Importance of blue ocean strategy In other words, Cirque made a blue ocean within a red ocean. An excellent example of a blue ocean strategy is eBay, which did it with the online auction industry, or Cirque du Soleil with the circus industry. It asserts that for businesses to win in the future, they must stop competing. Blue Ocean strategy really shows the opportunity to create something special and for brands to ultimately stand-out through innovation. Blue Ocean Strategy vs. A path-breaking strategy known as the Blue Ocean Strategy is a pacifist marketing scheme and is considered a strategic planning tool for assessing a business. In a Blue Ocean because of the uniqueness of your offering you are able to service your customers in uncontested (at least for now) space. This framework had been presented by Mr. Kim W Chan and Mauborgne Renee in their most sellable book entitle "Blue Ocean Strategy - How to Create Uncontested Market Space and Make the Competition Irrelevant". Its focus is on the creation and capture of uncontested market space. Blue Ocean Strategy is a strategy to create a new untapped market space. This model is based on actual work that was done with a very well-known consulting company (here, ⦠Ocean Acidification: A National Strategy to Meet the Challenges of a Changing Ocean reviews the current state of knowledge, explores gaps in understanding, and identifies several key findings. A Blue Ocean Strategy focuses on creating and exploiting new market spaces â âblue oceansâ, rather than going head to head in fiercely competitive markets, red oceans. The image below explains, as a blue ocean strategy summary, the difference between a red and blue ocean market. Answer (1 of 11): BLUE OCEAN SHIFT is packed with real-world examples of organizations facing the same constraints we all face â be they politics, bureaucracy, or limited resources â that applied the very tools and process outlined in the book to shift from competing to ⦠The first example of blue ocean strategy comes from computer games giant, ⦠How does the strategy Operate? Blue Ocean strategy provides a systematic approach to making the competition irrelevant. My Ocean Is Turning Red Updates on all cases and examples in the book, bringing their stories up to the present time Two new chapters and an expanded third one--Alignment, Renewal, and Red Ocean Traps --that address the most pressing questions readers have asked over the past 10 years A landmark work that upends traditional thinking about strategy, this ⦠The strategy states that if you want your business to get into the âblue oceanâ, you have to create a value innovation. : Make the competition irrelevant. The goal of a Blue Ocean Strategy is for organizations to find and develop âblue oceansâ (uncontested, growing markets) and avoid âred oceansâ (overdeveloped, saturated markets). âBlue Ocean Strategy is a: âValue Innovation Strategy â competes in an uncontested market space ââCombination Strategy â: pursue differentiation while controlling costs. The goal of a Blue Ocean Strategy is for organizations to find and develop âblue oceansâ (uncontested, growing markets) and avoid âred oceansâ (overdeveloped, saturated markets). A company will have more success, fewer risks, and increased profits in a blue ocean market. Blue Ocean Strategy: Apple's Blue Ocean Strategy | ipl.org The professors claim that competition can be rendered irrelevant because the rules of the game are waiting to be set. Red Ocean Strategy Blue Ocean Strategy; Compete in existing market space. Summary Of The Blue Ocean Strategy Look at tire dealers who are innovating in the mobile tire installation space, for example. Hereâs a neat little summary for each strategy: A company will have more success, fewer risks, and increased profits in a blue ocean market. I have recently been reading up on the rise and huge success of Netflix and how they used the âBlue Ocean Strategyâ to change the rules of the game. Blue Ocean Strategy. : Make the value-cost trade-off. To put it another way: red oceans offer too much competition & entering the fray means less profit, more work, and a lower chance of succeeding. Breaking out of Red Ocean of Bloody Competition Examples of how Blue Ocean Strategy can be used for Zara Color.fashion case study. Case studies are in depth investigation about the particular individual, group or event. The strategy is specifically a marketing theory and thus, a marketing strategy. iPhone - Red Ocean Strategy example Some people see the iPhone as an example of a successful Blue Ocean Strategy. It is all about devising and acquiring the uncontested market forum by spawning a new demand. The above essay sample mentions the Netflix blue ocean market strategy and red ocean. Consider two types of oceans: Red oceans, where competition is fierce in bloody waters, strategy centers around beating rivals, and wins are often zero-sum. Traditional Competitive Strategies. A customer focus, for example, can ⦠oct 11 2021 middot understanding blue ocean strategy with examples pros cons more hello readers it is a new day Content and Social Media Value I⦠Blue Ocean strategy really shows the opportunity to create something special and for brands to ultimately stand-out through innovation. But, red ocean strategy examples such as Jio are proof that an organization can be successful in a red ocean market with the right strategies and products. Unfreeze: What Changes, or must be Changed, has to be weakened.. To forge steel, you must make it malleable. Blue and Red Ocean Strategy Examples. Itâs possible that after some decades, or years a blue ocean transforms into a red one. This strategy focuses on existing demand and requires a company to have specific or niche