Mkt 421 Blue Ocean Strategy Paper
Blue Ocean Strategy Paper
Abdullah Durani
MKT/421
9/3/14
Gwendolyn Mclain
Introduction
In a marketplace that is always changing and very competitive, it can be very hard for a company or organization to set themselves apart from the competition. Companies are constantly aiming to beat out their competitors, win over customers, and obtain a product that is more desirable than the next companies. These companies are involved in a constant back and forth battle that can be very costly and not very efficient. These companies would be greatly benefited if they concentrated on creating a larger industry for their customers, creating uncontested markets, making the competition irrelevant, creating and capturing new demand, breaking the value-cost trade-off and aligning the system of their activities to pursuit …show more content…
By concentrating on this list of tasks, a company will be successful in following blue ocean strategy.
A Description of Blue Ocean Strategy and its Importance
Blue ocean strategy is important because it avoids costly competition and leaves the company to expand without worrying about other firms operating in their space. The first key to blue ocean strategy is focusing on noncustomers. Instead, companies should focus on creating a larger industry by attracting people who have never purchased from that industry. By doing this, not only are you creating a larger industry, but you are opening new pathways to new customers who will refer your product or service to even more new customers. After you have attracted new customers, it is time to move away from existing markets where all of the customers are doing business with either you or the competition to uncontested
Abdullah Durani
MKT/421
9/3/14
Gwendolyn Mclain
Introduction
In a marketplace that is always changing and very competitive, it can be very hard for a company or organization to set themselves apart from the competition. Companies are constantly aiming to beat out their competitors, win over customers, and obtain a product that is more desirable than the next companies. These companies are involved in a constant back and forth battle that can be very costly and not very efficient. These companies would be greatly benefited if they concentrated on creating a larger industry for their customers, creating uncontested markets, making the competition irrelevant, creating and capturing new demand, breaking the value-cost trade-off and aligning the system of their activities to pursuit …show more content…
By concentrating on this list of tasks, a company will be successful in following blue ocean strategy.
A Description of Blue Ocean Strategy and its Importance
Blue ocean strategy is important because it avoids costly competition and leaves the company to expand without worrying about other firms operating in their space. The first key to blue ocean strategy is focusing on noncustomers. Instead, companies should focus on creating a larger industry by attracting people who have never purchased from that industry. By doing this, not only are you creating a larger industry, but you are opening new pathways to new customers who will refer your product or service to even more new customers. After you have attracted new customers, it is time to move away from existing markets where all of the customers are doing business with either you or the competition to uncontested