Six Paths to Moving from Red to Blue Ocean

Six Paths to Moving from Red to Blue Ocean

I am seeking feedback on my class project. I am trying to move a red ocean company to a Blue Ocean company. I am working with the world famous Pike Place Fish Market in the fish and seafood industry. The fish market will need to follow the six path strategy to:
1. Look across alternate industries
2. Look across strategic groups within the industry
3. Look across chain of buyers
4. Look across complementary products and services offerings
5. Look across functional or emotional appeal to buyers
6. Look across time
I think the fish market should look to the trend of buyers caring about the environment and sustainability. By only selling sustainable fish, the fish market will be environmentally friendly. This could open up a larger customer base. It will make it easy for individual and commercial buyers who care about the environment to order because they will know items sold are sustainable. It provides the convenience of shopping for seafood without the risk of purchasing something that was possibly illegally harvested.

Delfor Ibarra
HR Consultant, Argentina

Creatividad e Innovación

@Doets: Entiendo que sólo podemos acceder a la innovación mediante una indagación del pensamiento del extraño al negocio. El turista no está contaminado por las ideas del nativo y tiene el alcance natural para distinguir no sólo los problemas que conocemos, sino, aquellas cosas que faltan y que serían aplaudidas por un mercado todavía no excitado en caso de desarrollarlas. Las necesidades no explícitas son tan difíciles de ubicar tanto como las opiniones del otro respecto de nosotros. Para obtener dicha retroalimentación, debemos asimismo, abrir el área oculta de nuestras inquietudes para así estimular la contribución buscada.

I agree that we can only access innovation through an investigation of the thoughts of people that are strangers to the business. The tourist is not contaminated by the ideas of natives and has the natural power to distinguish not only the problems that we know, but also the things we are missing and would be applauded by a market should we develop them.
Non-explicit requirements are so difficult to locate unless we respect other people's opinions. For this feedback, we need to open the hidden area of our concerns in order to stimulate the desired contribution.

Moderated AI
Netherlands

Objectives, Steps, and Pitfalls of 6 Paths Analysis in Blue Ocean Strategy

The 6 Paths Analysis is a key tool within the Blue Ocean Strategy framework used to identify new market opportunities by examining six different paths that can lead to industry innovation and value creation. Here's an overview of the Objectives, Steps, and potential Pitfalls associated with 6 Paths Analysis:

Objectives

Identify untapped market opportunities.
Generate innovative ideas for creating new market space.
Challenge industry assumptions and conventional thinking.
Develop strategies for differentiation and value innovation.

Six Paths

Look Across Alternative Industries:
- Objective: Identify successful strategies and practices from industries outside your own.
- Steps:
  Identify industries that share similar customer needs or face comparable challenges.
  Analyze how companies in these industries have successfully addressed those needs or challenges.
  Extract insights and ideas that can be applied to your own industry to create new market space.
Look Across Strategic Groups within Industries:
- Objective: Identify differences in strategic positioning among different players within your industry.
- Steps:
  Identify strategic groups within your industry based on factors such as pricing, product features, target market, etc.
  Analyze the differences in strategy and performance between these groups.
  Identify opportunities to shift strategic positioning or target a different segment not currently served by existing players.
Look Across the Chain of Buyers:
- Objective: Identify potential new customer segments or unmet needs within the buyer chain.
- Steps:
  Identify the various stages in the buyer chain, from end-users to distributors or retailers.
  Analyze the needs, preferences, and pain points of buyers at each stage of the chain.
  Look for opportunities to create value by addressing unmet needs or pain points at any point along the buyer chain.
Look Across Complementary Products and Services:
- Objective: Identify opportunities to expand or redefine the boundaries of your industry by offering complementary products or services.
- Steps:
  Identify products or services that are used alongside or in conjunction with your industry's offerings.
  Analyze how these complementary products or services enhance or detract from the overall value proposition for customers.
  Explore opportunities to bundle or integrate complementary offerings to create new sources of value.
Look Across Functional or Emotional Appeal to Buyers:
- Objective: Identify opportunities to differentiate based on factors beyond functional attributes, such as emotional appeal or social responsibility.
- Steps:
  Identify emotional or social factors that influence buyer decision-making within your industry.
  Analyze how competitors currently address these emotional or social needs, if at all.
  Explore opportunities to differentiate by offering products or services that resonate on a deeper emotional or social level with customers.
Look Across Time:
- Objective: Identify emerging trends or shifts in customer needs over time.
- Steps:
  Analyze historical trends and patterns in your industry, as well as broader societal or technological shifts.
  Identify emerging needs or preferences among customers that may not be adequately addressed by current offerings.
  Anticipate future trends and proactively innovate to meet evolving customer demands.

Potential Pitfalls

Limited Perspective: Failing to explore all six paths thoroughly may result in overlooking potential opportunities.
Confirmation Bias: Allowing preconceived notions or biases about the industry to influence analysis and idea generation.
Overlooking Constraints: Ignoring practical constraints such as regulatory barriers, resource limitations, or technological constraints may lead to unrealistic ideas.
Lack of Stakeholder Involvement: Not involving key stakeholders, such as customers or frontline employees, in the analysis process may result in overlooking valuable insights.
Analysis Paralysis: Spending too much time analyzing and researching without taking action may delay implementation and result in missed opportunities.
Failure to Test and Iterate: Not testing and iterating on ideas with real customers may result in launching products or services that do not resonate in the market.

By following these steps and being mindful of potential pitfalls, organizations can effectively leverage the 6 Paths Analysis to identify new market opportunities and develop innovative strategies within the Blue Ocean Strategy framework.