Strategic Management Essay Example | Topics and Well Written Essays - 4000 words - 2

Strategic Management - Essay Example One of such theoretical concerns of contemporary strategic management can be identified as the Blue Ocean Strategy. This particular managerial concept is often regarded as one of the imperative concepts or models in the study of strategic management that particularly emphasises upon certain major aspects which can ultimately benefit different organisations in terms of earning greater profits along with forming superior business advancements (Mathys, 2008). In this paper, the definition of the concept, i.e. Blue Ocean Strategy and its history of evolution in the contemporary era will be taken into concern. Moreover, the relevance of the concept concerning today’s business challenges will also be discussed in this paper. The notion of Blue Ocean Strategy is fundamentally defined as an effective managerial decision making framework that constitutes different business organisations with the intention of enhancing their profitability and accomplishing superior competitive position over its chief business market competitors. This particular concept emphasises upon several important factors that encompass generating uncontested space for business exposure, avoiding fierce competition through dominance or with the creation of immaterial competitive environment, capturing as well as creating new demands and targeting new customers rather than solely focusing on the existing ones (Layton, 2009). It has been apparently observed in this regard that contemporary organisations have been experiencing extreme market competitions and have been seeking greater competencies towards maintaining sustainable growth along with attaining a superior competitive position. In this similar context, the organisations desire to employ the Blue Ocean Strategy with the motive of satisfying their expected business targets. Contextually, one of the imperative aspects considered in this