy New Rules for New Times Business Society in the Balance should observe players’ practices within the industry, and relate the same with the industry standards.

• The Sharing Economy New Rules for New Times Business Society in the Balance can identify the standards which are not needed, which are obsolete, and which may slow down operations and processes.

• These standards can be eliminated in own operations by the Sharing Economy New Rules for New Times Business Society in the Balance (Kim & Mauborgne, 2014; Freedman, 2022).

Reduce

• The Sharing Economy New Rules for New Times Business Society in the Balance can also assess an observe industry standards for identifying factors that are not needed, or needed partially.

• The Sharing Economy New Rules for New Times Business Society in the Balance can work on reducing these standards to enhance operational performance and maximum utilization of resources as well as value addition (The Economic Times, 2022; Kim & Mauborgne, 2014).

Created

• The Sharing Economy New Rules for New Times Business Society in the Balance can also expand current industry boundaries and standards.

• This expansion will be possible by the Sharing Economy New Rules for New Times Business Society in the Balance through expanding and creating new standards.

• The new standards can be created by the Sharing Economy New Rules for New Times Business Society in the Balance through observing industry processes and operations, and identifying potential loopholes.

• The Sharing Economy New Rules for New Times Business Society in the Balance can introduce new processes and standards to redesign industry boundaries (Agnihotri, 2016; Kim & Mauborgne, 2005).

Blue ocean strategy: organizational competencies

The Sharing Economy New Rules for New Times Business Society in the Balance has been able to successfully implement the blue ocean strategy because of three important organizational elements (Freedman, 2022). These organizational elements have allowed the Sharing Economy New Rules for New Times Business Society in the Balance to explore blue oceans, experiment successfully with innovation, and add value to its product offerings. These elements include the following:

Mindset

• The Sharing Economy New Rules for New Times Business Society in the Balance has a progressive mindset that is rooted in this participative and visionary leadership (Bratton, 2020).

• The Sharing Economy New Rules for New Times Business Society in the Balance has a positive and can-do attitude and mindset.

• This mindset has allowed the Sharing Economy New Rules for New Times Business Society in the Balance to achieve success through high focus and efforts (Wilson, 2018).

• The Sharing Economy New Rules for New Times Business Society in the Balance has high motivation levels of employees – which enhances the optimal performance of the organization and has allowed it to explore Blue Ocean through creativity (Kim & Mauborgne, 2017; Kim & Mauborgne, 2005; Wilson, 2018).

Tools

• The Sharing Economy New Rules for New Times Business Society in the Balance has access to multiple resources that has allowed it to take advantage of the blue ocean strategy (Mebert & Lowe, 2017).

• These resources Sharing Economy New Rules for New Times Business Society in the Balance capabilities are internal as well as external for the Sharing Economy New Rules for New Times Business Society in the Balance.

• The Sharing Economy New Rules for New Times Business Society in the Balance has also invested resources and trainings for developing internal capabilities and capacities for ensuring upgraded skills and increased value addition (Buchanan & Huczynski, 2019; Chernev, 2018).

Culture

• The Sharing Economy New Rules for New Times Business Society in the Balance has a learning culture, and encourages all employees to ask questions and carry out healthy discussions (Anthony, 2021; Schein, 2010).

• The Sharing Economy New Rules for New Times Business Society in the Balance has a culture that is focused on research and development, which in turn leads to new innovations and solutions for existing demands and challenges (Wunder, 2019).

• The Sharing Economy New Rules for New Times Business Society in the Balance has an inclusive and diverse culture, which leads to increased synergies that allow the development and implementation of blue ocean strategies easily (Wilson, 2018).

