Innovative capacity-based approach to blue ocean strategies of family firms: An IT2 fuzzy hybrid decision-making analysis for potential investors

The study aims to measure the weights of innovative capacity and rank the blue ocean strategies for the family firms under the fuzzy environment. A hybrid decision making approach is proposed by considering IT2 (interval type 2) fuzzy DEMATEL (decision making trial and evaluation laboratory) for weighting the criteria and IT2 fuzzy VIKOR (VIseKriterijumska Optimizacija I Kompromisno Resenje) to rank different alternatives. In this study, family firms, their innovative tendencies and one of the most challenging marketing strategies they can use in combatting with fierce competition, namely, blue ocean strategy have been discussed. Through blue ocean strategies family firms can create undiscovered markets, creates their own demand and give an end to the value/cost trade-off. This strategy is envisaged to make the company attractive for potential investors after the point they start to grow and decide to expand their partnership structure to external players.