capabilities to differentiate itself from its competitors e.g. Make the value-cost trade-off. Before we dive into Blue Ocean Strategy examples, letâs get clear on what a blue ocean is. My Ocean Is Turning Red Updates on all cases and examples in the book, bringing their stories up to the present time Two new chapters and an expanded third one--Alignment, Renewal, and Red Ocean Traps --that address the most pressing questions readers have asked over the past 10 years A landmark work that upends traditional thinking about strategy, this ⦠The goal of a Blue Ocean Strategy is for organizations to find and develop âblue oceansâ (uncontested, growing markets) and avoid âred oceansâ (overdeveloped, saturated markets). Freeze: Secure and Protect the â New Normal â.. https://achieveinbusiness.com/what-are-blue-red-ocean-strategies Blue Oceans, in contrast, denote all the industries not in existence today: the unknown market space, untainted by competition. June 10, 2016 by clairesscott. Blue Ocean Strategy concept have been implemented by some of the companies in Malaysia. Most blue oceans are created from within red oceans by expanding existing industry boundaries. Red Oceans are described as all the industries in existence today: the known market space. Competing in red oceans is a zero-sum game. The color of the Ocean is blue, due to the pure color of its water. From such assumption, this strategy creates new innovation value for products and services or for new industry in order to benefit both customers and businessmen. Make the competition irrelevant. The second more common way is to create a blue ocean within a red one. Understand the relationship between growth rates, promotion times, headcount pyramid ratios, and attrition rates. Blue Ocean Strategy (BOS) first principle is the concurrent chase of differentiation and low cost. Using a blue ocean strategy in 2021 will make your business grow. In other words, donât compete in the same market. If you cut your strategy teeth ⦠âBlue Ocean Strategy is a: âValue Innovation Strategy â competes in an uncontested market space ââCombination Strategy â: pursue differentiation while controlling costs. We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. The key to a successful blue ocean strategy is finding the right market opportunity and making the competition irrelevant. Amazon is another good example of a blue ocean strategy. The main idea behind the names of blue and red ocean strategies is Breaking out of Red Ocean of Bloody Competition Examples of how Blue Ocean Strategy can be used for Zara Color.fashion case study. Blue ocean strategy is responsible for creating uncontested market space. The approaches or strategies presented as the red ocean traps are not wrong or bad. New discoveries and explorations, advances in technology, and important findings in deep-ocean science happen every day. The concept was invented by W. Chan Kim and Renée Mauborgne in 2004. Beat the competition. Lewinâs Change Model 1. Great piece Andy, really interesting. 2. Eliminate-Reduce-Raise-Create Great piece Andy, really interesting. On the other side, the red ocean follows trends and create comparative value. A blue ocean strategy aims to create new demand. First published in 2005, it was updated and expanded with fresh content in 2015. With change comes from great opportunity. Indigo and Spice Jet in India are examples of Red Ocean strategy, they are providing low-cost airlines which have acquired customers but are always in direct competition with one another. Traditional copy machine manufacturers targeted office purchasing managers, who wanted machines that were large, durable, fast, ⦠They published a book under the name Blue Ocean Strategy that was expanded and updated 5 years ago. The goal of a Blue Ocean Strategy is for organizations to find and develop âblue oceansâ (uncontested, growing markets) and avoid âred oceansâ (overdeveloped, saturated markets). A blue ocean strategy can inspire us to think outside the box. Put simply the Blue Ocean Strategy is innovating in ways which make your competition irrelevant. Examples of how Blue Ocean Strategy can be used for Uber Disruptive case study. Canon. The Blue Ocean strategy enables companies to search for new areas of business or emerge out of the Red Oceans. o This is achieved via the simultaneous pursuit of differentiation and low cost. The flux of carbon dioxide between the atmosphere and the ocean is a function of surface mixing (related to wind speed) and the difference the concentration of carbon dioxide in the air and water The concentration in the ocean depends on the atmosphere and ⦠What is an example of red ocean strategy? Blue Ocean Strategiespresents a systematic approach to making the competition irrelevant and outlines principles and tools any Hotels can use to create and capture their own blue oceans. The items on this page capture big news in ocean exploration, not just at NOAA, but around the field. While in the red ocean a lot of businesses sell similar products and try to compete mainly using different pricing strategies, in the blue ocean companies try to create new demand. A Blue Ocean Strategy focuses on creating and exploiting new market spaces â âblue oceansâ, rather than going head to head in fiercely competitive markets, red oceans. For more than ten years, this strategy was conceived and successfully practiced by many companies. Blue Ocean 4 Actions Framework Template For entrepreneurs, so much comes down to new usersâhow to attract them, impress them, and convert them to loyal customers. What is an example of red ocean strategy? Red Ocean & Blue Ocean. : Create uncontested market space. The goal of a Blue Ocean Strategy is for organizations