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Blue ocean strategy is a novel business plan which believes that optimum growth happens when the organizations reject the idea of competition. A blue ocean is an unknown market space untainted by competition; it revolves around value innovation. It is about growing demand and breaking away from the competition. Does the Value Curves meets the 3 criteria?When a company's value curve, or its competitors', meets the three criteria that define a good blue ocean strategyfocus, divergence, and a compelling tagline that speaks to the marketthe company is on the right track. In studying more than 150 blue ocean creations in over 30 industries, the authors observed that the traditional units of strategic analysis--company and industry--are of limited use in explaining how and why blue oceans are created. At first, we should apply four action frameworks i.e., Eliminate, Raise, Reduce and Create grid this helps to proceed the process with ample differentiation and low cost at the same time. Blue ocean strategies create products and services to make competition irrelevant. Chan KimMauborgne. If a company can identify what consumers currently value and then rethink how to provide that value, differentiation and low cost can both be achieved. It allows you to expand the market boundaries of your company in order to gain new . Companies need to adapt the Blue ocean strategy where the confines of a market are nonexistent and the idea of structuralism is viewed as misleading to the company. The most appropriate unit of analysis is the strategic move, the set of managerial actions and decisions involved . The Blue Ocean strategy is a new approach to strategic management that has brought in a new way of thinking among managers that has rendered the rule of competition unimportant. Blue Ocean strategy is much needed in a market when supply exceeds the demand. Download. Being overtaken by 2nd mover Facing market risk - market not formed yet Customer uncertainty and extended time for adaptation Charles Stack 1st online book store lost its market share for Amazon. A blue ocean is considered (from a marketing standpoint) a yet unexploited or uncontested market space. And finally, this strategy can help develop plans to address risks that can subvert a blue ocean firm's revenue model. A huge school of sardines, packed together. Literature Review Most of the companies must have a strategy for competing in the markets in which they offer products or services. The red ocean strategies focus on competition in an existing market to exploit the market demands by beating the competition. Risk associated with being first mover (entry order). 3. In over twenty-five years of research, marketers found a blue ocean strategy that enhances productivity and changes your cooled customers to hot customers or potential customers. The research focused on discovering the common factors that lead to the creation of blue oceans and the key differences that separate those winners from the mere survivors and those adrift in the red ocean.The database and research have continued to expand . Blue Ocean Strategy is a revolutionary piece of writing based on the idea that there is always a blue ocean around the traditional industry and business markets. Browse the use examples 'Blue Ocean Strategy' in the great English corpus. Blue ocean strategy is a strategy that challenges the firms to foresee beyond competition by creating new uncontested market space i.e. Competition: back in 2005, the increase in competition and the pressure it placed on costs and profits was at the heart of the need for . This strategy revolves around searching for a business in which very few firms operate and where there is no pricing pressure. 4. The strategy was developed by INSEAD professors W. Chan Kim & Rene Mauborgne in their 2004 bestseller titled " Blue Ocean Strategy .". Blue Ocean Strategy Canvas A strategic framework to help you understand where you are now compared to your competition. By analyzing 150 business strategies during over 100 years in 30 different industrial sectors, Kim and Mauborgne (2005) propose that firms succeed not because of fighting with their rivals, but because they have created "blue ocean" in the . Blue oceans are new opportunities, without fierce competition, in comparison to existing 'red' markets where competition is fierce. The Blue Ocean Method offers tools to become a pioneer of an industry branch. In the first place, Blue Ocean is a word that means an undeveloped market without competition. The authors also recommend creating a strategy canvas to show where you stand with respect to the competition. Reviewing the Blue Ocean Strategy Is the Blue Ocean Strategy valid and reliable. Discover many strategic tools (like PES square, ERRC grid, As Is Strategy Canvas or six paths framework) to