https://marketbusinessnews.com/financial-glossary/blue-ocean-strategy Blue Ocean Strategy oct 11 2021 middot understanding blue ocean strategy with examples pros cons more hello readers it is a new day The Blue Ocean Strategy Canvas is derived from the Red and Blue Ocean Strategy. Align the whole system of a firm’s activities in pursuit of differentiation AND low cost. 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 market space. 10. The blue ocean strategy focus on innovation and customer satisfaction. Corporate examples of Blue Ocean strategy. The logic behind blue ocean strategy parts with tra-ditional models focused on competing in exist-ing market space. Blue Ocean Strategy 1. Assignment – Blue Red and Purple Ocean Strategy Harshad Koyande M2022090 Operations Paper Boat (Hector Beverages): Paper Boat has disrupted Indian market & became a leading player in non-alcoholic beverage segment. Therefore, a red ocean strategy is based on competition. In other words, don’t compete in the same market. The key to a successful blue ocean strategy is finding the right market opportunity and making the competition irrelevant. Zara Color.fashion can use following Blue Ocean Strategy (BOS) tools and techniques to overcome the red ocean of cut throat competition in Sales & Marketing industry. A key framework here is the Blue Ocean Idea Index. There are many blue ocean moves that contributed most to shaping Apple, navigating between blue ocean and red ocean strategy for today's performance and tomorrow's profitable growth. When Red Ocean becomes too crowded, the need of creating a Blue Ocean strategy will increase. New Products or Services not yet fully Defined. It is all about devising and acquiring the uncontested market forum by spawning a new demand. The Blue Ocean strategy was developed by conceptualizing markets as oceans, which led to the creation of red and blue oceans. Blue Oceans A blue ocean, on the other hand, represents a sector with little-to-no competition in it. Explain the development of Blue Ocean and Red Ocean strategy. CONTIN. 9. The goal of a Blue Ocean Strategy is for organizations to find and develop “blue oceans” (uncontested, growing markets) and avoid “red oceans” (overdeveloped, saturated markets). Looking at entire industries in this way allows you to tell over time whether an innovation strategy or a competitive strategy is best. Companies often bring innovations that replace existing products/services. For more than ten years, this strategy was conceived and successfully practiced by many companies. This concept of the blue and red ocean was first introduced by Renée Mauborgne and Chan Kim in the early 2000s. It is about creating and capturing uncontested market space, thereby making the competition irrelevant. Blue Ocean Strategy. Your strategy should be about standing out from your competitors by implementing something that gives you an edge on them. But, red ocean strategy examples such as Jio are proof that an organization can be successful in a red ocean market with the right strategies and products. Blue Ocean Strategy vs. Red Ocean Strategy Ways to Write a Blue Ocean Blog Ideally, we all want to create blue ocean blogs that make the competition irrelevant. The real opportunity is to create blue oceans of uncontested market space. Black Friday offers. Authors believe that the red ocean stands for a market that is overwhelmed with competitors, and the blue ocean represents an unknown market without rivals. : Break the value-cost trade-off. The first example of blue ocean strategy comes from computer games giant, Nintendo, in the form of the Nintendo Wii. BOS - Blue Ocean Strategy ROS - Red Ocean Strategy PMS - Pioneer-Migrator-Settler Map BUM - Buyer Utility Map UA - Unfair Advantage BOII - Blue Ocean Idea Index Terms Framework -A framework is structure that is a real or conceptual, with the purpose to serve as a support or guide. “Blue Ocean Strategy” by W. Chan Kim and Renee Mauborgne is a strategy that challenges companies to distance itself away from fierce competition by establishing uncontested market space that makes existing competition irrelevant. The origin of the terms red and blue oceans comes from Blue Ocean Strategy – How to Create Uncontested Market Space and Make the Competition Irrelevant. History and background• A video game console is just a computer that is made only. For example, Airbnb didn’t buy homes or hotels. Its methodology provides companies with an escape route from the intense competition over the same market space, as we just discussed. Breaking out of Red Ocean of Bloody Competition Examples of how Blue Ocean Strategy can be used for Zara Color.fashion case study. As competition increases, prospects for profit and growth decline. Answer: Red Ocean Strategy is linked to Business Situations or circumstances. This story is an excellent metaphor for what happens in red oceans. Blue Ocean Strategy – Meaning, Features and its Difference from Red Ocean strategy May 31, 2021 by Umesh Gaikwad Blue Ocean Strategy is an approach where new markets are understood and explored instead