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Blue Ocean Strategy
This mind map is a detailed guide on Blue Ocean Strategy, showcasing how organizations can create uncontested market space and make the competition irrelevant. It features key components like value innovation and tools such as the ERRC grid and the strategy canvas, which help in visualizing and developing new strategies. The map also navigates through various execution principles, potential challenges, and ways to reach beyond existing demand, emphasizing the importance of not just competing but also creating new frontiers in business.
Edited at 2022-08-26 09:26:33- Blue Ocean Strategy
Blue Ocean Strategy is a concept that focuses on creating uncontested market space and making competition irrelevant. The "blue ocean" represents markets not yet explored or created, where there is little to no competition, allowing companies to achieve high growth and profits. Blue Ocean Strategy has been applied across various industries and has led to the creation of successful blue ocean market spaces by companies around the world. Its focus on innovation, value creation, and market differentiation has become a widely recognized strategic approach for businesses seeking sustained growth and profitability.
- Blue Ocean Strategy
This mind map is a detailed guide on Blue Ocean Strategy, showcasing how organizations can create uncontested market space and make the competition irrelevant. It features key components like value innovation and tools such as the ERRC grid and the strategy canvas, which help in visualizing and developing new strategies. The map also navigates through various execution principles, potential challenges, and ways to reach beyond existing demand, emphasizing the importance of not just competing but also creating new frontiers in business.
Blue Ocean Strategy
- Blue Ocean Strategy
Blue Ocean Strategy is a concept that focuses on creating uncontested market space and making competition irrelevant. The "blue ocean" represents markets not yet explored or created, where there is little to no competition, allowing companies to achieve high growth and profits. Blue Ocean Strategy has been applied across various industries and has led to the creation of successful blue ocean market spaces by companies around the world. Its focus on innovation, value creation, and market differentiation has become a widely recognized strategic approach for businesses seeking sustained growth and profitability.
- Blue Ocean Strategy
This mind map is a detailed guide on Blue Ocean Strategy, showcasing how organizations can create uncontested market space and make the competition irrelevant. It features key components like value innovation and tools such as the ERRC grid and the strategy canvas, which help in visualizing and developing new strategies. The map also navigates through various execution principles, potential challenges, and ways to reach beyond existing demand, emphasizing the importance of not just competing but also creating new frontiers in business.
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- Outline
Blue Ocean Strategy
Strategy Canvas
It captures the current state of play in the known market space, which allows users to clearly see the factors that an industry competes on and invests in, what buyers receive, and what the strategic profiles of the major players are.
It propels users to action by reorienting their focus from competitors to alternatives and from customers to noncustomers of the industry and allows you to visualize how a blue ocean strategic move breaks away from the existing red ocean reality.
The strategy canvas crisply communicates the four key elements of strategy: the factors of competition, the offering level buyers receive across these factors, and your own and your competitors’ strategic profiles and cost structures.
Red Ocean vs Blue Ocean
BLUE OCEAN STRATEGY is the simultaneous pursuit of differentiation and low cost to open up a new market space and create new demand. It is about creating and capturing uncontested market space, thereby making the competition irrelevant. It is based on the view that market boundaries and industry structure are not a given and can be reconstructed by the actions and beliefs of industry players.
Six principles
4 Formulation principles 2 Execution principles
Reconstruct Market Boundries (The Six Paths Framework)
Look Across alternative industries
Look Across strategic groups
Look Across Buyers
Look Across Complementary
Look Across Functional-Emotional Orientation
Look Across Time
Focus on Big Picture, Not the Numbers
Four steps of visualizing Strategy
PMS - Pioneers, Migrators, Settlers
Reach Beyound Existing Demand
3 Tiers of Non-Customers
Get the Strategic Sequence Right
Sequence
Buyer Utility
Price
Cost
Adoption
Six Dimensions
Buyer Utility Map
Price Corridor of the Mass
Overcome Key Organizational Hurdles
The Congnitive Hurdle
The Resource Hurdle
The Motiviational Hurdle
The Political Hurdle
Build Execution into Strategy Fair Process
Engagement
Explanation
Expectation
Summary
Good Strategy (3 characteristics)
Focus
Divergence
Compelling Tagline
Nike – “Just Do it” Apple – “Think Different” L'Oreal – “Because you're worth it” KFC – “It's finger lickin' good” Coca-Cola – “Open Happiness” Dunkin' Donuts – “America runs on Dunkin'” McDonald's – “I'm lovin' it”
Four Actions Framework - ERRC grid - Eliminate, Reduce, Raise, Create
Value Innovation
>>Corner stone of blue Ocean strategy, is the simultaneous pursuit of differentiation and low cost, creating a leap in value for both buyers and the company. >>Value innovation is achieved only when the whole system of utility, price and cost is aligned.
Strategy - a set of guiding principles that generates a desired pattern of decision making