How Blue Ocean Strategy helps innovate social inclusion

Margarita Išoraitė () and Irena Alperytė ()
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Margarita Išoraitė: Vilniaus kolegija / Higher Education Institution, Lithuania
Irena Alperytė: Vilniaus kolegija / Higher Education Institution, Lithuania

Entrepreneurship and Sustainability Issues, 2022, vol. 10, issue 2, 239-254

Abstract: This article aims to explore the techniques and fea tures of the Blue Oceans Strategy and provide insights into the applicability of this famous approach. The paper analyzes the concept of the Blue Ocean strategy, its origins and development, the relation of the Blue Ocean's metaphor to innovation, the rela tion between the Blue Ocean and the Red Ocean strategy, the Blue Ocean strategy, social entrepreneurship, and social inclusion. The article examines examples of the application of the Blue Ocean Strategy in Lithua nia and abroad. The scientific discussion o n the issue of the Blue Ocean strategy (further BOS) covers certain benefits present in each manifestation of the examined strategy. For instance, "value innovation" is one of the topics that has developed rapidly over the last two decades. The "value cr eation" (or "innovation") aims to create new demand through transforming user experience by offering 'scalable personalization' and using ubiquitous smart technologies to turn traditional products into interactive, information rich inclusion platforms. The refore, the Blue Ocean strategy presents a systematic approach to making the competition irrelevant. It outlines the principl es and tools that any organization can use to create and capture its undiscovered blue oceans. The scope for defining entrepreneurs hip is broad and results in many definitions. The discussion turns around the concept of entrepreneurship, and the article's authors also engage themselves in the questions of whether and how to confirm the inter relation of the BOS and entrepreneurial act ivities. The authors attempt to prove the principle of the Blue Ocean strategy to be perfectly adaptable to non profit companie s. A case study of the arts agency "Artscape" is provided, and the conclusions are drawn from this part. The authors claim that t he theory of the Blue Ocean strategy is still relevant and motivating for the current companies, regardless of their legal status budgetary or NGO.

Keywords: Blue Ocean strategy Red Ocean strategy; innovation; social inclusion; entrepreneurship (search for similar items in EconPapers)
JEL-codes: M30 M31 M37 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:ssi:jouesi:v:10:y:2022:i:2:p:239-254

DOI: 10.9770/jesi.2022.10.2(15)

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