A SYSTEMATIC LITERATURE REVIEW OF THE ADOPTION OF A BLUE OCEAN STRATEGY BY SMALL AND MEDIUM ENTERPRISES FOR SUSTAINABLE GROWTH

Abstract

Market dynamics are shifting abruptly as businesses integrate technology and other macroeconomic factors. Even as market ground breakers, an enterprise must invest massive amounts of funds to sustain its competitive edge. Though endless rounds of financing is not a viable option to staying competitive, many enterprises have adopted this management style. A Blue Ocean Strategy is a road map that enables businesses to create or venture into new uncontested market spaces and demand while pursuing product differentiation while keeping costs down. Instead of beating the competition, it reduces the competition or makes it irrelevant. This paper presents a systematic literature review of the Blue Ocean Strategy (BOS) on small-and-medium enterprises. The objective of the study is to provide an overview of the Blue Ocean Strategy and its impact on the sustainable growth and performance of small-and-medium-sized enterprises. The study includes an in-depth analysis of what happens when a company adopts the Blue Ocean Strategy (BOS) and its effect on internal development, overcoming hurdles and achieving sustainable growth, including the findings of this research paper, the implications of those findings and a conclusion. The results found that the Blue Ocean Strategy (BOS) positively affects performance and growth on small and medium enterprises. This study is effective for deciding on the adoption of the Blue Ocean Strategy within an organisation.