Exercise for Market Creation in the Highly Competitive Travel Industry (Korean)

Published 22 Aug 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.

Teaching objectives

1. To show how fierce competition in Korea’s travel industry led to dissatisfied customers and a price war that put local travel operators in financial trouble. 2. Market creation is not entirely driven by entrepreneurship, based on a random, high-risk endeavor, and conducted through trial and error. With market-creating tools and guidance, anybody can make a market-creating move with confidence and creative competence. 3. While the human element is often sidelined in strategy formulation, a Blue Ocean shift emphasizes the importance of building confidence for creating new growth. Without the confidence to act, few will venture down a new path. 4. My Real Trip identified the market problems and solved them in a different way by looking across industry boundaries – and across time. By offering a different degree and kind of value, My Real Trip achieved a Blue Ocean shift, shaping unfavorable industry conditions in its favor. 5. My Real Trip did not replace the existing industry; it seized new growth and created a new market and jobs that did not exist before. This is nondisruptive creation.

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