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Blue Oceans – The Application
After reading the information below regarding Blue Oceans, please answer the following question.
It is sometimes hard to find the actual application of concepts that we are exposed to in our books could be confusing. The reading takes you through some very simple framework to help in this area.
Think of opportunities for creating your Blue Oceans and how to apply the theory to make it a reality.
Can you think of a product/service that could take advantage of the creation of a Blue Ocean?
I found the article below that goes into more detail as to how we can find our Blue Ocean, selecting or creating the right market for your products or services.
http://www.forbes.com/sites/danschawbel/2014/02/14/w-chan-kim-how-entrepreneurs-can-find-their-competitive-edge/#6a000fd8457d
Remember that the answers to discussion questions must be a minimum of 200 words. Feel free to use references that are outside the electronic reading to support your answers
Risk Management/Contingency Planning
posted by Andrew
I find this part of last week’s paper, which also needs to be covered in this week’s paper, to be tough. I actually work in insurance and deal with risk management in terms of insurance, but learning about it in the context of strategic business planning is different. It is difficult to establish a truly well done contingency plan because it almost feels like you are planning to fail. The text did not seem to spend very much time on this topic. In insurance, risk management is very important. We will even go to policyholder’s places of business and inspect them to advise on risk management practices that can reduce the risk of claims/losses. What are everyone’s thoughts on risk management and contingency planning?
