Businesses must create their own market space

PETALING JAYA: Malaysian businesses must strive to create their own market space in their respective industries in order to stay relevant, according to UCSI Blue Ocean Strategy Regional Centre vice-president of global consulting Raj Kumar ( pic).

He said that the domestic businesses must be creative in exploring various new opportunities, instead of over-emphasis in competing with their existing business rivals.

“There are plenty of promising opportunities in the market which are yet to be explored. Currently, most businesses are too focused in competing with other industry peers that they do not consider exploring new opportunities. “As the world advances rapidly, businesses must start to pay more attention to the ‘blue ocean’ strategy, compared with the traditional practice of focusing on the ‘red ocean’,” said Raj.

“Blue ocean” basically means business strategy which creates uncontested market space, while “red ocean” refers to competition in existing crowded market space.

Star Media Group Bhd will be organising the “Blue Ocean Shift Masterclass” in collaboration with UCSI Blue Ocean Startegy Consulting Group, on Jan 22 at Menara Star, Petaling Jaya.

Raj, who is also a trainer in the “Blue Ocean Shift Masterclass”, added that the programme would provide important tools to help the participants identify untapped growth opportunities and to create new market space.

The one-day workshop targets participants who are involved in business management such as entrepreneurs, managers and corporate leaders, among others. Registration is open at RM2,000 per participant, with limited seats available. For registration, please email to events@thestar.com.my or call Seow Pei Wen at 03-7967 1388 ext 1857.