Introduction
Sustainability may be possible even as uncertainties increase, necessitating strategic planning, a fundamental process in today’s business ecosystem. Scenario Planning and Blue Ocean Strategy are the strategic planning concepts discussed in this essay. It intends to highlight the importance of these structures in organizational environments through a literature review. Scenario Planning is based on the future-oriented strategy that allows organizations to predict different futures, making them resilient. On the other hand, the blue ocean strategy facilitates innovation through value-adding because it helps organizations move into a non-contested market space. As organizations have to deal with challenges of this sort to survive, there is a growing need for understanding and applying sustainable strategic planning principles so that resilience can only ensure continued growth.
Scenario Planning
Scenario Planning is a complex implementation strategy in strategic development that helps an organization plan for different possible outcomes or occurrences. It entails separate scenario analysis to identify potential threats and opportunities. Singhs’ and Timilsina et al.’s works use scenario planning and diversification methods.
Timilsina et al. (2021) reveal how the future design with backcasting and scenario planning could intervene with each other in this debate. This study contributes substantially to the horizon of Scenario Planning, a comprehensive method designed for business organizations taking into account changes that await them on background Singh (2020) used Scenario Planning in renewable energy practice and focused on the rooftop solar PV potential analysis for Indian cities. This paper later outlines a confirmed case of strategic company decision-making and presents credible sustainable solutions based on that methodology.
The findings of this research by Timilsina et al. (2021) may be used as follows to support changes and improvements in Scenario Planning methodologies with the firm author – an international technology company. By applying future design elements and backcasting practices, the company will reach an incredible level of strategic foresight to predict technological change accurately. In addition, Singh (2020) gives the following sustainable work conclusion. Scenario Planning, in turn, allows the organization to accept renewable energy solutions as one of its leitmotifs and create strategies based on environmentally friendly technologies.
Blue Ocean Strategy
Blue Ocean Strategic Planning by Chan Kim and Renée Mauborgne is the approach to transforming an organization from a competitive strategy (Blue Oceans) into a non-competitive market space in blue oceans.
Yunus and Sijabat’s (2021) review of “Blue Ocean Strategy Effect on Competitive Advantage and Firm Performance” and Carton’s (2020) “How Assemblages Change When Theories Become Performative: The Blue Ocean Strategy Case illustrates how this strategy works and what level it affects. In return, Yunus and Sijabat’s study (2021) gave a fascinating insight into the impact of the Blue Ocean Strategy on firms’ competitive advantage. This research unfolds the managerial inferences resulting from outcomes assessments following a Blue Ocean policy adopted by managers.
Indeed, Carton (2020) confides that an utterly innovative system for modern advancements in theories such as Blue Ocean Strategy practices constantly evolves. Therefore, the study’s findings support strategic theories as being performative and ensuring a fit understanding in organizations. An organization can identify empty market spaces and notice elimination through the principles under which strategies are based on the Blue Ocean Strategy concept. The work of Carton (2020) may help in creating an organizational mindset by stating that adopting the Blue Ocean Strategy is a transformative process. This knowledge can make the organization perceive the blue ocean strategy as a strategic principle and innovation generator.
Conclusion
With scholarly research as the basis, scenario Planning and Blue Ocean Strategy provide organizations significant benefits when facing business challenges. Capitalizing on the information provided in those publications, organizations can improve their strategic planning practices, predict future trends, and ensure long-term success despite changes in modern competitive markets. Adopting these strategic planning concepts is crucial for organizations that seek to succeed in an uncertain environment and innovate within their sector.
References
Carton, G. (2020). How assemblages change when theories become performative: The case of the Blue Ocean strategy. Organization Studies, 41(10), 1417-1439. https://doi.org/10.1177/0170840619897197
Singh, R. (2020). Approximate rooftop solar PV potential of Indian cities for high-level renewable power scenario planning. Sustainable Energy Technologies and Assessments, 42, 100850. https://doi.org/10.1016/j.seta.2020.100850
Timilsina, R. R., Nakagawa, Y., & Kotani, K. (2020). Exploring the possibility of linking and incorporating future design in backcasting and scenario planning. Sustainability, 12(23), 9907. https://doi.org/10.3390/su12239907
Yunus, M., & Sijabat, F. N. (2021). A review on Blue Ocean Strategy effect on competitive advantage and firm performance. Academy of Strategic Management Journal, 20(1), 1-10.
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