to find and develop âblue oceansâ (uncontested, growing markets) and avoid âred oceansâ (overdeveloped, saturated markets).A company will have more success, fewer risks, and increased profits in a blue ocean market. They also prove that it can be beneficial to undergo red and blue ocean strategies simultaneously. Amazon. An example of a company who maintains a successful red ocean strategy is Apple. : Beat the competition. If we compare companies to fish swimming in a vast ocean, then we can say there are two types of oceans. This strategy not only articulates the existence and importance of blue oceans. Blue Ocean Strategy Markets or âblue oceansâ are created by value innovation and ⦠A market-competing strategy divides existing wealth between rival companies. Based on real-life studies, the book provides insights into business strategies called blue and red oceans. We believe that there are many readers would like to know how this concept have been implemented in Malaysia. The strategy refers to the opposite, crowded markets, as âRed Oceansâ due to the many companies and businesses that cause vicious competition. Their strategy is focused on providing a low-cost no-frills airline. Companies fight for the customer share where their customers are. In contrast, blue ocean strategy creates new demand within red ocean market. Red ocean is all about competition, companies in Red Ocean have to squeeze profit margin in order to survive in their industries. Blue ocean will bring a change for in the past competition has always been base on red ocean strategy ( Robert Morris 2005). This indicates that the characteristics of blue ocean strategy are far superior to the red ocean strategy and because of this reason the organizations are focusing on the creation of uncontested market that are provided with higher opportunities of growth along with higher profit margins. The smart household vacuum is a good example of applying Blue Ocean Strategy. To understand red ocean strategy let us begin by defining blue ocean strategy. The Blue Ocean strategy was developed by conceptualizing markets as oceans, which led to the creation of red and blue oceans. Equally, if not more importantly, it provides analytical frameworks and tools that allow companies to create and capture value in blue ocean strategic manner. Blue Ocean Strategy: Apple's Blue Ocean Strategy | ipl.org The professors claim that competition can be rendered irrelevant because the rules of the game are waiting to be set. What makes this case so compelling is that it was undertaken in a declining industry. Break the value-cost trade-off. Published on June 10, 2016. Uber Disruptive can use following Blue Ocean Strategy (BOS) tools and techniques to overcome the red ocean of cut throat competition in Leadership & Managing People industry. A brand new product or service. Specifically, these new markets give a company a very high competitive advantage as well as low price/cost pressure. The research of W. Chan Kim and Renée Mauborgne focused on discovering the common factors that lead to the creation of blue oceans and the key differences that separate those winners from the mere survivors and those adrift in ⦠Change: Implement the â New Normal â.. How things will be done from now on. A research that gives a detailed scenario about a person, group or event which is done for the enhancement of the writerâs assessment skills in other ⦠The red ocean strategy tries to make the most of existing demand. Cutthroat competition turns the ocean bloody red. Hence, the term âredâ oceans. Blue oceans denote all the industries not in existence today â the unknown market space, unexplored and untainted by competition. Like the âblueâ ocean, it is vast, deep and powerful âin terms of opportunity and profitable growth. First of all, there must be a value-driven idea. Red Ocean Strategy. If you are going to create a blue ocean from within a red ocean the key tool to use is a ⦠Part of the success was the convenient and well thought-out online customer experience. For example, Netflix made the strategic move of converting to a streaming service from a DVD sales and rental business. Last week lesson, we talked about the difference of Red Ocean strategy and Blue Ocean strategy. As 2019 winds down, I encourage you to leave the red ocean and instead adopt a blue ocean mentality. Needless to say, the right business model defines your business success. 8 Value innovation is uncovered when companies align innovation with utility, price and cost positions. The image below explains, as a blue ocean strategy summary, the difference between a red and blue ocean market. : Break the value-cost trade-off. There is ample opportunity for growth that is both profitable and rapid. This happened, for example, when Apple created its iTunes music download service in 2003. Authors believe that the red ocean stands for a market that is overwhelmed with competitors, and the blue ocean represents an unknown market without rivals. The blue ocean strategy in marketing is a unique approach to building a customer base. Rather than try to compete in a crowded marketplace with existing companies, a blue ocean strategy looks to build an entirely new market segment that has not other existing firms. Blue Ocean Strategy Articles : The Limitations Of Blue Oceans Strategies And An Unexpected Alternative Author: Dan Herman The vast red and blue oceans of the marketing world tsunamied into our awareness and vocabulary a few years ago, when two INSEAD professors, W.Chan Kim and Rene Mauborgne, claimed that competition can be rendered irrelevant. Assuming that Apple invented a New Market: Smartphones. One of the most well-known examples of Blue Ocean Strategy