implement the Blue Ocean Method. It helps a company develop its own market . Literature Review Blue ocean strategy is based on a decade long study of more than 150 strategic moves spanning more than 30 industries over 100 years. Reconstruct market boundaries. Today, one can hardly speak of strategy without involving the language of . Blue Ocean Strategy Synopsis Preview text ( ) ( ) ( ) ( ) CHAPTER 2 Analytical Tools and Frameworks W developing a set of analytical tools and frameworks in an attempt to make the formulation and execution of blue ocean strategy as systematic and actionable as competing in the red waters of known market space. . BLUE OCEAN STRATEGY - SHOE INDUSTRY. Find high-quality stock photos that you won't find anywhere else. Don't try to outperform competitors. 1. Blue ocean strategy is a path-breaking tool for creating new demand for upgraded or advanced products. The strategy canvas is similar to the competitive analysis you might find in a QFD house of quality: This example shows how successful new entrant Yellow Tail Wines . The products are familiar to the customer and stand out because of their unique features and utilities. Blue Ocean Strategy is a marketing strategy in which a business makes a paradigm shift away from existing highly competitive saturated markets to creating and capturing new demand in a largely uncontested market where competition becomes irrelevant. To assist you, the QI Macros contains a Blue Ocean template for Excel. First and foremost, a company using it chooses to create an uncontested market instead of entering into the existing one. BOS Workshop Brochure for 2 days. To others, it may appear to be incredibly ambitious. Each principle comes with its own set of risks. BLUE OCEAN STRATEGY is the simultaneous pursuit of differentiation and low cost to open up a new market space where there is no competition. The Blue Ocean strategy describes how organisations can pursue routes of product (or service) differentiation and lower costs at the same time - to create new market spaces and generate demand. Rather, it proposes an alternate mindset. Download Free PDF View PDF. The Blue Ocean Strategy is a way for organizations and entrepreneurs to create a new market space that makes the competition irrelevant. It is about creating and capturing uncontested market space, rather than competing head-on with existing industry players. Blue Ocean Strategy implores the entrepreneur to seek unmet demand in uncontested spaces. What Is Blue Ocean Strategy? The Blue Ocean Strategy argues that consumers don't have to choose between value and affordability. To pull off value innovation as a candidate, you need to demonstrate truly innovative thinking paired with the . Blue ocean strategy is based on over decade-long study of more than 150 strategic moves spanning more than 30 industries over 100 years. The strategy encourages businesses to stop looking for ways to compete in a crowded market place. KEY INSIGHTS: 1. A Blue Ocean job search involves the idea of "value innovation," which the authors talk about as a way of making competition irrelevant "by creating a leap in value in the mind of buyers." (In our case, buyers = hiring teams.) This article describes a concept called the "blue ocean thinking strategy," developed by W. Chan Kim and Rene Mauborgne, professors at INSEAD, an international graduate school of business in France. For example, Uber has changed the functioning of the cab industry. Vector Illustration. A Blue Ocean Strategy. As they would say, the easiest way to defeat competitors is to flee competition, and making use of this allows a company to open up a new market space and create new demand. 52 - Tastes Blue ocean strategy - page 3 Currently Teasel's targets include tech enthusiasts, environmentalists, luxury r drives, and sport car enthusiasts, and by the end Of 2014, it plans to roll out a car the t is accessible to the mainstream buyer. That is, rather than attempt to out-compete your business rivals on their terms, you seek unexploited. However, the blue ocean strategy aims to make the competition irrelevant by creating and capturing any new demand (Mi, 2015). There are several reasons behind a rising imperative to build blue oceans- It creates uncontested market space Blue ocean strategy doesn't aim to out-perform the competition. BUY. Blue Ocean Strategy - If we were hired as a consultant in the footwear or shoe industry, we would suggest employing a blue ocean strategy. The first four principles address Blue Ocean Strategy formulation: 1. Blue ocean strategy examples reveal that new demand is created by offering familiar products with upgraded or advanced features. It means not cutting costs or adjusting your product to be able to compete but changing your value proposition. The blue ocean strategy does not advocate splitting the industry or the world. 