BACHELOR OF BUSINESS ADMINISTRATION

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 focus of the strategy is to make the value-cost trade-off. In this strategy, the competition occurs in existing market spaces. The strategy lays emphasis on making the competition irrelevant.

Detailed explanation-3: -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.

Detailed explanation-4: -The blue ocean strategy represents the simultaneous pursuit of high product differentiation and low cost, making the competition irrelevant. The name “blue ocean strategy” comes from the book Blue Ocean Strategy: How to Create Uncontested Market Space and Make Competition Irrelevant. Professor W.

Detailed explanation-5: -Blue Ocean Strategy It is best to win without fighting. A blue ocean strategy involves creating a new, untapped market rather than competing with rivals in an existing market (Kim, 2004). This strategy follows the approach recommended by the ancient master of strategy Sun-Tzu in the quote above.