Blue Ocean Strategy: How to Create Uncontested Market Space by W. Chan Kim
By W. Chan Kim
A needs to learn technique e-book for marketers and practitioners, The Blue Ocean method has stood the try of time. This leap forward paintings offers insights on how you can make the most of "white areas" on the market and compete opposed to non-competition. the first argument by means of Chan and Mauborgne is that companies may still specialise in making markets rather than competing inside them.
In a vintage instance, the authors reference Cirque du Soleil, who created a high-end marketplace house within the circus enterprise, making a new model of leisure, taking pictures industry proportion and charging a cost top rate of greater than 10 occasions that of a standard circus. In an age while markets could be remodeled in a single day, Blue Ocean presents a framework for targeting the best and ecocnomic industry segments.
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Extra resources for Blue Ocean Strategy: How to Create Uncontested Market Space and Make Competition Irrelevant
Eliminating and creating prompt companies to change the factors themselves, hence making the existing rules of competition irrelevant. When you apply the four actions framework to the strategy canvas of your industry, you get a revealing new look at old perceived truths. S. wine industry, by thinking in terms of these four actions vis-à-vis the current industry logic and looking Analytical Tools and Frameworks 31 across alternatives and noncustomers, Casella Wines created [yellow tail], a wine whose strategic profile broke from the competition and created a blue ocean.
This challenge is key because managers cannot afford to be riverboat gamblers betting their strategy on intuition or on a random drawing. In conducting our research, we sought to discover whether there were systematic patterns for reconstructing market boundaries to create blue oceans. And, if there were, we wanted to know whether these patterns applied across all types of industry sectors—from consumer goods, to industrial products, to finance and services, to telecoms and IT, to pharmaceuticals and B2B—or were they limited to specific industries?
Such a strategy follows the sequence of utility, price, cost, and adoption. Chapters 7 and 8 turn to the principles that drive effective execution of blue ocean strategy. Specifically, chapter 7 introduces what we call tipping point leadership. Tipping point leadership shows managers how to mobilize an organization to overcome the key organizational hurdles that block the implementation of a blue ocean strategy. It deals with organizational risk. It lays out how leaders and managers alike can surmount the cognitive, resource, motivational, and political hurdles in spite of limited time and resources in executing blue ocean strategy.