Blue Ocean Strategy
May 4, 2015
Blue Ocean Strategy presents a systematic approach to making the competition irrelevant and outlines principles and tools any organization or new businesses can use to create and capture their own blue oceans. (blueoceanstrategy)
The Blue Ocean Strategy is a direction that a new business entering into the market can utilize to maximize profits and eliminate worries about competition. This concept is based on the fact that if your business introduces a new item that is useful to the consumer, your item will do well because there is no other item that it can be compared to. For example, the “Scrub Daddy” in a newly ...view middle of the document...
3. Creates an uncontested market place – If the product stands alone, there will be no competition because this product will be the only product newly introduced into the market.
4. Empowerment through tools and framework – It will provide your organization with the tools that will separate you from the competition.
5. Step by step process – Provides guidance on the current state of play in the entire industry and gives instructions on converting noncustomers into buying customers.
6. Maximizes opportunity – Allow for testing your product and additional ideas on refining the product to maximize profits and minimize risk.
7. Builds execution into strategy – Gives the consumer the opportunity to understand this new product to include communication and visual identification of the product
8. Winning outcome – The value of the product and the use of the strategy will create a win for the consumer, the organization, the employees, and the investors.
A product that might be considered a blue ocean move would be the “Scrub Daddy”. This product just entered the market and the initial advertising and sales indicates that it will become very popular with the consumer. This product is very useful and at the present time, there is no other...