BSM 100 Lecture Notes - Lecture 7: Balanced Scorecard, Blue Ocean Strategy

• School: Ryerson University
• Department: Business Essentials
• Course: BSM 100
• Professor: Ranjita Singh

Document Summary

Helps you with communication when on track. Goals can be built based on looking at . Products/customers (will help you be a leading-edge firm) Competition (look for key success factors in the gap in the market) Internal processes (technology, intellectual capacity, funding=linked to your past profits) Must be able to think about the market (where you want to be classified) ***being in the middle is bad, must be clear about what you"re offering to the market. Everyone wants to be the walmart of the industry (be a bit of everything) Creating uncontested market space; making the competition irrelevant (changing the industry) What to do to achieve blue ocean strategy: Look to the market and customers (find out what their needs are) Across industries (asses other industries and their key success factors) New firms with entrepreneurial risk taking measures. Downturn (risk taking to fix their problems) Which department is going to do what.