What is business blue ocean strategy?
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.
What are two ways to create blue oceans?
There are two ways to create blue oceans. One is to launch completely new industries, as eBay did with online auctions. But it’s much more common for a blue ocean to be created from within a red ocean when a company expands the boundaries of an existing industry.
What are the elements of blue ocean strategy?
To build humanness into the blue ocean shift process and help people develop the confidence to act, Chan Kim and Renée Mauborgne have identified three elements that address different aspects of our humanness: atomization, first-hand discovery, and the exercise of fair process.
What are the 4 strategies of blue ocean strategy?
Companies need to build their blue ocean strategy in the sequence of buyer utility, price, cost, and adoption. This allows them to build a viable business model and ensure that a company profits from the blue ocean it is creating.
What are the 4 steps in the blue ocean strategy process?
FOUR-STEP BLUE OCEAN LEADERSHIP PROCESS
- Step 1: See your leadership reality.
- Step 2: Develop alternative Leadership Profiles.
- Step 3: Select to-be Leadership Profiles.
- Step 4: Institutionalize new leadership practices.
What is blue ocean strategy with example?
The first example of blue ocean strategy comes from computer games giant, Nintendo, in the form of the Nintendo Wii. The Nintendo Wii launched in 2006 and at its heart is the concept of value innovation. This is a key principle of blue ocean strategy which sees low cost and differentiation being pursued simultaneously.
Is Uber a red ocean strategy?
Uber is the best case study to understand the power of Blue Ocean Strategy. Uber is the disruptive company of the recent decade, they have redefined an industry and changed how we move through the world.
What is pink ocean strategy?
The Pink Ocean Strategy aims to extend the term of innovation from the old meaning served by the Blue Ocean concept to a new social meaning. It is a strategy that places Page 13 the humans and the societies first and above any profitable target.
What is Purple Ocean Strategy?
The Purple Ocean Strategy (POS) pushes entities to serve disruptive ideas, develop competitive strategies, and understand the change in seasons. In terms of execution, it’s all about communication, preserving the bargaining powers of buyers and suppliers; and understanding the market.
What is black ocean strategy?
Black ocean strategy is a kind of survival strategy to foresee the organizational problems and solve them successfully to continue in its business market by means of a kind of black magic may be legally or illegally, ethically or unethically.
What is blue ocean strategy give some examples?
Why is it called blue ocean strategy?
A blue ocean is considered (from a marketing standpoint) a yet unexploited or uncontested market space. The term was coined by Chan Kim and Renee Mauborgne in the book Blue Ocean Strategy: How to Create Uncontested Market Space and Make the Competition Irrelevant. Blue ocean firms tend to be innovators of their time.