Transactions on Data Analysis in Social Science

Transactions on Data Analysis in Social Science

Strategic Planning by Means of Blue Ocean Strategy in Insurance Industry, Case Study: Parsian Insurance Company in Semnan Province, Iran

Document Type : Original Article

Authors
A. Rahbar 1
M. Abdolshah 2
1 MBA Alumnus from Semnan University, Semnan, Iran
2 Assistant Professor, Semnan branch, Islamic Azad University, Semnan, Iran
10.47176/TDASS/2022.65
Abstract
In strategic management, Blue Ocean refers to an environment where competition is not well defined. This can be achieved through innovation, resulting in a high-quality product that reduces production costs and adds value for the customer. The main objective of this study is to conduct a survey on how to improve the ranking of Parsian Insurance Company in Semnan Province compared to other companies using Grey Theory. The study distributed questionnaires to experts in the insurance industry to rate the importance of eight main factors, each with its own subcategories: comfort and welfare, internet services, quality of relationship, quality of services, brand, display appearance, price, and creativity. The authors aimed to assist Parsian Company in achieving first place by increasing the scores of certain factors and decreasing the scores of others based on the experts' ratings. Parsian Insurance Company can enhance its competitive advantage by improving the quality of its relationships, services, and pricing. It is important to note that creativity should not be sacrificed in this effort. Additionally, the company should consider introducing supplementary services to further increase its market share.
Keywords
Strategic management
Blue Ocean Strategy
Insurance Industry
  • Feiz, D. (2010). Strategic management: Success key in competitive markets. Semnan University.
  • Aghazadeh, H., Mahdavi, G., & Elahi Choren, A. (2015). Innovation strategies in Iranian insurance industry based on blue ocean approach. Insurance Institution, 30(1), 187–214.
  • Edison, H., Bin Ali, N., & Torkar, R. (2013). Toward innovation measurement in the software industry. Journal of Systems and Software, 86(5), 1390–1407. https://doi.org/10.1016/j.jss.2013.01.013
  • Kim, W. C., & Mauborgne, R. (2005). Blue ocean strategy (A. Pourmomtaz, Trans.). Ariana Ghalam.
  • Wubben, E. F. M., Düsseldorf, S., & Batterink, M. H. (2012). Finding uncontested markets for European fruit and vegetables through applying the blue ocean strategy. British Food Journal, 114(2), 248–271. https://doi.org/10.1108/00070701211202421
  • Diop, N., & Jaffee, S. M. (2005). Fruits and vegetables: Global trade and competition in fresh and processed product markets. In M. A. Aksoy & J. C. Beghin (Eds.), Global agricultural trade and developing countries (pp. 237–257). World Bank.
  • Hollensen, S. (2013). The blue ocean that disappeared: The case of Nintendo Wii. Journal of Business Strategy, 34(5), 25–35. https://doi.org/10.1108/JBS-02-2013-0012
  • Yang, J. T. (2012). Identifying the attributes of blue ocean strategies in hospitality. International Journal of Contemporary Hospitality Management, 24(5), 701–720. https://doi.org/10.1108/09596111211237255
  • Thinking outside the hotel box. (2012). Strategic Direction, 28(10), 9–11. https://doi.org/10.1108/02580541211268384
  • Mehmetoglu, M., & Altinay, L. (2006). Examination of grounded theory analysis with an application to hospitality research. International Journal of Hospitality Management, 25(1), 12–33. https://doi.org/10.1016/j.ijhm.2004.12.002
  • Kuo, C. M. (2009). The managerial implications of an analysis of tourist profiles and international hotel employee service attitude. International Journal of Hospitality Management, 28(3), 302–309. https://doi.org/10.1016/j.ijhm.2008.10.003
  • Ma, J. (2015). A brief discussion on blue ocean strategy of the farm product electronic business under the booming O2O pattern. In Proceedings of the 22nd International Conference on Industrial Engineering and Engineering Management (pp. 685–693). Atlantis Press. https://doi.org/10.2991/978-94-6239-177-2_70
  • Abdi, F., Esmaili Givi, M., & Hamidi, K. (2015). Effect of blue ocean strategy on the marketing function of Iranian banks (Case study: Mellat Bank). Advanced Social Humanities and Management, 2(3), 126–130.
  • Asgharpour, M. J. (2006). Multi-criteria decision making. Tehran University Press.
  • Mehregan, M. R., & Dabbaghi, A. (2014). Developing a comprehensive method for uncertain multi-criteria decision making based on grey equation analysis. General Management Researches, 7(23), 5–25.
  • Li, Q. X., & Liu, S. F. (2008). The foundation of the grey matrix and the grey input-output analysis. Applied Mathematical Modelling, 32(1), 267–291. https://doi.org/10.1016/j.apm.2006.12.002
  • Deng, J. L. (1989). Introduction to grey system theory. Journal of Grey System, 1(1), 1–24.
  • Moore, R. E. (1966). Interval analysis. Prentice-Hall.
  • Wu, Q., Zhou, W., Li, S., & Wu, X. (2005). Application of grey numerical model to groundwater resource evaluation. Environmental Geology, 47, 991–999. https://doi.org/10.1007/s00254-005-1229-y
  • Pitta, D. (2009). Issues in a down economy: Blue oceans and new product development. Journal of Product & Brand Management, 18(4), 292–296. https://doi.org/10.1108/10610420910972819
  • Cirjevskis, A., Homenko, G., & Lacinova, V. (2011). How to implement blue ocean strategy in B2B sector. Business Management and Education, 9(2), 201–215. https://doi.org/10.3846/bme.2011.14
  • Dwivedi, H., & Sharma, L. (2011). Leadership through innovation and creativity in marketing strategies of Indian telecom sector: A case study of Airtel using factor analysis approach. International Journal of Business Administration, 2(4), 122–135. https://doi.org/10.5430/ijba.v2n4p122
  • Kim, C., Yang, K. H., & Kim, J. (2008). A strategy for third-party logistics systems: A case analysis using the blue ocean strategy. Omega, 36(4), 522–534. https://doi.org/10.1016/j.omega.2006.11.011
  • Arbore, A., & Busacca, B. (2009). Customer satisfaction and dissatisfaction in retail banking: Exploring the asymmetric impact of attribute performances. Journal of Retailing and Consumer Services, 16(4), 271–280. https://doi.org/10.1016/j.jretconser.2009.02.002
  • Yousefaraei, H. (2008). A survey of customers' satisfaction with mobile banking services (Master’s thesis). University of Tehran.
  • Chang, S. C. (2010). Bandit cellphones: A blue ocean strategy. Technology in Society, 32(3), 219–223. https://doi.org/10.1016/j.techsoc.2010.07.005
  • O’Gorman, P. (2008). Wii: Creating blue ocean—the Nintendo way. Palermo Business Review, 2, 97–107.
  • Kotler, P. (2012). Marketing management (A. Rahchamani, M. Safaei, & A. F. Kohneh Shahri, Trans.). Borna Publication.
Transactions on Data Analysis in Social Science
Volume 4, Issue 2
Spring 2022
Pages 65-77

  • Receive Date 17 March 2022
  • Revise Date 15 May 2022
  • Accept Date 04 June 2022