explain what the frameworks seem to suggest for Trice Medical and the organizations that make up the existing imaging industry
In this module, we have been learning about a distinctly different “mental model” for strategy formulation. Value Innovation (VI), which is now copyrighted as Blue Ocean Strategy. VI frames strategy with a focus on avoiding the competition rather than conquering them.
In many ways, it is the antithesis of Porter’s view of strategy, where one “positions” the organization within an industry frame and attempts to find the right spot where competitive advantage can be found. One might call that an “accommodation strategy” where industry constraints are treated as immutable and one must adapt or die.
VI takes an entirely different approach whereby industry boundaries are viewed as mutable, pliable, or perhaps, irrelevant.
At least, that’s the plan!
While VI makes use of many frameworks, the two core frames are the strategy canvas and the four actions model. In this exercise, we will be using both, a form of practice for you to get acquainted with how these frameworks work.
I have posted an Excel spreadsheet that will allow you to practice with both frameworks. Please watch the explanatory video that is also posted along with the model before you attempt this exercise. Be sure to attach your spreadsheet to your discussion response.
On October 6, 2016, the Trice Medical received clearance from the FDA to market their new diagnostic devise called the mi-eye2. In short, this device consists of a needle-based camera that physicians can use to view joints and other interior cavities of the body.
Read more about this device here:
As you can imagine, this new device is likely to have a major impact on the imaging industry (MRI, CT scans, and even regular X-ray).
Your assignment is to complete the three frameworks that are included in the Excel SS that we discussed. (Be sure to attach your spreadsheet to the discussion question/assignment). Assume you are an analyst for companies that manufacture MRI and CT scan devices. Plot your value attributes in the framework and then do the same for the new device.
Once this is done, please explain what the frameworks seem to suggest for Trice Medical and the organizations that make up the existing imaging industry. Will this device really find a “Blue Ocean” or can the imaging industry sleep easy tonight?
Below are some videos that may help with this assignment: