Blue Ocean Report Name Institution Blue Ocean Report The Blue Ocean Strategy (BOS) designates a result analysis of varied strategic ideas studied crosswise nations over a century. The strategies are different from other business approaches within the simultaneous significance it offers low cost and differentiation…
BOS tools and frameworks include value curves, strategy canvas, 6-paths, 4-actions framework, purchaser utility map, purchaser experience cycle, as well as, the BOS index. BOS covers strategy implementation and strategy formulation. The BOS simulation represents computerized strategy games demonstrating BOS methodologies, concepts, and analytical tools. The aim of a simulation could be moving out of an undifferentiated product Red Ocean and attempt to create a niche marketplace to accomplish the result. The BOS denotes a marketing approach inspired by a study of numerous strategies commercial ventures have employed to remain competitive crosswise century period. The premise of the strategy is that the success of the business comes about when they transform their focal point from trouncing the competition to emerging companies that offer such exceptional value that are exclusive in the market. BOS characterizes an immense marketplace wherein every innovative exertion that offers true worth can flourish. Numerous commercial ventures have profited from this notion. The significance of the BOS hinges on it consenting to a business selling its product with no or minimal competition from other companies. The strategy is efficient for new businesses that do not have loads of finances available for advertisement and do not desire selling their products within markets where other business have in the past established solid brands (Wells & Hymes, 2012). The BOS compares the blue ocean to the red ocean. Within an established marketplace, commercial ventures constantly fight each other to win over clients and upsurge sales. This denotes an ocean packed with shacks that gash one another, consequently turning the ocean water red with their blood. A commercial venture has a capacity of shifting to another ocean that is blue and peaceful, devoid of the vicious sharks. The commercial venture realizes the necessary expenses and might offer further profits with additional investment and eliminate expenditures that do not boost profits even when the competitors incur finances on them. Case in point is a circus that incurred more finances hiring acrobats and eradicated performing animals that characterize a different strategy with the conventional uses of circus. Companies that use BOS do not attempt to gain their customers from conventional competitors. The focal point entails creating innovative business models that are exceptional. Even though, the company could still be within a similar industry as the competition, it centers on the manners of attracting fresh customers. Customers who favor the obsolete model could revert to the products of the competition (Niciejewska & Dimitrov, 2009). The BOS is mainly efficient when there is a saturation or a decline in the market. When video gaming companies started trading their innovative consoles, numerous competitors sold games and video gaming consoles. Majority of competition target youthful males who ordinarily purchase the bulk of video games. The corporation created games that suited casual players who had not purchased in the past as many games. Consequently, the company increased its customer base. A BOS can incorporate the essential features from different markets to creating a solitary product with benefits over competing within the marketplaces. For instance, corporate executives could fly commercial class on a plane-jet with other ...
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(Blue Ocean Report Essay Example | Topics and Well Written Essays - 1000 Words)
“Blue Ocean Report Essay Example | Topics and Well Written Essays - 1000 Words”, n.d. https://studentshare.net/marketing/90745-blue-ocean-report.
However, the industry experienced slow growth during the late 1990s due to market saturation. This paper seeks to determine whether the industry is market oriented, as well as determine the viability of a frozen yogurt company in Saudi Arabia. According to the findings of the report, the industry is marketing oriented, and Saudi Arabia is a potential market for the company.
Blue ocean strategy refers to creation of new and uncontested markets spaces whereby competition is irrelevant due to new customer value (Kim and Mauborgene 3). On the other hand, red oceans represent industries that are currently in existence and where competition rules are well defined.
According to the paper over the past years the goal of different companies has become to make their brand relevant or the competitors irrelevant. Many leading names of today have done this in order to make their mark in the world. Starbucks is a blue ocean it has been so ever since it started but slowly and gradually they are moving towards becoming Red Ocean which means to compete with others.
The authors of the book, W.Chan Kim and Rene Mauborgne are associated with INSEAD (which is a business school and also a research organization); as professors. The main idea of the book is the creation of a quantum jump in the value proposition for the buyers as well as the company.
In order to make this possible, company need to market its products and services through the best mediums available and make the consumer conscious about the product. Marketing is an essential and important tool of any successful business. Scott (2006)1 states that companies without marketing mindset are at a disadvantage in today's business world that are product centric rather than customer centered.
Chan Kim and Renee Mauborgne deals with the former idea of novelty and improvisation to generate such growth and profits one never knew was possible. New ideas are the key or the heart behind the book.