What is the Blue Ocean Strategy?
BLUE OCEAN STRATEGY
Startups can use the blue ocean method to establish a new market and fill it with their product. In 2005, the term “blue ocean strategy” was coined. Startups who use it benefit from a market that is free of competitors, and when copycats and competitors do arrive, it is more difficult for them to beat the pioneers because consumers dislike changing their habits. It’s all about gaining uncontested market space and rendering the competition irrelevant.
RED OCEAN STRATEGY
All of the industries that exist today in the known market area are referred to as RED OCEANS. Industry borders are specified and accepted in red oceans, and the competitive rules of the game are well understood.
How to introduce a blue ocean strategy
A corporation that wants to implement a blue ocean strategy may have a lot of questions, such as:
- Is it really possible to make our competitors obsolete?
- In practice, how can we generate uncontested market space?
- What is the best way to start a blue ocean business?
Chan Kim and Renee Mauborgne developed the blue ocean strategy framework, a 5-step roadmap, and other tools to assist businesses on their journey to a blue ocean business.
A blue ocean approach isn’t always simple to put into action. Anyone, whether a major firm, a startup, or a non-profit organization, can try it. In practice, however, no one can promise success. The position of market leader and true innovator is the most significant blue ocean potential. And this qualifies you for a variety of benefits. Blue ocean strategy businesses can be far more flexible when there is no rivalry, especially in terms of:
- price-setting
- reshaping the proposal
Lowering marketing expenses
You can add specific goals and measures to track your progress in charting that blue ocean once you know where you’re competing.
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