There was no standard organizational structure, rather all major functions were performed by one person. George Henderson's focus was more on production and customers satisfaction. 2) Do you think it meets the criteria for an effective compensation system as set out in compensation notebook 1.1 goals of the reward and compensation system (found in the text book page 12). We think that the criteria for the effective compensation system do not meet the goals of reward and compensation system in Henderson Printing because Long (2013, p.11) describes that the reward is one that adds value in organization, considering all the costs which is not seen in Henderson Printing. Long (2013, p.11) describes eight criteria's of goals of reward and compensation system, but in Henderson Printing, none of the criteria was met.
What is Blue Ocean Strategy? • Does not come from Technology-innovations → linking technology to what buyers valued • Incumbents create Blue Oceans within their red oceans • Focus on strategic moves, not industry/firm level of analysis. • Blue oceans are what creates brands Blue Ocean Process 1. Simultaneous value enhancement with (operating) cost reduction 2. This
Description of blue ocean strategy and its importance Blue Ocean Strategy is a term that describes how companies customarily work in "red ocean" conditions, where businesses viciously fight against each other for a share of the marketplace. Instead, according to the blue ocean strategy, organizations should find a way to work in a marketplace that is free of competitors (Arline 2015). Blue Ocean Strategy is where leading companies will prosper not by fighting competitors, but by creating "blue oceans" of recognized market space ready for growth (Arline 2015). Blue Ocean Strategy is important because it is easier for many companies to produce more of their product because of technology advances. It is also important to companies to enter the blue ocean to find new opportunities.
Blue Ocean Strategy MKT/421 To have a market with no competition is a blue ocean strategy and the goal of any company. A blue ocean strategy is the name given to new goods or services that have no competition in the marketplace. According to "Harvard Business School.com" (2014), "Blue oceans denote all the industries, not in existence today—the unknown market space, untainted by competition. In blue oceans, demand is created rather than fought over." The importance of the blue ocean strategy is that it keeps companies looking for untapped markets, which will provide new goods and services for the consumer.
Strategic Analysis Florida Blue Word Count: 4,350 A. Executive Summary In this strategic analysis we will be analyzing Florida Blue’s current operations to provide strategic recommendations that will leverage their strengths, nullify their weaknesses and allow them to gain market share among Generation Y in the state of Florida. According to our industry analysis, the health insurance industry has high barriers to entry, very few substitutes, high competition and can be very lucrative. For companies already in the industry, the industry can be very attractive and there are big opportunities to make a profit if they can keep ahead of competition. Our analysis shows that the power of suppliers is balanced out by the lack of power of buyers.
(“JetBlue put Huge on the map and increased its credibility as a partner for larger business issues”, p.6, para 3). On the other hand, in most cases there is nothing proprietary about this industry, unless you have a technology patent; leaving it with no incumbent advantages. Also, there’s very low capital requirement for getting into or exiting the industry, anyone who knows the job can start a digital marketing firm. The industry is growing rapidly and there’s a huge potential for profit which implies a high threat for new entrants. Threat of Substitutes: Management consulting firms are one of the threats for substitution.
The industry wide capacity is growing much faster than the demand growth. Three main causes to the isolation of IT Department Strategy to the whole business plan are analyzed as follows. To begin with, the matter of money counted for the most obvious excuse for the blackout of previously on-going Leapfrog Project. Actually, the problem is that RCCL did not figure out how best to spend its budgets, not just to meet growing demand but to boost repeat bookings. Further more, the decision of shelving the whole Leapfrog plan indicated that RCCL lost its
They help major banks, retail companies and telecommunication companies. There is no doubt that Symcor is the best company for outsourcing services based on their work, reputation and commitment to deliver success. Weaknesses Even though Symcor is a very strong company it has some weaknesses. One weakness is that Symcor is increasing the unemployment rate. Due to giving companies outsourcing opportunities, these companies will fire their staff because staff overseas will work for cheaper and sometimes even better.
But what if a firm could avoid having to deal with competition altogether? What the blue ocean strategy attempts to do – create a new marketplace that is free of competitors. Marketers build an entirely new product or service that is currently unknown to consumers. It is necessary to educate the public about the new product to gain interest and confidence. Once this has been completed, the new product will be positioned in point that provides no alternatives and allows much more effective branding tactics to be utilized.
As the market space gets crowded, prospects for profits and growth are reduced. Products become commodities, and cutthroat competition turns the ocean bloody. In contrast, blue oceans is the unknown market space where it is unaffected by competition and demand is created rather than fought for. In blue oceans, competition is not relevant because the rules or barriers to the market space is not set yet and is often waiting to be set. In my opinion, by creating Blue Ocean Strategy, you can leave the competitive and bloody Red Ocean and achieve long-term success in a new market space.