LAB 2 - BUSINESS COMPETITION Same groups as last lab Select a company and have it approved by Professor (signed-off). Google Sheet Forum Any industry is okay as long as it is different from others in the class Task: read the blue ocean article and develop a strategy for your selected company based on the 6 business functions to shift into a Blue Ocean. Score: 30 marks Grade weight: 5% Time allotment: 3 hour BLUE OCEAN STRATEGY Blue ocean strategy is the simultaneous pursuit of differentiation and low cost to open up a new market space and create new demand. It is about creating and capturing uncontested market space, thereby making the competition irrelevant Where a business has no competition because they are offering their product or service in a market not yet being served Red Ocean Strategy VS Blue Ocean Strategy Create uncontested market space. Compete in existing market space. Beat the competition Make the competition Irrelevant Exploit existing demand Create and capture new demand. Make the value-cost trade-off. Align the whole system of a firm's activities with its strategic choice of differentiation or low cost Break the value-cost trade-off. Align the whole system of a firm's activities in pursuit of differentiation and low cost. Review attached PDF page 4 to see how this strategy has been applied in business for over 100 years - but it was codified in 2004 LAB SETUP Business Function HR Red Ocean -Hire people through in store application forums -Interview prospective workers through traditional method such in person or phone call Blue Ocean -Create an online application system or process. This helps reduce/removes poor applicants by incorporating mandatory requirements questions - Interview prospective workers by video conference. This will result in higher profit due to saving cost on facility use. Sales Operation Accounting Finance Marketing