Author(s): Sooraj Namboodiri, Sanchayita Banerjee, Hirak Dasgupta
Purpose: The paper aims to identify a research theme and study applications of Blue Ocean Strategy (BOS) dimensions in various industries & fields of study such as sustainability and economical formulation. The study aims to formulate themes and constructs emerging from literature to build a framework, which may lead to successful implementation of Blue Ocean Strategy. Design/Methodology/Approach: A qualitative, Grounded Theory (GT) research approach for literature review analysis was used to formulate themes and constructs, which may lead to successful implementation of BOS. Constant comparative methods were used to compare and contrast data over time and across informants and sources. The GT approach involved second-order analysis, which involved axial coding, synthesizing and clustering first-order codes into higher-order themes. Again, using constant comparative methods, comparing data over time and across codes, we condensed the data from literature into smaller units and further aggregated the 68 first-order and second order codes into 9 third order themes that were level specific. Findings: Our framework conceptualizes the application of three overall themes namely, innovative governance, integration of functional complexities and drivers of development in an organization to facilitate application of BOS. Nine major factors laid the basis of the framework. Thus, with the GT approach, these three (latent themes) emerged which were found to be imperative for a successful implementation of blue ocean strategy for any organization. Originality/Value: Blue Ocean Strategy (BOS) is widely popular and has made a strong mark in the business strategy and strategic management sphere. But, there has never been a study to understand and establish a model or framework from comprehensive analysis and synthesis of existing literature to discern the underlying paradigm for successful implementation of BOS. The study uses GT to study and uncover themes in literature related to BOS across industries to establish a framework that elucidates the drivers or factors for successful implementation of blue ocean strategy.