Blue Ocean Hackathon: Market Creation in a Highly Competitive Industry

Published 25 Jun 2018
Reference 6422
Topic Strategy
Region Asia
Summary

This highly engaging strategy formulation exercise allows participant to unlock their creativity through the systematic five-step process of blue ocean shift. We reverse the learning process of case method by combining it with a group exercise. Participants will formulate their own market-creating strategy first by actively applying the concept, framework, and process of blue ocean shift to one of the most competitive industries – the travel industry. Then, they will be introduced to a real-life case that challenged the travel industry’s long existing assumptions and successfully opened new market space. In analyzing the case, a three-part video series walks participants through the same blue ocean shift process applied in their group exercise, which will reinforce their learnings from the exercise and enhance the understanding of the case.This case is excellent for running a half-day or one-day workshop on creativity, innovation, and entrepreneurship.The case comes with a teaching note, lecture slides, worksheets, a one-page summary and a three-part movie based on first-hand research and face-to-face interview with the CEO of a Korean company who created a blue ocean in the travel industry. The teaching material can be downloaded from https://www.blueoceanstrategy.com/teaching-materials/blue-ocean-shift-exercise/
The case is also available in Chinese and Korean.

Teaching objectives

- Market creation is not entirely driven by entrepreneurship that is based on random, high-risk endeavors conducted through trial and error. The market-creating move can be made systematically through a reliable, reproducible, and humanistic process. With market-creating tools and guidance, anyone can make a market-creating move with confidence. - While the human element has often been sidelined in strategy formulation, Blue Ocean Shift emphasizes the importance of building confidence when creating an innovative and creative solution. Without the confidence to act, few will venture down a new path, no matter how clear the roadmap is. - While the five-step process of the Blue Ocean Shift unlocks creativity and paves the way for market creation and growth, it is not a magic bullet. To successfully formulate and execute a blue ocean strategy, the roadmap should be followed by people with a blue ocean perspective and the confidence to find new possibilities and pathways for growth. - A new market doesn’t necessarily replace the existing industry. It can seize new growth by creating a new market and jobs that didn’t exist before by identifying brand-new problems or seizing brand-new opportunities.

Keywords
  • Entrepreneurship
  • Innovation
  • Strategy formulation
  • Start-ups
  • Blue Ocean Strategy
  • Strategy
  • Economic conditions
  • Creativity
  • Innovation
  • Design thinking
  • Blue Ocean Shift
  • Travel industry
  • Korea
  • Workshop
  • Market creation
  • Strategy
  • Competition
  • Q41718