What companies use blue ocean strategy?

What companies use blue ocean strategy?

Blue Ocean Strategy Examples

• Blue Ocean Strategy Examples:
• iTunes. With the launch of iTunes, Apple unlocked a blue ocean of new market space in digital music that it has now dominated for more than a decade.
• Bloomberg.
• Canon.
• The Ford Model T.
• Philips.
• Quicken.
• Ralph Lauren.

How do you use blue ocean strategy?

How Do You Create a Blue Ocean?

1. Define the current reality.
2. Identify a segment of customers who are only interested in or find value in a portion of the features of a product or service.
3. Alter the product or service to be inferior on the aspects that are less valued by your new target audience.

Is Uber a blue ocean strategy?

Uber is classical Blue Ocean Strategy example where in the company tried to differentiate itself from the regular cab companies and in turn developed low cost business model that generates good revenues for drivers and company.

Where can I find blue ocean strategy?

Five Steps to Making a Blue Ocean Shift

1. Select the right scope for your blue ocean initiative and build your people’s confidence.
2. Next, get super clear about the current state of play.
3. Identify the hidden constraints that you can turn into opportunities.
4. Go from the big picture to creating practical blue ocean options.
5. Launch your blue ocean move.

What confuses me of Blue Ocean Strategy?

A mistake that blue ocean strategy identifies is that companies confuse niches with new markets. Identifying a niche and selling to it might be profitable in the short term, but long-term value will come from bringing new customers to play in a blue ocean.

What is the cornerstone of Blue Ocean Strategy?

Value innovation is the cornerstone of blue ocean strategy. We call it value innovation because instead of focusing on beating the competition, you focus on making the competition irrelevant by creating a leap in value for buyers and your company, thereby opening up new and uncontested market space.

What is Blue Ocean Strategy Canvas?

Chan Kim and Renée Mauborgne’s Strategy Canvas is a central diagnostic tool and an action framework that graphically captures, in one simple picture, the current strategic landscape and the future prospects for an organization.

What is Blue Ocean Strategy PPT?

Value Innovation The Cornerstone of Blue Ocean Strategy value creation focusing on beating the competition, you focus on making the competition irrelevant by creating a leap in value for buyers and your company, thereby opening up new and uncontested market space Technology driven.

What is Red Ocean Strategy PDF?

Red ocean strategy developed by Prof. Michel Porter supports to compete in existing market space, beat the competition, exploit existing demand, make the value/cost trade-off, align the whole system of a company’s activities with its strategic choice of differentiation or low cost.

What is ERRC?

The Eliminate-Reduce-Raise-Create (ERRC) Grid is an essential tool of blue ocean strategy developed by Chan Kim and Renée Mauborgne. It is a simple matrix like tool that drives companies to focus simultaneously on eliminating and reducing, as well as raising and creating while unlocking a new blue ocean.

What is the four actions framework?

The four action framework points out four key actions to take into account to refine existing products. Those are: raise, reduce, eliminate, and create. To plot the available consumer products in a marketplace against the company’s ability to provide value and thus be competitive over time.

What is a blue ocean idea?

Blue ocean is a slang term created in 2005. The idea behind it is the referral to the vast marketing options that occurs when an unknown industry or innovation occurs. The authors define blue oceans as markets associated with high potential profits.

What is the value curve?

A Value Curve is a diagram which can be used to show instantly where value is created within an organization’s products and services. The Value Curve shows graphically the way the company or the industry configures its consumer offering. It is thus a powerful tool to create new market spaces (blue ocean strategy).

What is the strategy canvas?

A strategy canvas is basically a line graph that plots functions/factors against importance for a company or an organisation and then overlays competitors or industry benchmarks. In this way, information can be built to help formulate a competitive strategy.

How do you make a blue ocean strategy canvas?

5 Proven Steps to Creating Your Own Blue Ocean Strategy

1. Step 1: Create A Strategy Canvas. A strategy canvas is the most fundamental tool used in the Blue Ocean Strategy framework.
2. Step 2: Raise An Attribute.
3. Step 3: Reduce An Attribute.
4. Step 4: Eliminate An Attribute.
5. Step 5: Create An Attribute.