Thank You!
Thank you for your email subscription. Check your email to get Coupon Code.
Blue Ocean Strategy of People s Utah Bancorp
Posted by Matthew Harvey on Mar-29-2023
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 People s Utah Bancorp 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. People s Utah Bancorp 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 People s Utah Bancorp continues to operate in saturated market spaces, and is restricted in growth and expansion. The People s Utah Bancorp’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 People s Utah Bancorp 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 People s Utah Bancorp also explores new platforms and channels, as well as means of doing business and is thus able to expand existing industry boundaries. The People s Utah Bancorp 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 People s Utah Bancorp has focused on differentiation under the blue ocean strategy. The People s Utah Bancorp’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 People s Utah Bancorp also focuses on maintaining affordability for the value additions and differentiated products and services that it offers. The People s Utah Bancorp 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 People s Utah Bancorp has been able to explore blue oceans through value additions as well as affordability for consumers. The People s Utah Bancorp has been able to successfully identify what consumer’s value and include it in its offerings and value propositions. At the same time, the People s Utah Bancorp has been able to provide the value differentiation at affordable costs. In this manner, the People s Utah Bancorp enjoys high levels of value innovation (Kim, 2002; Kim & Mauborgne, 2014).
Understanding red oceans
Under red oceans, where the People s Utah Bancorp 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 People s Utah Bancorp 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 People s Utah Bancorp. In this way, wealth was only redistributed at the expense of other players, and the People s Utah Bancorp failed to create any new wealth in the red oceans (Kim & Mauborgne, 2005).
Understanding blue oceans
Under the blue ocean strategy, the People s Utah Bancorp 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 People s Utah Bancorp 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 People s Utah Bancorp is not restricted by predefined rules, barriers, and principles. Instead, the People s Utah Bancorp 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 People s Utah Bancorp, 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 People s Utah Bancorp has been able to immaterialize the competition (Kim & Mauborgne, 2017).
Strategic directions for blue oceans
The People s Utah Bancorp 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 People s Utah Bancorp should assess and evaluate the current industry standards and practices.
-
The People s Utah Bancorp should identify loopholes, and areas which can be improved, expanded upon, or developed a new within the industry.
-
The People s Utah Bancorp should identify different drivers and factors within the industry boundaries.
-
The People s Utah Bancorp should identify through research and observation the different factors that could raise above the existing industry standards (Kim, 2002; Kim & Mauborgne, 2017).
Eliminate
-
The People s Utah Bancorp should assess and observe current industry standards.
-
The People s Utah Bancorp should observe players’ practices within the industry, and relate the same with the industry standards.
-
The People s Utah Bancorp 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 People s Utah Bancorp (Kim & Mauborgne, 2014; Freedman, 2022).
Reduce
-
The People s Utah Bancorp can also assess an observe industry standards for identifying factors that are not needed, or needed partially.
-
The People s Utah Bancorp 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 People s Utah Bancorp can also expand current industry boundaries and standards.
-
This expansion will be possible by the People s Utah Bancorp through expanding and creating new standards.
-
The new standards can be created by the People s Utah Bancorp through observing industry processes and operations, and identifying potential loopholes.
-
The People s Utah Bancorp can introduce new processes and standards to redesign industry boundaries (Agnihotri, 2016; Kim & Mauborgne, 2005).
Blue ocean strategy: organizational competencies
The People s Utah Bancorp has been able to successfully implement the blue ocean strategy because of three important organizational elements (Freedman, 2022). These organizational elements have allowed the People s Utah Bancorp to explore blue oceans, experiment successfully with innovation, and add value to its product offerings. These elements include the following:
Mindset
-
The People s Utah Bancorp has a progressive mindset that is rooted in this participative and visionary leadership (Bratton, 2020).
-
The People s Utah Bancorp has a positive and can-do attitude and mindset.
-
This mindset has allowed the People s Utah Bancorp to achieve success through high focus and efforts (Wilson, 2018).
-
The People s Utah Bancorp 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 People s Utah Bancorp has access to multiple resources that has allowed it to take advantage of the blue ocean strategy (Mebert & Lowe, 2017).
-
These resources People s Utah Bancorp capabilities are internal as well as external for the People s Utah Bancorp.
-
The People s Utah Bancorp 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 People s Utah Bancorp has a learning culture, and encourages all employees to ask questions and carry out healthy discussions (Anthony, 2021; Schein, 2010).
-
The People s Utah Bancorp 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 People s Utah Bancorp 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 People s Utah Bancorp has developed the blue ocean strategy following systematic and organized processes and steps (Kim & Mauborgne, 2017). The steps that the People s Utah Bancorp undertook for developing the blue ocean strategy include:
Step1
The People s Utah Bancorp 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 People s Utah Bancorp forward strategically towards new value additions and differentiations (Blue Ocean Strategy, 2022; Kim & Mauborgne, 2017 b).
