Considerations Examples ∗ This process helps refine ideas and identify opportunities with the most potential, minimizing risk. This question helps you to think about removing certain elements which often organizations within your industry utilize as their competitive differentiators. Blue Ocean Strategy frameworks and tools include: strategy canvas, value curve, four actions framework, six paths, buyer experience cycle, buyer utility map, and blue ocean idea index. It is a new day and we are back with a new topic of discussion exclusively for you all! The Ordinary’s success is a g r eat example of Blue Ocean Strategy at work. Rather than competing in an existing market with your product, create a space where you enjoy hundred percent monopoly. The traditional circus catered to kids. Home | Corporate Strategy Blog | Blue Ocean Strategy Tools: The Four Actions Framework and ERRC Grid. Among those tools, we will be focusing on the ERRC grid. Those are: raise, reduce, eliminate, and create. These frameworks and tools are designed to be visual in order to effectively build the collective wisdom of the company and also to effectively execute a strategy through easy communication. The strategy states that if you want your business to get into the ‘blue ocean’, you have to create a value innovation. This happened, for example, when Apple created its iTunes music download service in 2003. There are two ways we can create a Blue Ocean Strategy. A brand new product or service. Blue ocean strategy example – Apple iPod Blue Ocean Strategy Example – Cirque du Soleil. Creating a Blue Ocean Strategy. As we’ve already mentioned, there are a lot of businesses that decided the Blue Ocean strategy was the best for them. Here are 3 of the most notable ones. Blue Ocean Strategy - Summary and Examples 1. What are the factors, which your industry takes for granted, but should be eliminated? iTunes solved the problem of recording industries when it started the business. After you define the three tiers of non customers, the idea is that you poll these noncustomers and find out what it would take to purchase your product or service. This is an excellent example of the Blue Ocean strategy at work. Because of your unique position, you can earn maximum profits until a new competitor enters the market. About the Blue Ocean 4 Actions Framework template Who created Blue Ocean 4 Actions Template. Understanding Blue Ocean Strategy with Examples, Pros, Cons & More: Hello readers! Make sure you only add parameters that really matter, otherwise you get a distorted image. Almost all of us have been to beaches for a weekend getaway or long vacations! Blue Ocean Strategy . Stop competing, period! When and why is this tool used? Now, to bring it to life, we’re looking at 3 examples of companies that have used the blue ocean strategy framework to drive growth and innovation including the Nintendo Wii, Yellow Tail and Cirque de Soleil. Blue Ocean Strategy’s goal is to make the competition irrelevant. Here are a couple of examples of companies who’ve successfully implemented the blue ocean strategy to grow their business: Cirque du Soleil. Blue Ocean Strategy simply states that a unique competitive position is an advantage if one understands it properly. The theory was introduced in 2005 by Professors W. Chan Kim and Renee Mauborgne. One is by launching or introducing a completely new product, service, or concept. Blue Ocean ou stratégie Océan Bleu est la stratégie de l’Innovation-valeur. To plot the available consumer products in a marketplace against the company’s ability to provide value and thus be competitive over time. They uncovered a systematic process of achieving growth that works whether you are a cash-strapped startup, non-profit, small business, or a large, established company. Take your strategy from a grand plan to the real deal with these free strategic planning templates. Blue ocean strategy canvas example. You can think of these parameters for example during a brainstorm. Blue Ocean 4 Actions Template was created by W. Chan Kim and Renée Mauborgne. For example, "competing factors" in blue ocean strategy are similar to the definition of "finite and infinite dimensions" in Funky Business. Blue Ocean Strategy How to Create Uncontested Market Space and Make the Competition Irrelevant Facilitators : Yip Khai Biau (ymike27@hotmail.com) & Lieu Yoke Sun Group/Presentation Title Agilent Restricted Date ##, 200X Just as blue ocean strategy claims that a red ocean strategy does not guarantee success, Funky Business explained that "Competitive Strategy is the route to nowhere". Chan Kim and Renee Mauborgne derived the term “Blue Ocean Strategy” to explicate this new business model. Haven’t we? Nintendo Wii. Background Applications . Although these three groups may overlap, they often differ. Proven over decades of research, Blue Ocean Strategy tools and frameworks lead to value innovation. What features of the existing industry should be eliminated? Blue Ocean Strategy Examples. Blue Ocean Strategy (BOS) put forward a new approach which talks about an environment with absolutely zero competition. Here we compare 2 Smartphones. D’après les auteurs qui s’appuient sur leurs observations, l’arrivée de concurrents sérieux ne se fera que quelques années plus tard (une dizaine). 