Blue Ocean Strategy Paper
The blue ocean strategy in marketing is a distinctive method when it comes to building a customer base very different when it comes to competing within a certain type of industry. Instead of trying to compete in a crowded market place with existing companies, a blue ocean strategy will drive to create a complete new market segment that has no completion or other firms to compete against. In this day in age of technology and the emergence of it and globalization the importance of a blue ocean strategy has grown in recent years and in my essay I will explain the approach and how it is employed in the modern business environment,
Blue ocean marketing strategy in marketing
In today cluttered industries companies have to consider the four p’s of marketing when developing new offerings which include product, placement, price and promotion. In order to complete within their industries they must give consumers a certain value proposition for example a firm can offer a products at a very cost effective rate or at a higher quality than what is presently offered by other firms. In a blue ocean marketing strategy it would create an entirely new market causing a firm not having to worry about dealing with competition altogether. The blue ocean strategy, aims to create a new market place that will cause only one player in that industry eliminating any competition marketers build an entirely new product and service that is currently unknown to customers. In a case like this, it is vital to find effective ways to introduce and inform the public about the new product and service to develop awareness, interested and confidence. When product and service awareness has set in the new product will be positioned in point that provides no alternatives and allows much more effective branding tactics to be utilized. Modern examples of blue oceans moves
There have been several notable blue oceans moves in modern business recently particularly...
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