A second strategy that can be used in the strategic thinking process is the Five Forces Framework. This strategy focuses on understanding the five forces that are competitive across industries: rivalry, threat of substitution, buyer power, supplier power, and threat of new entrants (Burns, Bradley, & Weiner, 2012). This strategy puts major focus on the market and competitors and the idea is to gain advantage over exploitation of competitor's and the market's weaknesses (Burns, Bradley, & Weiner, 2012). Once the weaknesses are discovered then a plan can be made to improve internally to both exploit other's weaknesses and offer services/advantages that others haven't been successful at.
These two strategies that can be used to facilitate strategic thinking are directly conflicting with one another. The Blue Ocean Strategy is more abstract, collaborative, innovative, and longitudinal. The Five Forces Framework is concrete, analytical, and present minded rather than looking at big picture and long term objectives.
References
Burns, L. R., Bradley, E. H., & Weiner, B. J. (2012) Shortell & Kaluzny's health care management: Organization design & behavior. Boston, MA: Cengage Learning.
Harris, J. M. (2018). Healthcare Strategic Planning, Fourth Edition. Chicago, IL: Health Administration Press.
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