1.1 Introduction Framework . With the increasing popularity of the Internet, Netflix has become a streaming service with a wide choice of films and TV series Later they launched their shows and movies available only on their platform. Summary of the first four chapters of the international bestseller Blue Ocean Strategy. Examples of Blue Ocean Strategy. The objective of this paper is to research the validity and reliability of the Blue Ocean Strategy with a two way approach. If you are creative, you will learn ways to systematize and test that creativity. After having dealt with the Blue Ocean metaphor as well as having clarified the concept of Value Innovation, the Chapter moves on by describing the basic analytical tools and frameworks that characterize the Blue Ocean Strategy. https://www.shortform.com/blog/blue-ocean-strategy-examples The Four Actions Framework: A Blue Ocean Strategy companion framework. Finally, the Blue Ocean Paradox is discussed. A good blue ocean strategy has items in each of the four grids. They are Professors of Strategy at INSEAD, one of the world’s top business schools, and co-directors of the INSEAD Blue Ocean Strategy Institute in Fontainebleau, France. Most entrepreneurs do not. The four action framework points out four key actions to take into account to refine existing products. 7 . If not holidays, we have definitely come across visuals of oceans and seas on social media and televisions. The authors of the book give us the scheme to apply the strategy that includes the following points: Raise. The Blue Ocean Idea Index is part of the overarching strategy and lets companies test the commercial viability of ideas. By creating this plot, you can find imbalances in your strategy, such as only raising and creating (which leads to overengineering and “trying to be the best”) or only eliminating and reducing (which leads to mere price competition). Canon created the industry of the personal desktop copier. The circus industry is no longer as popular as it once was. Hey guys, I am back with yet another unique & interesting marketing concept: "Blue Ocean Strategy". As Kim and Maubourgne write in Blue Ocean Strategy, The purchasers who pay for the product or service may differ from the actual users, and in some cases, there are important influencers as well. Blue Ocean Strategy The four questions that are critical for developing blue ocean strategy: 1. You may have inherent creative talent. Next up is the uniquely brilliant example of Cirque du Soleil, the legendary entertainment company that performs in over 300 cities for more than 150 million spectators in a … Create. Six sessions and you'll have the training to transcend the competition. Blue Ocean Strategy and Blue Ocean Shift Kim and Mauborgne have been researching what it takes to break out of the red ocean of competition and generate strong profitable growth for over 30 years. The six paths framework in formulating blue ocean strategy are (1) Look across alternative industries, (2) Look across strategic groups within industry, (3)Look across buyer groups, (4) Look across complementary product and service offerings, (5)Look across the functional-emotional orientation of an industry and (5)Look across time to shape trends. 3 Examples of Businesses Using the Blue Ocean Strategy. Examples of Blue Ocean Strategies Netflix The first company that used the blue ocean strategy a popular subscription-based streaming service. The strategy includes a variety of analytic tools and frameworks to help you distance yourself from this red ocean of competitors and create a “blue ocean” of undisturbed market space where it is possible to operate without competition. Blue Ocean Strategy Tools: The Four Actions Framework and ERRC Grid . Follow four action blue ocean strategy framework. Blue Ocean Strategy provides a framework to: ∗ Grow market share while minimizing risk ∗ Succeed in entrepreneurship . Eliminate. What can be improved in the existing industry? The first example of blue ocean strategy comes from computer games giant, Nintendo, in the form of the Nintendo Wii.
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