Blue Ocean Strategy Shawn Good MKT/421 August 18, 2014 Mark McClintock Blue Ocean Strategy If a company wants to be an overachiever, sometimes a company needs to venture out in untested waters to see what can happen with a product or service it will offer. Companies can find out if what they are offering will be successful or not, instead of being complacent in companies doing the same thing. There are two strategies to companies doing something new called blue ocean strategy. Or the
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A market can be thought of as an ocean. The ocean can be divided into two segments: the red ocean and the blue ocean. The red ocean is comprised of existing market segments and this space contains all things in existence today. The competition in this space is fierce. Conversely, the blue ocean represents all things not in existence today or the opportunity to reengineer an established industry. The framework for formulating a Blue Ocean Strategy is explained in the following paragraphs. The
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Fresh – Blue Ocean Strategy? Khurram Abbas | September 19, 2011 It was a very creative thought, when a very famous writer whose name no one knows, once said “When all think alike, then no one is thinking”. But the idea struck everybody, and we all understood the importance of innovation and creativity and standing out as an individual, group or as a team meant. Similarly, each brand is different and needs to stand-out being unique and innovative in approach and strategy. Here is where the Blue Ocean
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of BLUE OCEAN STRATEGY 1) What is a blue ocean strategy? Kim & Mauborgne: Blue Ocean Strategy is a way to make the competition irrelevant by creating a leap in value for both the company and its customers. 2) What are red and blue oceans, and why do you use the colors red and blue? Kim & Mauborgne: We use the terms red and blue oceans to describe the market universe. Red oceans are all the industries in existence today—the known market space. In the red oceans, industry
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vast majority of companies focus on stating in the “red ocean” as they are fighting over customers in the same market share. This author explains the reason behind this is that most companies use “competition-based red ocean strategies which has also seen them cut cost and take market share from rivalry competitors. As oppose to focusing on the “ red ocean” Kim and Mauborgne (2004) mention company’s need to begin shifting toward the “blue ocean” if they want to succeed. This can be achieved by offering
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Blue Ocean Strategy Blue Ocean Strategy The principle of a Blue Ocean Strategy is when a business reinvents itself within its given market to make them stand out as different from the rest of the competition. A company does this by an area within the market that is untouched or has low competition. According to Chan and Renee (2004) “Competing in overcrowded industries is no way to sustain high performance. The real opportunity is to create blue oceans of uncontested market space.” An example
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Blue Ocean Strategy MKT 421 Name Date Instructor Blue Ocean Strategy Description and Significance According to Cham Kim and Renee Mauborgne (2004), the Blue Ocean strategy involves the description of how the organization should try and proceed to find some way to work in the marketplace that is not bloodied by the competition and also that is free of competitors. The strategy is against working in conditions such as Red Ocean, where businesses are ferociously
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Introduction Blue Ocean strategy describes how organization should try and find a way to work in a marketplace that isn’t full of competition and not full of competitors. It is important to understand the importance of the blue ocean strategy. By being able to understand the importance of the blue ocean strategy, I can then identify a product or service that would be considered a blue ocean move. Since there is an opposite strategy of the blue ocean strategy called a red ocean move, it is important
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Blue Ocean Strategy Shakira Mays MKT\421 Anissa Upshaw July 28, 2014 Blue Ocean Strategy When starting a business, there are several factors that an organization must consider. These factors include the type of product or service they would like to offer, the target market, as well as the price. New organization or organization is trying to recreate themselves also need to think about their competition. Competitors are the driving force for any organization; each company must one up the
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Blue Ocean Strategy Velez, Joshua T. MKT/421 November, 05, 2015 Mr. Allauddin Blue Ocean Strategy Throughout time people, business, companies, and consumers have been trying to compete with one another to create the “next best thing”. In doing this most of the time people are taking something that is already in existence and working to make it more successful, or create a better version of it. However there are the real innovators that think outside of the box and really create something
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