Preview

Exploring 3m's Blue Ocean Strategy

Powerful Essays
Open Document
Open Document
1028 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Exploring 3m's Blue Ocean Strategy
It is important, as a part of any companies’ Blue Ocean Strategy, to explore the three tiers of non-customers, the buyers’ utility map and experience cycle, and uncover the blocks to buyers’ utility. As companies explore the three tiers of their non-customers they may be able to uncover an untapped potential for customers. The three tiers of non-customers identifies what customers are not purchasing a product or service you offer, as well as why they may not be part of your current consumer group. The buyers’ utility map and experience cycle basically examines the buyers experience with your product or service from start to finish, or from the purchase of the item to the disposal of the item. The buyers’ utility map and experience cycle highlights six different utility levers within each phase of the buyers’ experience cycle. Uncovering a particular block in the buyers’ experience cycle requires a company to examine at which phase or utility lever the company does not perform at its best or meet the consumers’ needs and/or demands.
There are three tiers of non-customers that can be indentified and brought in as customers. Each tier is different and displays a comparative distance from the desired market. 3M has a broad spectrum of product but they are most notably known for their office organization products. A company that examines the similarities among non-customers and existing customers can identify how expand their consumer base. To say that the first tier has the highest potential for bringing the consumer back in whereas the third tier of non-customers may take the most effort and money to bring in as a customer would be inaccurate. The best way to bring in more customers is to explore the commonalties among the three tiers rather than to assume that the first tier is the most marketable rather than the third tier. “The first tier of non-customers is closest to your market. They sit on the edge of the market, and are buyers who minimally

You May Also Find These Documents Helpful

  • Good Essays

    Who are MM’s target customers? Are all segments equally attractive to MM? If yes, why? If not, why not? How do the different segments’ needs and expectations evolve over time?…

    • 1650 Words
    • 5 Pages
    Good Essays
  • Powerful Essays

    customers who are essential to their future success as a company. A sample of fifty…

    • 1005 Words
    • 5 Pages
    Powerful Essays
  • Good Essays

    mkt week 6

    • 399 Words
    • 2 Pages

    This is where companies like the Virgin Group have adopted this kind of strategy to diversify their product line. Dixon (2009) explains what when building a customer base, it is a good idea to begin cultivating multiple customers in different industries. Then, this approach is modified to include target markets that have the countercyclical method that has been proven to work in the financial field. After targeting diverse groups of customers, companies (like the Virgin Group) should then engage in “aggressive marketing and sales efforts to win new customers in the targeted markets” (Dixon, 2009).…

    • 399 Words
    • 2 Pages
    Good Essays
  • Powerful Essays

    Unit 3 P5

    • 1440 Words
    • 6 Pages

    Unit 3: P5 - Explain how and why groups of customers are targeted for selected products.…

    • 1440 Words
    • 6 Pages
    Powerful Essays
  • Good Essays

    Blue Ocean Strategy Paper

    • 980 Words
    • 4 Pages

    In order to process the nature of a blue ocean entity, it is imperative to grasp the point of derivation, which is otherwise known as a red ocean. A red ocean, which is polar to a blue ocean, generates its namesake from a literal representation. Imagine a feeding frenzy in the middle of the ocean; the water turns red with the victim’s blood as predators compete for survival. Now, apply this image to economic conditions. In an open market in any given industry, where there are established standards, barriers, and rules, competitors in a well-defined saturated industry jockey for market shares from the available pot. That, in a nutshell, is a red ocean.…

    • 980 Words
    • 4 Pages
    Good Essays
  • Good Essays

    The blue ocean strategy in marketing is an approach to building a customer base looks to build an entirely new market segment that does not currently exist with other firms. Perfect competition consists of a myriad of competitors in the same industry that are fighting with each other over their slice of the market by offering similar products or substitute products for innovations that already exists. A “red ocean” describes a marketplace where firms are rigorously competing with each other simply to gain a greater percentage of consumers within the existing marketplace. The Blue Ocean Strategy argues that innovative companies will advance, not by battling competitors, but by strategically creating…

    • 993 Words
    • 4 Pages
    Good Essays
  • Good Essays

    organization structure

    • 559 Words
    • 2 Pages

    Thorton, V. (2011, December 14). Three Keys to Attracting and Retaining Customers or Clients. Retrieved June 1, 2014, from www.evanmichael.com: http://www.evanmichael.com…

    • 559 Words
    • 2 Pages
    Good Essays
  • Good Essays

    When thinking about opening a business, you have to look at whether you want to compete in existing markets or create a new market for your product. When you compete in existing markets, you will find many of them are overcrowded and your business will not flourish in this environment. You should want your business to stand out and become profitable, that is what Blue Ocean Strategy encompasses. It is a new way at looking at the market and based on analysis. This strategy is a new type of mindset, a strategic marketing tool and a new way into the future for new businesses. This paper will discuss the Blue Ocean Strategy and its importance; a product or service that might be considered a blue ocean move and why; and an alternative red ocean move for the same product or service along with the pros and cons of that strategy.…

    • 862 Words
    • 4 Pages
    Good Essays
  • Satisfactory Essays

    BUS 101

    • 2844 Words
    • 12 Pages

    Customers: Business must identify what are the demands of the targeted customers and act accordingly.…

    • 2844 Words
    • 12 Pages
    Satisfactory Essays
  • Good Essays

    Supply Chain

    • 1741 Words
    • 7 Pages

    The first tier’s customer’s customer is the focal firm’s second tier customer. Second tier customers buy from first tier customers (who now become a re-seller). The second tier customer may or may not be the end user of the product or service. A real world example of a second tier customer could be a retailer like Superstore where they would purchase the groceries from their first tier customers (wholesalers) and they would become the end user’s retailer.…

    • 1741 Words
    • 7 Pages
    Good Essays
  • Powerful Essays

    Blue Ocean Strategy A Case Study on Salesforce.com Presented by : Ashley Molina Niranjan Zende Siddharth Kumar Zain Yusuf What is a Blue Ocean ??? Blue ocean is nothing but an analogy to describe the wider, deeper potential of a market space that is yet to be explored.…

    • 1162 Words
    • 11 Pages
    Powerful Essays
  • Satisfactory Essays

    KElloggs Marketing Plan

    • 488 Words
    • 5 Pages

    Brief description of product to be marketed and associated goals, such as sales figures and strategic goals.…

    • 488 Words
    • 5 Pages
    Satisfactory Essays
  • Good Essays

    Blue Ocean Strategy

    • 814 Words
    • 3 Pages

    The Blue Ocean Strategy is like a unique business, a blue fish, in the picture below, offering a product or service that has particular characteristics different from all the rest of the…

    • 814 Words
    • 3 Pages
    Good Essays
  • Satisfactory Essays

    Blue Ocean Strategy

    • 357 Words
    • 2 Pages

    Create uncontested market space Make the competition irrelevant Create and capture new demand Break the value‐cost trade‐off…

    • 357 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    J.Co Market Segment

    • 481 Words
    • 2 Pages

    * Marketing area J.CO Donuts & Coffee is now not only in Indonesia, but also extends to other countries such as Malaysia, Singapore, the Philippines and Australia. Looking ahead J.CO Donuts & Coffee will go to expand the international market. J.CO Donuts & Coffee tends to target the urban area.…

    • 481 Words
    • 2 Pages
    Good Essays