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Using Key “Blue Ocean” Tools for Strategy Rethinking of a SME: A Case from the Bulgarian Knitwear Industry

Author

Listed:
  • Papazov Emil

    (University of National and World Economy – Sofia Latvia)

  • Mihaylova Lyudmila

    (University of Ruse Latvia)

Abstract

The purpose of the article is to explore opportunities for rethinking the strategy of small and medium enterprises (SMEs) using the “Blue Ocean” concept and its inherent value innovation paradigm as an alternative to the traditional competitive strategy rationale. The paper also highlights important aspects of analytical tools of a relatively less known practice for Bulgaria, such as the “Strategy Canvas”, the “Four Actions Framework”, the “Eliminate-Reduce-Raise-Create Grid” and the “Six Paths Framework”, and shows how to apply them when analysing and creating a new and uncontested market space. Special attention is paid to the possibilities concerning the practical use of the described tools in a leading SME from the Bulgarian knitwear industry.

Suggested Citation

  • Papazov Emil & Mihaylova Lyudmila, 2016. "Using Key “Blue Ocean” Tools for Strategy Rethinking of a SME: A Case from the Bulgarian Knitwear Industry," Economics and Business, Sciendo, vol. 29(1), pages 104-110, August.
    • Handle: RePEc:vrs:ecobus:v:29:y:2016:i:1:p:104-110:n:13
    DOI: 10.1515/eb-2016-0028
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    References listed on IDEAS

    as
    1. Emil PAPAZOV & Lyudmila MIHAYLOVA, 2010. "Information Provision for Strategic Planning in Bulgarian SMEs," REVISTA DE MANAGEMENT COMPARAT INTERNATIONAL/REVIEW OF INTERNATIONAL COMPARATIVE MANAGEMENT, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 11(4), pages 575-581, October.
    2. Burke, A.E. & van Stel, A.J. & Thurik, A.R., 2009. "Blue Ocean versus Competitive Strategy: Theory and Evidence," ERIM Report Series Research in Management ERS-2009-030-ORG, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
    Full references (including those not matched with items on IDEAS)

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