Using the blue ocean strategy effectively: steps for successful implementation

The Sharing Economy New Rules for New Times Business Society in the Balance has developed the blue ocean strategy following systematic and organized processes and steps (Kim & Mauborgne, 2017). The steps that the Sharing Economy New Rules for New Times Business Society in the Balance undertook for developing the blue ocean strategy include:

Step1

The Sharing Economy New Rules for New Times Business Society in the Balance conducted thorough market and industry research to identify the right place to work towards developing a core team (Kim & Mauborgne, 2014; Freedman, 2022). This core team was responsible for driving Sharing Economy New Rules for New Times Business Society in the Balance forward strategically towards new value additions and differentiations (Blue Ocean Strategy, 2022; Kim & Mauborgne, 2017 b).

Step2

The Sharing Economy New Rules for New Times Business Society in the Balance continued to conduct deep market analysis as well as studied and assessed the competition closely. This was needed by the Sharing Economy New Rules for New Times Business Society in the Balance to identify potential opportunities, and demand gaps in the existing industry as well as potential structural changes in the existing industrial boundaries (Blue Ocean Strategy, 2022).

Step3

The Sharing Economy New Rules for New Times Business Society in the Balance’s assessment of the macro environment, and the market spaces allowed it to also identify the challenges and issues hidden in the current industry structure and design (Machado, 2019; Kim & Mauborgne, 2017 b). These issues and problems have restricted the industry size, and led to restrictive growth for the Sharing Economy New Rules for New Times Business Society in the Balance. The Sharing Economy New Rules for New Times Business Society in the Balance was also blue to identify new non-customers in this assessment- which could be turned into future consumers (Blue Ocean Strategy, 2022).

Step4

The Sharing Economy New Rules for New Times Business Society in the Balance worked to redesign and reconstruct the industry boundaries and structures in a systematic manner. This was done through identifying new opportunities, as well as through exploring new innovations and valuations in existing offerings (Blue Ocean Strategy, 2022).

Step5

The Sharing Economy New Rules for New Times Business Society in the Balance finally elected the right blue ocean move, i.e. conducted various pilot testing’s and market testing for its new offerings before finalizing and launching them in the market to attract new consumers, and explore new markets (Blue Ocean Strategy, 2022).

Tackling challenges on the way to Blue Ocean

Restructuring and reorganizing the boundaries and structures of the industries is not that simple (Anthony, 2021; Kim & Mauborgne, 2017 b). Managers and practitioners of the Sharing Economy New Rules for New Times Business Society in the Balance seek to renew the value of their offerings within the organization – mostly using new technologies and advances networks to not only create value propositions, but also transform existing ones (Kim & Mauborgne, 2005; Kim, 2002). However, the Sharing Economy New Rules for New Times Business Society in the Balance has been able to overcome resistance towards change and innovation within the organization, as well as in the external environments, because of:

Organizational culture

The culture within the Sharing Economy New Rules for New Times Business Society in the Balance supports exploration and innovation. This culture is important for supporting the development and implementation of new ideas that boost the value propositions of the Sharing Economy New Rules for New Times Business Society in the Balance (Chernev, 2018; Bratton, 2020; Martinez, Beaulieu, & Gibbons, 2015).

Business design

The Sharing Economy New Rules for New Times Business Society in the Balance also continually practices business design (Freedman, 2022). The Sharing Economy New Rules for New Times Business Society in the Balance ensures that it’s leading from the font. This means that the Sharing Economy New Rules for New Times Business Society in the Balance ensures that its teams are empowered, and confident in tackling ambiguous and difficult challenges and issues. This allows the Sharing Economy New Rules for New Times Business Society in the Balance to identify new opportunities and innovate (Wunder, 2019).

Strong and visionary leadership

The Sharing Economy New Rules for New Times Business Society in the Balance has a forward-thinking, progressive, charismatic leadership. This leadership ensures that the Sharing Economy New Rules for New Times Business Society in the Balance continually engages in disruptive processes and innovations – which in turn allow the company to explore and implement the blue ocean strategy. The leadership is supportive of, and facilitates the change processes within the company (Machado, 2019).

