Blue Ocean Sequencing - Bank of America
Tracie Osborn, Student (University), United States, Member
As described by Kim and Mauborgne (2005) there are four principles that make up the Blue Ocean strategy: buyer utility, price, cost and adoption. To push Bank of America into a Blue Ocean, I propose they create an application for their customers that will display a unique bar code on their smart phone that can be scanned at other businesses as a form of payment, thus eliminating the use for a debit and credit card.
Following the sequencing strategy, a large amount of customers would like to have this product because of its ease in use and removing the need for a debit and credit card. The price would be reasonable for customers, a 99-cent application that could be downloaded to your smart phone. The cost to bank of America would be for the creation of the software application. The final sequence adoption, the hurdle will be ensuring the software application has the highest security possible along with password protection with the possibility of adding fingerprint authentication in the future.
Reference: Kim, W. C., & Mauborgne, R. (2005). Blue Ocean Strategy, Harvard Business School Publishing Corporation