Evaluating the Blue Ocean Strategy: Discovering the Untapped Market essay
Business, Business Models, by Gennaro Cuofano A blue ocean is a strategy that redefines the boundaries of existing markets and creates new uncontested markets. In essence, the Blue Ocean Strategy is a business theory that aims to create new market spaces with little or no competition by providing value innovation. This strategy identifies and explores untapped areas where the authors, based on a study of strategic moves spanning multi-year industries, argue that lasting success comes not from battling competitors, but from creating untapped new market spaces in the blue oceans that are ripe for growth. The Blue Ocean Strategy presents a systematic approach to competing. In the search for market innovation, the Blue Ocean Strategy stands out as a beacon for companies that want to tap into untapped markets. This approach emphasizes the importance of creating new demand in an uncontested market space, rather than competing directly with other players in a saturated market. It is an approach that encourages innovation and challenges companies to redefine market boundaries. This essay explores the essence of the Blue Ocean Strategy and its relevance in reform. A blue ocean is an unknown market space that is untouched by competition and revolves around value innovation. It is essentially about 'creating and conquering uncontested market space, making the competition irrelevant'. The Blue Ocean Strategy encourages you to innovate and develop new, affordable products that require you to focus on integrating a Blue Ocean marketing strategy into your brand. Let's learn the meaning of “Blue Ocean” and “Read Ocean”. Blue Oceans are new, untapped, unsaturated and growing markets that no one or only a few people are targeting. Principles of a Blue Ocean Strategy. This business strategy is based on four key principles: Market Creation: By pushing the boundaries of an existing space or industry, you can create a new market. Value Innovation: To find a blue ocean, a company must think outside the box of how value is typically generated. I honestly thought my last two startups were a blue ocean, but after a month of starting them I discovered it was a red ocean, so I kind of switched to a hybrid. Blue Ocean strategy for starting entrepreneurs who leverage your unique position. To move from an aspiring entrepreneur to a full-fledged business owner, a Blue Ocean Strategy might include: Blue Ocean Strategy, Expanded Edition: How to Create Uncontested Market Space and Make the Competition Irrelevant - Kindle edition by Kim, W. Chan, Mauborgne , Ren e A. Mauborgne, Renee. Download it once and read it on your Kindle device, PC, phone or tablet. Use features like bookmarks, note taking and highlighting,