Blue Ocean Stragtegy Essay

696 words - 3 pages

Blue Ocean Strategy

MKT/421

Blue Ocean Strategy
The blue ocean strategy in marketing is a original tactic to establishing a consumer base. Instead of competing in a congested marketplace with prevailing establishments, a blue ocean strategy aims to form an original market segment that has no other present companies, or, in other words, finds or is able to create a target market with no competition at all. Since technology and globalization is ever changing or ever evolving, the significance of a blue ocean scheme has strengthened in the last recent years. Below, the thorough passage analyzes the blue ocean strategy and suggests recommendations to employ the tactic in the modern ...view middle of the document...

According to Business Insider (2014), “ Forever 21 uses the fast fashion model, getting new fashion trends to stores as quickly as it possibly can, then selling at a low price. Traditional retailers try to establish a brand with a signature look, so it is very unlikely that others will try to copy Forever 21 after spending so much time and effort building their own brands.” Forever 21’s blue ocean strategy ensures low price for quality items and guarantees their competition cannot compete with their pricing methods.
The red ocean strategy is the exact opposite of the blue ocean strategy; moreover, the red ocean strategy places a product in an already congested marketplace. This strategy may be full of risks since there is so much competition that a new product would mostly not stand out, or full of certainty since a company could use a previously proven method to introduce or produce a new product in a current marketplace; nevertheless, there are many benefits to competing in an already matured market. An example of a benefit is as follows: there is presently solid consumer education about the types of product offered...

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