Conventionally, market creation has been seen as the result of a trial-and-error process and the domain of entrepreneurs with certain traits like animal instinct and single-minded determination.
The economist Joseph Schumpeter, known for his concept of ‘creative destruction’, has been influential in shaping this view. Schumpeter saw entrepreneurs as the chief drivers of innovation and therefore market creation. He argued that entrepreneurs take risks and learn through trial and error as they attempt to seize opportunities by applying their intuition and ingenuity.
But Chan Kim & Renée Mauborgne’s research has shown that market creation can be achieved through a reliable and systematic process by anyone, not just entrepreneurs. Market creation doesn’t have to be a random, high-risk endeavor reserved for entrepreneurs; it can be pursued systematically. In Blue Ocean Shift: Beyond Competing – Proven Steps to Inspire Confidence and Seize New Growth, Chan Kim & Renée Mauborgne lay out a five-step process to achieve this. They offer proven, market-creating tools and guidance anyone can follow to help you see and discover what others don’t see.
Market creation doesn’t have to be a random high-risk endeavor reserved for entrepreneurs.
Blue Ocean Shift walks you through a step-by-step process, helping you see the current state of play, imagine new possibilities, and reconstruct market boundaries to open up new market space. All the while, your people own and drive the process.
Blue Ocean Shift enables anyone to make market-creating moves and do extraordinary things. In the book, we share real-world examples of established companies, cash-strapped startups, nonprofits and even national governments applying the tools and process to open up new value-cost frontiers and new markets.
Blue Ocean Shift shows three basic ways to create new markets and presents a comprehensive and practical model of new market creation that anyone in any organization can follow and use to produce the result. The three ways are:
1. Offering a breakthrough solution for an existing industry problem
2. Identifying and solving a brand-new problem or seizing a brand-new opportunity
3. Redefining and solving an existing industry problem
If you want to go from chasing customers to having customers seek you out, and from slow growth to seizing new growth in a way that inspires your people’s confidence, then Chan Kim & Renée Mauborgne’s blue ocean shift process if right for you.