Step2
The People s Utah Bancorp continued to conduct deep market analysis as well as studied and assessed the competition closely. This was needed by the People s Utah Bancorp 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 People s Utah Bancorp’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 People s Utah Bancorp. The People s Utah Bancorp was also blue to identify new non-customers in this assessment- which could be turned into future consumers (Blue Ocean Strategy, 2022).
Step4
The People s Utah Bancorp 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 People s Utah Bancorp 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 People s Utah Bancorp 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 People s Utah Bancorp 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 People s Utah Bancorp supports exploration and innovation. This culture is important for supporting the development and implementation of new ideas that boost the value propositions of the People s Utah Bancorp (Chernev, 2018; Bratton, 2020; Martinez, Beaulieu, & Gibbons, 2015).
Business design
The People s Utah Bancorp also continually practices business design (Freedman, 2022). The People s Utah Bancorp ensures that it’s leading from the font. This means that the People s Utah Bancorp ensures that its teams are empowered, and confident in tackling ambiguous and difficult challenges and issues. This allows the People s Utah Bancorp to identify new opportunities and innovate (Wunder, 2019).
Strong and visionary leadership
The People s Utah Bancorp has a forward-thinking, progressive, charismatic leadership. This leadership ensures that the People s Utah Bancorp 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 People s Utah Bancorp 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 People s Utah Bancorp 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 People s Utah Bancorp 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 People s Utah Bancorp engages in value innovation through technology innovation. The People s Utah Bancorp 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 People s Utah Bancorp 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 People s Utah Bancorp also ensures affordability with value innovation. The value innovation allows the People s Utah Bancorp to operate at low costs, and maintain cost efficiencies (Chernev, 2018). As a result, the People s Utah Bancorp maintains low costs and high value for consumers – allowing it to tap into new consumer groups as well. As a result, the People s Utah Bancorp 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 People s Utah Bancorp. These include”
Formulation principles
Redesigning the industry
-
The People s Utah Bancorp sought to reconstruct, redesign and rebuild the market boundaries and standards.
-
The People s Utah Bancorp was bold enough to redefine the industry space and the market space in which it operated (Mebert & Lowe, 2017).
Long term focus
-
The People s Utah Bancorp focused on long-term success and sustainability, instead of short-term gains and numbers.
-
The People s Utah Bancorp was visionary, and aw beyond the existent customer demand and needs (Freedman, 2022).
Demand creation
-
The People s Utah Bancorp creates demand for the new value-added offerings it manufactured and proposed in the blue oceans (Kim, 2002).
-
The People s Utah Bancorp 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 People s Utah Bancorp has a result organizational culture (Martinez, Beaulieu, & Gibbons, 2015; Schein, 2010).
-
The People s Utah Bancorp invests in research and development.
-
The People s Utah Bancorp 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 People s Utah Bancorp continually assesses its internal and external environments and creates contingency plans (Chernev, 2018; Machado, 2019).
-
The People s Utah Bancorp engages in pre-strategic planning to help strengthen its strategic focus and direction (Wilson, 2018; Kim & Mauborgne, 2017 b).
Leadership
-
The People s Utah Bancorp has a visionary leadership (Bratton, 2020).
-
The leadership at the People s Utah Bancorp has a participative approach which encourages employee motivation and their organizational commitment.
-
The leadership ensures optimal organizational performance at the People s Utah Bancorp (Freedman, 2022; Kim & Mauborgne, 2005).
Developing execution strategy
-
The People s Utah Bancorp 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 People s Utah Bancorp (The Economic Times, 2022; Kim, 2002).
Blue ocean strategic Tools
The People s Utah Bancorp has been able to use multiple operational and strategic tools.
Shift in organizational mindset
These tools kits have been important for the People s Utah Bancorp 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 People s Utah Bancorp in facilitating it towards aligning its resources, and identifying potential blue oceans (Kim, 2002). The People s Utah Bancorp 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 People s Utah Bancorp’s culture with the strategy. This, in turn, has allowed the People s Utah Bancorp 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 People s Utah Bancorp 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 People s Utah Bancorp. The People s Utah Bancorp 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 People s Utah Bancorp through continuous investment in research and development as well as through its organizational cultural, which is focused on innovation and creativity. The People s Utah Bancorp has been able to make use of innovative processes and progressive technology to create value innovation. At the same time, the People s Utah Bancorp has moved out of red oceans and no longer competes over pricing strategies. This has also allowed People s Utah Bancorp to build a cost advantage, and maintain affordability in its offerings for customers.
References
Agnihotri, A. (2016). Extending boundaries of blue ocean strategy. Journal of Strategic Marketing, 24 (6), 519-528.
Anthony, H. (2021). Understanding strategic management. New York: Oxford University Press.
Blue Ocean Strategy. (2022). WHAT IS BLUE OCEAN STRATEGY? Retrieved 2022, from Blue Ocean Strategy: https://www.blueoceanstrategy.com/what-is-blue-ocean-strategy/
Bratton, J. (2020). Organizational leadership. Newcastle upon Tyne: Sage.
Buchanan, D., & Huczynski, A. (2019). Organizational behaviour. London: Pearson UK.
