What are the tools of blue ocean strategy?

STRATEGY CANVAS The strategy canvas is a central diagnostic tool and an action framework developed by W. Chan Kim and Renée Mauborgne for building a compelling blue ocean strategy. It graphically captures, in one simple picture, the current strategic landscape and the future prospects for a company.

Does Apple use blue ocean strategy?

Apple use blue ocean strategy to remove competition and create a new market for new products. Blue ocean strategy helps to the Apple company to develop their own market rather than trying to beat competitors to reach top in the market. Apple iTunes is a good example of Apple blue ocean strategy.

Is Netflix a blue ocean strategy?

Netflix. The first company that used the blue ocean strategy is Netflix, a popular subscription-based streaming service.

What makes blue ocean strategy different from other strategies?

BLUE OCEAN STRATEGY is the simultaneous pursuit of differentiation and low cost to open up a new market space and create new demand. It is about creating and capturing uncontested market space, thereby making the competition irrelevant.

What are the principles of blue ocean strategy?

Principles Of Blue Ocean Strategy Create new factors to reduce competing factors and lower costs. Tap into uncontested spaces in the market to make competition irrelevant. Use 4 actions framework and common strategic patterns. Offer step-by-step processes for the management in place of traditional strategies.

Is Airbnb a blue ocean strategy?

Both Uber and Airbnb are great examples of the blue ocean strategy. Airbnb launched in 2008, Uber – one year later. Although operating in the hospitality industry, Airbnb doesn’t own any property, it manages an online travel platform.

Is Google a blue ocean strategy?

Google is a wonderful company revolutionizing information technology. The success of the networking company relies on Google’s adoption of Blue Ocean Strategy.

Why do companies use blue ocean strategy?

A blue ocean exists when there is potential for higher profits, as there is now competition or irrelevant competition. The strategy aims to capture new demand, and to make competition irrelevant by introducing a product with superior features.

What is a blue ocean strategy?

The term “Blue Ocean Strategy” was coined in 2005 by Professors W. Chan Kim and Rénee Mauborgne. It involves entering a market space with little to no competition rather than trying to compete for customers in an increasingly crowded market.

What is the Blue Ocean Idea Index?

The Blue Ocean Idea Index is part of the overarching strategy and lets companies test the commercial viability of ideas. This process helps refine ideas and identify opportunities with the most potential, minimizing risk. Take your strategy from a grand plan to the real deal with these free strategic planning templates.

What is the Blue Ocean approach to differentiation?

Taking a Blue Ocean approach means your goal isn’t to outperform the competition or be the best in the industry. Instead, your aim is to redraw industry boundaries and operate within that new space, making the competition immaterial. Differentiation and low cost can coexist.

How do you shift from a red ocean to a blue ocean?

To shift from a red ocean to a blue ocean, your organization needs to have the mindset of a blue ocean strategist, needs to develop a clear roadmap, and needs to build confidence within your team to drive and own processes.