is found in the entertainment industry. Blue Ocean Strategy vs. Blue oceans always end up being red oceans within short periods and are hard to maintain. Yes, Netflix used the blue ocean strategy, It is a popular subscription-based streaming service. Create and capture new demand. A company will have more success, fewer risks, and increased profits in a blue ocean market. [14] It is a phenomenal success for the companies those who adopt and implement this strategy. Canonâs strategic move, which created the personal desktop copier industry, is a classic example of blue ocean strategy. You can change your ad preferences anytime. In their book, Kim and Mauborgne wrote about 150 blue ocean strategies that have been undertaken by companies over about 100 years. âThe key goals of the blue ocean strategy are finding the right marketing opportunity and making the competition irrelevant.â Particularly, in terms of the ⦠This article will explain the success factor of this company and what are the factor that outline in Blue Ocean Strategy teaching have been used by this company. Red Ocean Traps Red ocean theory is effective in fighting market competition, but managers must look for greener pastures (in this case, blue oceans). Its founder, Jeff Bezos, set out to create the worldâs largest online bookstore â and succeeded. The term âBlue Oceansâ came into existence in the book of Blue Ocean Strategy by Chan Kim & Renée Mauborgne in which Kim and Mauborgne coined red ocean and blue ocean terms for describing two different types of market universe. Zara Color.fashion can use following Blue Ocean Strategy (BOS) tools and techniques to overcome the red ocean of cut throat competition in Sales & Marketing industry. By properly choosing 2 variables and defining their boundaries, youâll be able to categorize any potential scenario. They all serve important purposes. The terms blue and red oceans were introduced by W. Chan Kim and Renée Mauborgne in their book Blue Ocean Strategy. One is by launching or introducing a completely new product, service, or concept. The classic example is Cirque du soleil who broke away from the highly competitive circus industry and created a new market that blurred the lines between circus and theatre. Ocean exploration is a dynamic and exciting field. Blue Ocean Strategy is a marketing theory in which a business enters a market that has little or no competition. As competition increases, prospects for profit and growth decline. The book Blue Ocean Strategy, by W. Chan Kim and Renée Mauborgne, introduces the term value innovation, focused on making the competition irrelevant through the creation of new leaps in value. In this strategy, these new markets are called Blue Oceans. First, who steps into the blue ocean strategy about a particular subject. The goal of a Blue Ocean Strategy is for organizations to find and develop âblue oceansâ (uncontested, growing markets) and avoid âred oceansâ (overdeveloped, saturated markets). This is a key principle of blue ocean strategy which sees low cost and differentiation being pursued simultaneously. A company will have more success, fewer risks, and increased profits in a blue ocean market. This concept of the blue and red ocean was first introduced by Renée Mauborgne and Chan Kim in the early 2000s. Apple iTunes is a good example of Apple blue ocean strategy. Business owners can start by reviewing employee performances, examine the data and the technology and make effective use of management plans. Before iTunes, the music industry was losing millions of dollars to illegal downloads ⦠An example of a successful execution of a blue ocean strategy is the iPod. Blue Ocean Strategyâs goal is to make the competition irrelevant. Professors Chan Kim and Renée Mauborgne introduced the concepts of red and blue oceans in their international best-seller Blue Ocean Strategy. It has sold over 4 MILLION copies and is being translated in a record-breaking 46 LANGUAGES. Healthcare industry: Like all industries also aims at making a profit not only for sustainability but also for qualityAs administrators we must take a leaf out of other industries like entertainment, automobile, aviation to improvise on existing healthcare strategyWill be dealing with the concept of Blue Ocean and later the applicability in ⦠They are competing very successfully in the already saturated red ocean of the short-haul airline business. ; In a red ocean, companies vie for market share, exploit existing demand, and try to beat the shit out of the competition. Blue Versus Red Oceans. Indigo and Spice Jet in India are examples of Red Ocean strategy, they are providing low-cost airlines which have acquired customers but are always in direct competition with one another. Carbon atoms are constantly being cycled through the earth's ocean by a number of physical and biological processes. : Align the whole system of a firmâs activities with its strategic choice of differentiation or low cost. A company will have more success, fewer risks, and increased profits in a blue ocean market. (1.4) Complimentary existence together of the red and blue oceans The goal of a Blue Ocean Strategy is for organizations to find and develop âblue oceansâ (uncontested, growing markets) and avoid âred oceansâ (overdeveloped, saturated markets).A company will have more success, fewer risks, and increased profits in a blue ocean market. âAchieved via the delivery of features that have a highest marginal benefit to customer needs . The blue ocean strategy focus on innovation and customer satisfaction. Thus, Blue Ocean Strategy leads to a larger diversity of products that can still compete and evoke high demand. 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