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2024-09-04T13:27:54.359Z

📖 DAILY BOOOK SUMMARY 📖 🚀 11 Lessons from 👍 🔥 Blue Ocean Strategy 🔥 By W. Chan Kim 💯 1. Definition of Blue Ocean Strategy • Focuses on creating uncontested market spaces rather than competing in existing ones. • Aims to render competition irrelevant by offering unique value propositions. 2. Value Innovation • The core principle of Blue Ocean Strategy, whic h involves differentiating and reducing costs simultaneously • Breaks the traditional trade-off between value and cost. 3. Strategic Canvas • A visual tool to compare the value propositions of a company’s product or service with competitors. • Helps in identifying areas to eliminate, reduce, raise, or create to unlock a blue ocean. 4. Four Actions Framewor • Eliminate: Remove factors that the industry has taken for granted but are no longer necessary • Reduce: Lower factors that have been over-served in the industry • Raise: Increase factors that provide higher value to customers • Create: Introduce new factors that the industry has never offered 5. Reconstruct Market Boundaries • Redefines market boundaries by looking across alternative industries, strategic groups, buyer groups, complementary products/services, and trends • Encourages thinking beyond the conventional industry logic to create a blue ocean 6. Focus on the Big Picture, Not the Numbers • Strategic planning should prioritize a big-picture vision and long-term growth rather than getting lost in detailed figures 7. Reach Beyond Existing Demand • Targets non-customers rather than focusing solely on existing customers. • Three tiers of non-customers - ÷ Soon-to-be non-customers: Those on the edge of your market. ÷ Refusing non-customers: Those who consciously choose against your industry ÷ Unexplored non-customers: Those who haven’t been targeted at all 8. Get the Strategic Sequence Right • Follows a specific sequence for strategy formulation • Buyer Utility: Ensure the product delivers exceptional value • Price: Set a strategic price that’s appealing to the mass marke • Cost: Ensure the business model can sustain profitability at the strategic price. • Adoption: Address any barriers to adopting the new offering. 9. Overcome Key Organizational Hurdles • Identifies and addresses cognitive, political, motivational, and resource challenges within the organization to implement the strategy effectively. 10. Build Execution into Strategy • Aligns the entire organization with the new strategic vision • Creates a culture of trust and commitment by involving employees in the strategy process 11. Fair Process • Emphasizes transparency, engagement, and clarity in strategic decision-making • Ensures all stakeholders understand and support the strategic shift 12. Sustainability of Blue Ocean Strategy • Continuous innovation is necessary to maintain a blue ocean advantages 🔗For downloading full book 📖 Check Comment section , you will get Free eBook -

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