I’m now reading the Blue Ocean Strategy book. Below are some important notes that I can capture from the book.

Difference between substitute and alternative
– substitute – different product, same function
– alternative – different function, same purpose

Value innovation – key factor in blue ocean
– new innovation that creates value to the customers yet reduce cost to the supplier

6 principles of blue ocean strategy

FORMULATION PRINCIPLES
1. Reconstruct market boundaries
2. Focus on big picture not the numbers
3. Reach beyond existing demand
4. Get the strategic sequence right

EXECUTION PRINCIPLES
5. Overcome key organizational hurdles
6. Build execution into strategy

Analytical Tools and Framework

1. Strategy canvas
2. Four actions framework
3. Eliminate-Reduce-Raise-Create grid (ERRC)
4. 3 characteristics of good strategy (focus, divergence, compelling tagline)

Some of the quality that all staffs should have.

• High productivity and result oriented
• Committed and have sense of responsibility
• Great communication skill with team members and customers
• Know how to prioritize
• Proactive, starter and can initiate new things
• Critical thinker