Blue Ocean Strategy Paper

Topics: Blue Ocean Strategy, IPod, IPod Nano Pages: 4 (706 words) Published: February 1, 2015


Blue Ocean Strategy Paper
Ingrid Dillard
MKT/421
December 22 2014
Dianna Iobst

Blue Ocean Strategy Paper
Blue Ocean strategy is an opportunity to create new and unique ways in an uncontested market space. This important strategy focuses on making competition irrelevant through creating a new innovative product or service. This paper outlines a product service that is considered a Blue Ocean move and the alternative Red Ocean strategy will also be covered. Blue Ocean Description and Importance

Blue Ocean Strategy is slang for the uncontested, innovative market space for an unknown industry. The strategy also changes the focus from the current competition to creating a new value and demand. Professors W. Chan Kim and Renee Mauborgne wrote the Blue Ocean strategy concept in their book ,”How To Create Uncontested Market Space and Make the Competition Irrelevant”. The Blue Ocean Strategy (BOS) concept represents potential market growth and profits. Within the BOS, there lies six main principles to guide the strategy in a systemic and risk minimization manner. The six principles are: Reconstruct market boundaries, Focus on the big picture, not the numbers, Reach beyond existing demand, Get the strategic sequence right, Overcome organizational hurdles, and Build execution into strategy (BOS, 2014). The first four principles address blue ocean strategy formulation and the remaining two address the execution risks of blue ocean strategy (BOS, 2014). To summarize, BOS creates an uncontested market space, make competition irrelevant, create and capture new demand, break the value of cost trade-off, and pursue product differentiation and low cost (Kim & Mauborgne, 2005). The core of Blue Ocean strategy is to create new industries for unlimited potential profits.

Blue Ocean Strategy (BOS) is important because new opportunities delivers the perfect solution to help a firm become sustainable and successful ( Kim & Mauborgne, 2005)....

References: Kim, W. C., & Mauborgne, R. (2005). Blue Ocean Strategy: How To Create Uncontested Market Space and Make Competition Irrelevant. Harvard Business School Press. Retrieved from www. https://hbr.org/2005/10/blue-ocean-strategy
Blue Ocean Strategy. (2014). Press Room
http://www.blueoceanstrategy.com/concepts/bos-moves/itunes/
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