BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Compete in an existing market space
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Beat the competition
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Create and capture new demand
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Make the value-cost trade off
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Detailed explanation-1: -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.
Detailed explanation-2: -The goal of a Blue Ocean Strategy is for organizations to find and develop “blue oceans” (uncontested, growing markets) and avoid “red oceans” (overdeveloped, saturated markets). A company will have more success, fewer risks, and increased profits in a blue ocean market.
Detailed explanation-3: -What is the goal of a blue-ocean strategy? By focusing on the needs of small-and medium-sized businesses, often overlooked by larger players, ByGeorge Marketing & PR has achieved a small, but highly profitable market share in its region.
Detailed explanation-4: -Making the shift to a blue ocean strategy The aim is to capture new demand with a superior product that makes competition irrelevant.
Detailed explanation-5: -SEQUENCE OF CREATING A BLUE OCEAN. 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.