Though the term “blue ocean strategy” has only existed for about 15 years, the practice itself is not new. Rather, it involves exploring new markets and niches to serve by finding new uses for your current products or innovating beyond their current use. Doing so could alienate your most loyal customers. Adopting this strategy doesn’t mean that you need to abandon your core products and services. Rather than trying to beat rising levels of competition, blue ocean strategy involves finding a new niche and differentiating yourself to the point that competition is irrelevant. When your market is saturated and you’re trying to find new ways to compete, Kim and Mauborgne consider this a “Red Ocean Strategy.” Their tactics involve shifting away from the crowd and offering new value to different customers. The term refers to the fact that when there are more businesses competing for the same competitors, competition becomes more cutthroat and “bloody” - i.e., red. blue ocean strategy helps you brainstorm your own strategy for your business.īlue ocean strategy involves innovating and expanding your products and services to capture new markets in which there are substantially fewer competitors.
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