Chernev, A. (2018). Strategic marketing management. Berlin/Heidelberg: Cerebellum Press.
Freedman, M. (2022). Blue Ocean Strategy: Creating Your Own Market . Retrieved 2022, from https://www.businessnewsdaily.com/5647-blue-ocean-strategy.html
Kim, W. (2002). Blue ocean strategy: from theory to practice. California management review, 47 (3), 105-121.
Kim, W., & Mauborgne, R. (2005). Value innovation: a leap into the blue ocean. Journal of business strategy .
Kim, W., & Mauborgne, R. (2014). Blue ocean strategy, expanded edition: How to create uncontested market space and make the competition irrelevant. Boston, Massachusetts: Harvard business review Press.
Kim, W., & Mauborgne, R. (2017 b). Red Ocean Traps (Harvard Business Review Classics). Boston, Massachusetts: Harvard Business Review Press.
Kim, W., & Mauborgne, R. (2017). Blue ocean leadership (Harvard business review classics). Boston, Massachusetts, United States: Harvard Business Review Press.
Machado, C. (2019). Organizational Behaviour and Human Resource Management. Berlin: Springer.
Martinez, E., Beaulieu, N., & Gibbons, R. (2015). Organizational culture and performance. American economic review, 105 (5), 331-35.
Mebert, A., & Lowe, S. (2017). Blue Ocean Strategy. Literary Criticism.
Schein, E. (2010). Organizational culture and leadership. Hoboken, New Jersey: John Wiley & Sons.
The Economic Times. (2022). What is 'Blue Ocean Strategy' . Retrieved 2022, from https://economictimes.indiatimes.com/definition/blue-ocean-strategy
Wilson, F. (2018). Organizational behaviour and work: a critical introduction. New York: Oxford university press.
Wunder, T. (2019). Rethinking strategic management: Sustainable strategizing for positive impact. Berlin: Springer Nature.
Related Article
- PESTEL Analysis of People s Utah Bancorp
- Hofstede Cultural Model of People s Utah Bancorp
- Net Present Value (NPV) Analysis of People s Utah Bancorp
- Marketing Mix (4Ps) Analysis of People s Utah Bancorp
- Corporate Social Responsibility of People s Utah Bancorp
- People s Utah Bancorp Discounted Cash Flow (DCF) Analysis
- VRIO Analysis of People s Utah Bancorp
- Marketing Strategy for People s Utah Bancorp
- People s Utah Bancorp SWOT Analysis
- WACC Analysis of People s Utah Bancorp
Latest Feedback
Dorina Btond
Verified
It was challenging to find the right service that would express a serious attitude regarding delivery and persuasive paper. Hired this service on the suggestion of the colleague and don’t have an issue with it.
Alexis Tommy
Verified
I communicated with the writer and shared everything about the assignment. Hope so state to you again. Thanks a lot!
ANA VARGAS
Verified
I'm happy to find you!! I hope get a good result with your help!! thank you soooo much!!
Harry Jasper
Verified
My project was passed in the keen check quality and I received a report on it. Very great step!
Zhang Xu
Verified
It’s such a good opportunity to have a service that is earnest with its work—highly recommended!
Chiara Francesco
Verified
The assignment was five minutes late from the deadline but I’m well pleased with my paper. Thanks a lot!
Calculate the Price of Your Order
Next Article
- Provident Bancorp, Inc. Blue Ocean Strategy
- Renasant Corporation Blue Ocean Strategy
- Royal Bank of Canada Blue Ocean Strategy
- Sound Financial Bancorp, Inc. Blue Ocean Strategy
- Simmons First National Corporation Blue Ocean Strategy
- Southern First Bancshares, Inc. Blue Ocean Strategy
- State Bank Financial Corporation Blue Ocean Strategy
- SunTrust Banks, Inc. Blue Ocean Strategy
- Sterling Bancorp Blue Ocean Strategy
- The Toronto-Dominion Bank Blue Ocean Strategy
Previuos Article
- The PNC Financial Services Group, Inc. Blue Ocean Strategy
- Opus Bank Blue Ocean Strategy
- OFG Bancorp Blue Ocean Strategy
- Nicolet Bankshares, Inc. Blue Ocean Strategy
- Mitsubishi UFJ Financial Group, Inc. Blue Ocean Strategy
- JPMorgan Chase & Co. Blue Ocean Strategy
- ICICI Bank Limited Blue Ocean Strategy
- Home Bancshares, Inc. (Conway, AR) Blue Ocean Strategy
- Hamilton Bancorp, Inc. Blue Ocean Strategy
- Great Western Bancorp, Inc. Blue Ocean Strategy
Be a great writer or hire a greater one!
Academic writing has no room for errors and mistakes. If you have BIG dreams to score BIG, think out of the box and hire EssayPandas with BIG enough reputation.
Our Guarantees
- Quality assured
- Proof of no plagiarism
- Qualified writers
- Data security
- 24/7 support
- On time delivery
Interesting Fact
Most recent surveys suggest that around 76 % students try professional academic writing services at least once in their lifetime!
Order Now