710. It eliminated the shortcomings of the traditional cabs and turned non-cab users into customers. The blue ocean strategy concentrates on creating alternatives. Specifically, these new markets give a company a very high competitive advantage as well as low price/cost pressure. Check out the pronunciation, synonyms and grammar. Exploring New Markets with Clever Ideas. The Blue ocean strategy was developed by W. Chan Kim and Rene Mauborgne in their research in 2005. These products have unique characteristics that make them stand out. The article also focuses on the main differences between red ocean and blue ocean strategies. Description: Blue Ocean Strategy can be applied across sectors or businesses. The blue ocean strategy is very critical in ensuring that an organization maintains a competitive edge in the current evolving business environment. The strategy focuses on moving away from an existing market and seaching for new markets. Three fundamental changes affecting business are making BOS even more relevant today. The concept reflects the deep blue sea of talent, and team members still have not discovered this talent yet. Inspirited Realty. W. To put it simply, the Blue Ocean strategy divided the market into two oceans- red and blue. Author content. Blue Ocean that makes the current competition irrelevant. They can be rebuilt by new actions from the agents, through new demand and differentiation processes.These ideas were . Blue Ocean Strategy Criticism. Content may be subject to copyright. A Company Caught in the Red Ocean What is the Blue Ocean Strategy? Value innovation is the key to creating a blue ocean strategy. 526. ResearchGate has not been able to resolve any citations for this . The main concept presented is that you don't have to match or beat your competitors, as there are always other industries waiting to be conquered. The sample paper on Air Asia Blue Ocean Strategy familiarizes the reader with the topic-related facts, theories and approaches. Blue ocean strategy is a scheme to devise and acquire uncontested market forums by creating new demand. Principles of Blue Ocean Strategy are the six main principles that guide companies through the formulation and execution of their Blue Ocean Strategy in a systematic risk minimizing and opportunity maximizing manner. Edmund Bartlett says Jamaica's tourism recovery will be guided by a "Blue Ocean Strategy" where market boundaries can be reconstructed by the actions and beliefs of industry players. Unfortunately, this is not so simple. Scroll down to read the entire paper. 2. Economics. F or twenty-five years, competition has been at the heart of corporate strategy. Minister of Tourism, Hon. Browse 1,472 blue ocean strategy stock photos and images available, or search for red ocean or opportunity to find more great stock photos and pictures. Blue Ocean Strategy Assignment | Strategic Management | EPGDIB 2016-18 25 f Step #3 : Visualizing Strategy At the center of blue ocean strategy formulation is a structured four-step process that involves visual exploration to unlock people's creativity for pushing a company's strategy towards a blue ocean. . Blue Ocean Strategy. The Blue Ocean Strategy defends that the focus of the business shouldnt be beating the competition, but, on the contrary, make it irrelevant, by creating a kid of new market.According to this strategy, the market limits and the industry frames are never stable or stuck. Strategic planning based on blue ocean theory prevents benchmarking competition and opens up a unique profitable space in the market. 450. It is an 'and-and' not an 'either-or' strategy. The Blue Ocean strategy is focused on value innovation which is defined as "making the competition irrelevant by creating a leap in value for your buyers and your company, thereby opening up new and uncontested market space". com invest highly in R&D and marketing cost . The term was coined by Chan Kim and Renee Mauborgne in the book Blue Ocean Strategy:. Blue Ocean Strategy and Blue Ocean Shift are the best-selling books on business strategy. Blue Ocean Strategy is a " approaching companies to get out of the highly competitive Red Ocean " strategy. Blue ocean strategy is based on the simultaneous pursuit of differentiation AND low cost. Blue ocean strategy is different from the red ocean strategy, which focuses on cutthroat competition within the same market segments resulting in price reduction and low-profit margins. Blue Ocean Strategy is the framework to pursue both differentiation and low cost to open a new market with new demands. Instead, it guides organisations to leave the . Blue ocean strategy can utilize strengths to create market niche placement, aim to minimize and remove weaknesses to gain a competitive edge and find ways for business formation, regulations, and other advancements. But compared with red ocean