of tapping into existing oversaturated markets. Of course any strategy will always involve risks – be it red or blue. It asserts that for businesses to win in the future, they must stop competing. Blue Ocean Strategy The “Blue Ocean” approach is a strategic tool that helps innovation strategists’ asses current and desired future strategic states whereas..Red Ocean is a current state. Red Ocean Strategy Blue Ocean Strategy Compete in existing marketing Beat the competition Exploit existing demand Make the value-cost trade-off Align the whole system of a firm’s activities with its strategic Choice of differentiation or low Cost. Red Ocean Strategy. The strategy then is to “buy a hat” and wait out the weather. Acquire an in-depth understanding of Blue Ocean Strategy tools and concepts developed at INSEAD. The main idea of the Blue Ocean Strategy is to find new markets and propose a value innovation. Blue Ocean strategy and Red ocean strategies are widely used by startups. In blue ocean, strategy creates new needs and wants of…show more content…. : Make the value-cost trade-off. They published a book under the name Blue Ocean Strategy that was expanded and updated 5 years ago. The belief that blue ocean strategy is a theory of marketing and a niche strategy. In red ocean, competitors are trying to attract customer in market in different ways. Analyse the Four Actions Framework. Professors Chan Kim and Renée Mauborgne introduced the concepts of red and blue oceans in their international best-seller Blue Ocean Strategy. • Competition This strategy focuses on creation of uncontested market space. dustries, what we call blue ocean strategy. Define the elements of Blue Ocean and Red Ocean strategy. If you cut your strategy teeth … Blue ocean Red Ocean strategy 1. In the ever-competitive online space, we tend to stumble upon the same articles over and over again. Most blue oceans are created from within red oceans by expanding existing industry boundaries. One of the reasons why the authors have used the colors red and blue is to describe the market. Ocean Acidification: A National Strategy to Meet the Challenges of a Changing Ocean reviews the current state of knowledge, explores gaps in understanding, and identifies several key findings. Blue ocean strategy Denote all the industries not in existence today, the unknown market space, untainted by competition. The term “Blue Ocean” stems from the idea that there are opportunities in each industry to move from the ultra competitive battles around price and features (red ocean) into a new market reality where your typical competitors are either non-existent or irrelevant. The key to a successful blue ocean strategy is finding the right market opportunity and making the competition irrelevant. Immerse yourself in Blue Ocean Strategy concepts, tools and frameworks, and start to create “blue oceans” of uncontested market space to help you make the competition irrelevant. The blue ocean/red ocean analogy is a powerful and memorable metaphor, which is responsible for its popularity. In contrast, blue ocean strategy creates new demand within red ocean market. The terms blue and red oceans were introduced by W. Chan Kim and Renée Mauborgne in their book Blue Ocean Strategy. • Customer Focus Red Ocean strategy focuses on existing stream of customers. Uber Disruptive can use following Blue Ocean Strategy (BOS) tools and techniques to overcome the red ocean of cut throat competition in Leadership & Managing People industry. 8 Indeed, it can be argued that managers’ failure to realize the differences be-tween red and blue ocean strategy lies behind the difficulties many companies encounter as Motivate your organisation. • Noncustomers outnumbered the customers three to one, industry focussed on competition rather than on noncustomers but Casella focussed on non customers • Casella … Dr XXX is a provider and his price starts from £3,000. A path-breaking strategy known as the Blue Ocean Strategy is a pacifist marketing scheme and is considered a strategic planning tool for assessing a business. Creating blue oceans is … Accessed July 13, 2021. Blue ocean strategy has existed for a long time now, but its use has been mostly unconscious. Which ocean are you in? Furthermore, this strategy is also targeting a cost cut. READ THE BOOK LISTEN TO THE BOOK There are two major strategies i.e. Defining Blue Ocean Strategy: Red Ocean Versus Blue Ocean. A company will have more success, fewer risks, and increased profits in a blue ocean market. The blue ocean strategy in marketing is a unique approach to building a customer base. Rather than try to compete in a crowded marketplace with existing companies, a blue ocean strategy looks to build an entirely new market segment that has not other existing firms. How does blue ocean strategy fundamentally differ from red ocean strategy? This new market space is created by launching new offerings, with the aim being to make the competition irrelevant so that an organization can grow, uncontested, at least in the beginning. 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