Introduction
Running the Wildlife Honey family business has enabled decisions that align with the Blue Ocean Strategy and deliver the best results for the organization. At the same time, the growth and direction of the business were influenced by various factors that needed to be taken into account to make informed decisions that would contribute to the company’s growth. Customer segments and value propositions are the two key elements of the Business Model Canvas (BMC) that are most suitable for reviewing and analyzing decisions. Through the generations, these segments have evolved under the influence of various factors, necessitating competent decision-making that aligns with the company’s growth goals.
BMC Segment Changes
BMC segments have changed over time, as the first generation of Wildlife Honey’s value proposition focused entirely on honey products. However, with the company’s growth influenced by external factors such as competitors, it was necessary to expand the product line. This change altered the value proposition aspect, enabling it to reach more customers who had not previously used the company’s products.
The production of new products enabled the organization to create demand for them, resulting in more robust growth. The consumer segments have also changed with the development of the business and the addition of new divisions. The diversification of the firm’s products led to the discovery of new opportunities and the emergence of more customers. This increase in customer base has enabled the company to expand into international markets and continue operating as a global entity.
The Effect of Decisions
The decisions made had a significant impact on the value proposition, as diversification and the introduction of new products to the market enabled the creation of a blue ocean. This market space further led the firm to expand its product range into products that consumers needed. Satisfying customer needs has created opportunities for greater customer loyalty and increased demand. This, in turn, affected consumer segments, as the decisions directly affected the distribution and manufacture of new products. The decision-making strategy focused on consumers who prioritize health and prefer organic products.
Decisions
The Blue Ocean Strategy primarily influenced my decision to pursue this initiative. Its primary requirement was creating a new product to generate demand and expand the potential market (Madsen & Slåtten, 2019). Thus, in most cases, the decisions aimed to ensure more remarkable growth and development for the company through profitable strategies. Environmental factors, customer preferences, and market trends also significantly impacted the decisions made, helping to justify the choice of specific options.
The decisions made during the simulation were aimed at ensuring the organization’s development as much as possible. Some decisions proved to be incorrect, as they yielded satisfactory results but failed to achieve the growth and development rates observed at the beginning of the simulation. Product diversification, for example, has created more demand and attracted new customers to the company, which has been beneficial. However, the decision to continue focusing on honey as the main product category did not have the desired effect.
Conclusion
Decisions made throughout the business have had different manifestations and influenced the value proposition and customer segments. In this regard, the business conduct has adapted, and the decisions made had to take into account numerous external factors that directly affected the company’s operations. Changes in the external environment have necessitated a shift in business conduct to align with the Blue Ocean Strategy. Therefore, decision-making is one of the most critical elements in business management.
Reference
Madsen, D. Ø., & Slåtten, K. (2019). Examining the emergence and evolution of Blue Ocean Strategy through the lens of management fashion theory. Social Sciences, 8(1), 28. Web.