strategy, blue ocean strategy represents a significant departure from the status quo. The Minister, who was speaking at the recently concluded Global Citizen Forum staged in Ras Al Khaimah, United Arab Emirates on . This can be achieved either by creating a blue . Find 3 ways to say OCEAN BLUE, along with antonyms, related words, and example sentences at Thesaurus.com, the world's most trusted free thesaurus. Blue Ocean Strategies The blue ocean approach - developed by W. Chan Kim and Rene Mauborgne - is a set of techniques to identify new market spaces - those without existing competitors. Close to 80 per cent energy now goes into cracking the big guys with a wallet of Rs 50-200 crore, while using the blue ocean strategy to attract clients that are no more with us and have low wallet share." Blue ocean strategy refers to the building of a new, uncontested market space that makes competitors irrelevant. This differs from red ocean . It aims to make the competition irrelevant by reconstructing industry boundaries. Create a new market space to make competitors irrelevant. Scientists call these behavior "bait ball". Value innovation simultaneously pursues low cost, and differentiation. Use Blue Ocean Studio, our business strategy software, to draw a strategy canvas that captures the key competing factors your industry or target industry competes on and invests in. Written by INSEAD professors W. Chan Kim and Renee Mauborgne, the books provide insight into an alternative path to fast growth by creating a differentiated offering and making the competition irrelevant. . To perceive an established problem in a new light and uncover new opportunities, a total adjustment in perspective is a must. Advantages of blue ocean strategy are tempting: Opportunity to bring a previously unknown value for users Low or almost non-existent competition You are among pioneers on a new market or niche If you decide to pursue blue ocean, your goal is not to be better than your competitors, shifting from red to the blue ocean. Essay, Pages 7 (1639 words) Views. Search from Blue Ocean Strategy Photos stock photos, pictures and royalty-free images from iStock. The world has seen a lot of changes in the past decade, since the first Blue Ocean Strategy (BOS) book was launched in 2005. In this, we believe that Tests will become a successful for e to be . Blue Ocean Strategy is based on "time and again" proven data rather than unproven theories. Industries ranged from hotels, cinema, retail, airlines, energy, computers, broadcasting, and construction to automobiles and steel. 9- "Companies need to build their blue ocean strategy in the sequence of buyer utility, price, cost, and adoption." 10- "Companies, like individuals, often have a tough time translating thought into action whether in red or blue oceans. Blue Ocean Strategy: FROM THEORY TO PRACTICE. This is termed "value innovation." You have a framework to test ideas. Blue Ocean Strategy is a marketing theory in which a business enters a market that has little or no competition. Blue ocean is not about technology innovation and seldom result from technological Companies are in a position to create their own boundaries and structures by changing their operation and the products they bring to the market. Blue Ocean Strategy enables a fundamental transformation in mindset. It is based on practical approaches that have proven results during live market executions. Blue ocean strategy is based on several important notions. It develops mental horizons and helps in recognizing the opportunities. dan bam. The "blue ocean" thinking strategy considers opportunities to create new markets for services, rather than focusing solely on improving one's position within an existing market. According to Chan and Rene ( pictured ), blue ocean strategy is when a company simultaneously pursues differentiation and low cost to open a new market space and create new demand. Content uploaded by Khaled Elsayed Bekhet. Learn the definition of 'Blue Ocean Strategy'. And specifically, " creating a non-competitive market, Blue Ocean, and making competition meaningless ". This paper is going to review the Blue Ocean Strategy and how this strategy can be used to promote performance and economic success of the organization. More than that, the stress is laid on creating and capturing new demand instead of exploiting the existing demand. When we think about the existing market, their disadvantages, drawbacks, and . Red ocean and Blue ocean Business strategy. Definition: ' Blue Ocean Strategy is referred to a market for a product where there is no competition or very less competition. (Slide 2) Six principles There are six principles of Blue Ocean Strategy, each with key tools and objectives. Marketers coined the word blue ocean. What is blue ocean strategy? 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