The Development of Blue Ocean Strategy pattern in Banking Industry (A Case Study of Ilam Of private banks)

Abstract

The present research is done with the aim of developing blue ocean strategy in banking industry in a quantitative method with practical orientation and comparative approach as a single cross-sectional survey. The population of this research is 837 individuals including all of manager and staff working in city of Ilam’s banks. The sample size, equal with 150 persons is used from formula of restricted society and from random sampling method. The main tool for data collecting is the questionnaire provided by the researcher, whose validity was confirmed by experts in the field of management and bank marketing specialists. Its reliability was obtained by Cronbach’s alpha. Data analysis has been done through confirmatory factor analyzing and structural equations. Findings of the study show that a bank may implement blue ocean strategy in four stages including: 1. Elimination (extensive marketing with pervasive media, delay in presenting services and applying specialized (technical) terms in advertising), 2. Reduction (personnel costs, inefficient actions, monitoring costs), 3. Increasing (facility in work, security in procedures, phases, and credit), 4. Creation (modern bank services, costumers' classification, and variety in services). It should be noted that these results do not generalize to state banks.

Keywords

• bank services
• Blue Ocean Strategy
• red ocean strategies
• services’ marketing
• value innovation