Value Creation and Competitive Advantage
Value creation is an essential aspect of every business’s survival. The Longoria Corporation did very little to create value and attain a competitive advantage. The board members who depended on its performance for survival sabotaged its growth by remaining in their comfort zone. Failing to take risks is one aspect that can lead to complacency in the business. Chances are necessary for the continuous growth of every entity. As new generations of clients existed in the market, their needs and preferences changed dynamically (Douglas, Douglas, & Davies, 2010). This means that the business was compelled to change with the current conditions and wants. Failure to embrace change can make a company’s product or service obsolete. Such complacency and fear of taking risks are observed in Longoria’s case, leading to its fallout from the market as its clients seek products from their competitors.
Thought Process
I did think differently because Longoria Corporation was on the verge of total failure. To change this situation, it was necessary to ensure that the company’s decisions regarding products and services prioritize the client’s needs as opposed to board members’ preferences or traditions.
Discovery
Completion of this first round has highlighted the importance of risk in a business and the need to adapt to market demands and changes. This ability to embrace the changes that occur in the market and offer products and services that match the new requirements and needs is significant to the company’s success. It takes the process of creating consistent value, which encourages clients to spend their money purchasing products and services from a specific entity and not another. Thus, the process of simulation has drawn my attention to these critical elements that are applicable to all businesses.
References
Douglas, A., Douglas, J., & Davies, J. (2010). Differentiation for competitive advantage in a small family business. Journal of Small Business and Enterprise Development, 17(3), 371-386. https://doi.org/10.1108/14626001011068680
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Question 
The situations you faced and the decisions you made in the simulation may have affected the company’s success in obtaining a competitive advantage over the market. As you have learned in this module, opportunity-based thinking is critical to blue ocean strategy (BOS). For a business to achieve success through BOS, its leader must have the right mindset and ask more profound questions to remove bias and false boundaries from their judgment.
Value Creation and Competitive Advantage
Prompt
In this journal, you will reflect on whether and how your decisions in the simulation aligned with blue ocean strategy principles, innovation, and competitive advantage.
Discuss your opportunity-focused mindset during the simulation by answering the questions below:
Value creation and competitive advantage: How do you think the company did regarding value creation and gaining a competitive advantage across generations?
Thought process: Did you ” think differently” while you made your decisions in the simulation? Explain why or why not.
Discovery: What have you discovered or learned after completing the first round of the simulation?