Communication

The Sharing Economy New Rules for New Times Business Society in the Balance ensures that all communication within the organization is transparent and quick (Chernev, 2018; Buchanan & Huczynski, 2019). The leadership and management levels have frequent meetings within the company along managerial levels (Wilson, 2018; Wunder, 2019). This allows employees to feel on board of the happenings, and be part of a change from the beginning – understanding its need and facilitating its implementation. This is critical for ensuring successful innovation and adoption of the blue ocean strategy (Anthony, 2021; Chernev, 2018; Kim, 2002).

Value innovation in blue ocean strategy

Value innovation within the blue ocean strategy focuses on value as well as innovation (Blue Ocean Strategy, 2022; Kim & Mauborgne, 2017). This means that the Sharing Economy New Rules for New Times Business Society in the Balance seeks to innovate and create value at the same time as a means of differentiation within the marketplace to be able to implement the blue ocean strategy (Kim & Mauborgne, 2014). The Sharing Economy New Rules for New Times Business Society in the Balance does not only engage in value creation – which focuses on scaling the existing value only instead of creating a new one (Blue Ocean Strategy, 2022; Agnihotri, 2016; Kim & Mauborgne, 2014).

Technology innovation

The Sharing Economy New Rules for New Times Business Society in the Balance engages in value innovation through technology innovation. The Sharing Economy New Rules for New Times Business Society in the Balance ensures that it uses advanced and progressive technology to address various consumer demands and problems as well as needs in innovative ways and manners (Kim & Mauborgne, 2005). However, the Sharing Economy New Rules for New Times Business Society in the Balance ensures that it focuses on value innovation rather than technology innovation in its value propositions so that new value through technology is created for consumers (Kim, 2002; Wilson, 2018).

Low cost

The Sharing Economy New Rules for New Times Business Society in the Balance also ensures affordability with value innovation. The value innovation allows the Sharing Economy New Rules for New Times Business Society in the Balance to operate at low costs, and maintain cost efficiencies (Chernev, 2018). As a result, the Sharing Economy New Rules for New Times Business Society in the Balance maintains low costs and high value for consumers – allowing it to tap into new consumer groups as well. As a result, the Sharing Economy New Rules for New Times Business Society in the Balance is able to enjoy a high growth rate as well as increased sales and profits (Kim & Mauborgne, 2014).

The strategies and strategic directions for designing and implementing the blue ocean strategy have been overseen through some guiding and fundamental principles by the Sharing Economy New Rules for New Times Business Society in the Balance. These include”

Formulation principles

Redesigning the industry

• The Sharing Economy New Rules for New Times Business Society in the Balance sought to reconstruct, redesign and rebuild the market boundaries and standards.

• The Sharing Economy New Rules for New Times Business Society in the Balance was bold enough to redefine the industry space and the market space in which it operated (Mebert & Lowe, 2017).

Long term focus

• The Sharing Economy New Rules for New Times Business Society in the Balance focused on long-term success and sustainability, instead of short-term gains and numbers.

• The Sharing Economy New Rules for New Times Business Society in the Balance was visionary, and aw beyond the existent customer demand and needs (Freedman, 2022).

Demand creation

• The Sharing Economy New Rules for New Times Business Society in the Balance creates demand for the new value-added offerings it manufactured and proposed in the blue oceans (Kim, 2002).

• The Sharing Economy New Rules for New Times Business Society in the Balance tapped into new customer groups and target audiences (Kim & Mauborgne, Red Ocean Traps (Harvard Business Review Classics), 2017 b).

Execution principles

Overcoming organizational challenges

Organizational culture

• The Sharing Economy New Rules for New Times Business Society in the Balance has a result organizational culture (Martinez, Beaulieu, & Gibbons, 2015; Schein, 2010).

• The Sharing Economy New Rules for New Times Business Society in the Balance invests in research and development.

• The Sharing Economy New Rules for New Times Business Society in the Balance is quick to adapt to change and has a disciplined change management team to oversee change processes (Chernev, 2018; Kim & Mauborgne, 2014).

Environmental assessment

• The Sharing Economy New Rules for New Times Business Society in the Balance continually assesses its internal and external environments and creates contingency plans (Chernev, 2018; Machado, 2019).

• The Sharing Economy New Rules for New Times Business Society in the Balance engages in pre-strategic planning to help strengthen its strategic focus and direction (Wilson, 2018; Kim & Mauborgne, 2017 b).

Leadership

• The Sharing Economy New Rules for New Times Business Society in the Balance has a visionary leadership (Bratton, 2020).

• The leadership at the Sharing Economy New Rules for New Times Business Society in the Balance has a participative approach which encourages employee motivation and their organizational commitment.

• The leadership ensures optimal organizational performance at the Sharing Economy New Rules for New Times Business Society in the Balance (Freedman, 2022; Kim & Mauborgne, 2005).

Developing execution strategy

• The Sharing Economy New Rules for New Times Business Society in the Balance has developed a sequential strategic direction for execution.

• The execution of the blue ocean strategy is based on market research (Anthony, 2021).

• The execution of the blue ocean strategy has been carefully planned to ensure that it’s timely.

• The execution involves all parts and members of the Sharing Economy New Rules for New Times Business Society in the Balance (The Economic Times, 2022; Kim, 2002).

Blue ocean strategic Tools

The Sharing Economy New Rules for New Times Business Society in the Balance has been able to use multiple operational and strategic tools.

Shift in organizational mindset

These tools kits have been important for the Sharing Economy New Rules for New Times Business Society in the Balance in helping it develop the right mindset needed for aligning processes and systems towards the blue ocean strategic direction (Kim & Mauborgne, 2017 b). The tools have been a powerful source for the Sharing Economy New Rules for New Times Business Society in the Balance in facilitating it towards aligning its resources, and identifying potential blue oceans (Kim, 2002). The Sharing Economy New Rules for New Times Business Society in the Balance has been diligent in ensuring that its teams and organizational members are familiar with the blue can strategies and tools so that the shift in their mindset is facilitated and strengthened (Wunder, 2019).

Cultural driver

Moreover, the tools also ensure increased alignment of the Sharing Economy New Rules for New Times Business Society in the Balance’s culture with the strategy. This, in turn, has allowed the Sharing Economy New Rules for New Times Business Society in the Balance to realize the increased number of opportunities, and embed creativity in its internal processes and systems (Kim, 2002; Buchanan & Huczynski, 2019).

These tools include, for example:

• Value innovation

• Six path framework

• Strategy canvas

• Four action framework

• Tipping point leadership

• ERRC Grid

• Pioneer settler migrator map

• Buyer utility map

• 3 tiers of non-customers

• Fair processes

• Visualizing strategy (The Economic Times, 2022)

Conclusion

With the use of the blue ocean strategy, the Sharing Economy New Rules for New Times Business Society in the Balance has been able to redesign the industrial boundaries and standards using multiple techniques and tools that have been identified and discussed briefly in this paper.

The blue ocean strategy has been an important strategic element for the Sharing Economy New Rules for New Times Business Society in the Balance. The Sharing Economy New Rules for New Times Business Society in the Balance has been able to explore new markets and tap into new customer groups through using the blue ocean strategy. This has been possible for the Sharing Economy New Rules for New Times Business Society in the Balance through continuous investment in research and development as well as through its organizational cultural, which is focused on innovation and creativity. The Sharing Economy New Rules for New Times Business Society in the Balance has been able to make use of innovative processes and progressive technology to create value innovation. At the same time, the Sharing Economy New Rules for New Times Business Society in the Balance has moved out of red oceans and no longer competes over pricing strategies. This has also allowed Sharing Economy New Rules for New Times Business Society in the Balance to build a cost advantage, and maintain affordability in its offerings for customers.

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