Back to feeds

SHIV DIXIT

Stealthย โ€ขย 5m

๐Ÿ“– DAILY BOOOK SUMMARY ๐Ÿ“– ๐Ÿš€ 11 Lessons from ๐Ÿ‘ ๐Ÿ”ฅ Blue Ocean Strategy ๐Ÿ”ฅ By W. Chan Kim ๐Ÿ’ฏ 1. Definition of Blue Ocean Strategy โ€ข Focuses on creating uncontested market spaces rather than competing in existing ones. โ€ข Aims to render competition irrelevant by offering unique value propositions. 2. Value Innovation โ€ข The core principle of Blue Ocean Strategy, whic h involves differentiating and reducing costs simultaneously โ€ข Breaks the traditional trade-off between value and cost. 3. Strategic Canvas โ€ข A visual tool to compare the value propositions of a companyโ€™s product or service with competitors. โ€ข Helps in identifying areas to eliminate, reduce, raise, or create to unlock a blue ocean. 4. Four Actions Framewor โ€ข Eliminate: Remove factors that the industry has taken for granted but are no longer necessary โ€ข Reduce: Lower factors that have been over-served in the industry โ€ข Raise: Increase factors that provide higher value to customers โ€ข Create: Introduce new factors that the industry has never offered 5. Reconstruct Market Boundaries โ€ข Redefines market boundaries by looking across alternative industries, strategic groups, buyer groups, complementary products/services, and trends โ€ข Encourages thinking beyond the conventional industry logic to create a blue ocean 6. Focus on the Big Picture, Not the Numbers โ€ข Strategic planning should prioritize a big-picture vision and long-term growth rather than getting lost in detailed figures 7. Reach Beyond Existing Demand โ€ข Targets non-customers rather than focusing solely on existing customers. โ€ข Three tiers of non-customers - รท Soon-to-be non-customers: Those on the edge of your market. รท Refusing non-customers: Those who consciously choose against your industry รท Unexplored non-customers: Those who havenโ€™t been targeted at all 8. Get the Strategic Sequence Right โ€ข Follows a specific sequence for strategy formulation โ€ข Buyer Utility: Ensure the product delivers exceptional value โ€ข Price: Set a strategic price thatโ€™s appealing to the mass marke โ€ข Cost: Ensure the business model can sustain profitability at the strategic price. โ€ข Adoption: Address any barriers to adopting the new offering. 9. Overcome Key Organizational Hurdles โ€ข Identifies and addresses cognitive, political, motivational, and resource challenges within the organization to implement the strategy effectively. 10. Build Execution into Strategy โ€ข Aligns the entire organization with the new strategic vision โ€ข Creates a culture of trust and commitment by involving employees in the strategy process 11. Fair Process โ€ข Emphasizes transparency, engagement, and clarity in strategic decision-making โ€ข Ensures all stakeholders understand and support the strategic shift 12. Sustainability of Blue Ocean Strategy โ€ข Continuous innovation is necessary to maintain a blue ocean advantages ๐Ÿ”—For downloading full book ๐Ÿ“– Check Comment section , you will get Free eBook -

3 replies17 likes
11
Replies (3)

More like this

Recommendations from Medial

Image Description
Image Description

Atharva Deshmukh

Stealthย โ€ขย 23d

Blue Ocean strategy is a business approach that focuses more on such Blue Ocean areas. There are two types of market spaces(oceans): Blue and Red a] Blue Ocean is the new, uncontested market space, competition is negligible, increases profitability

See More
6 replies5 likes
1
Image Description
Image Description

Shiv Bharankar

ย โ€ขย 

Medialย โ€ขย 26d

Blue Ocean Strategy๐ŸŒŠ Most businesses compete in a red ocean crowded markets where everyone is fighting for the same customers. But what if you didnโ€™t have to compete? What if you could create your own market where thereโ€™s no competition? Thatโ€™s th

See More
5 replies3 likes
2

Vishu Bheda

Stealthย โ€ขย 6m

Top 7 Business Frameworks for Success: 1. SWOT Analysis: Assess strengths, weaknesses, opportunities, and threats to strategize effectively. 2. PESTLE Analysis: Examine political, economic, social, technological, legal, and environmental factors im

See More
0 replies4 likes

financialnews

Stealthย โ€ขย 2m

Penny Stock Under Rs 40 Surges After Strategic Collaboration with Ocean Voyage Shipping Line LLC Lancer Container Lines Ltd Announces Strategic Partnership with Ocean Voyage Shipping Line LLC Lancer Container Lines Ltd has entered into a strategic

See More
0 replies1 like

Aman Verma

Stealthย โ€ขย 6m

Competition should not accupy the centre of strategic thinking This line hits me... Are you a business owner or starting out I would recommend a Book "Blue Ocean Strategy". This book is for business working on bigger view... But it's full of p

See More
0 replies6 likes
Image Description
Image Description

vishakha Jangir

ย โ€ขย 

Set2Scoreย โ€ขย 6m

A must-read book for entrepreneurs on creating your own space in a competitive market, or, I would say, making the competition irrelevant. That's " Blue Ocean Strategy book " ๐ŸŒŠ Let me know your views in the comment if you have read this book :)...

3 replies7 likes
2
Image Description

SHIV DIXIT

Stealthย โ€ขย 3m

๐Ÿ“– DAILY BOOK SUMMARIES ๐Ÿ“– ๐Ÿ”— DIRECT FREE E-BOOK DOWNLOAD LINK AVAILABLE โ€” https://drive.google.com/file/d/1AG_X1jRdbB7dJjxYG7scz4upS04WkuV7/view?usp=drivesdk ๐Ÿ”ฅ Understanding Michael Porter ๐Ÿ”ฅ ๐Ÿš€ 20 Lessons ๐Ÿ‘‰ โœจ By Joan Magretta โœจ 1. Michael

See More
1 replies18 likes
17
Image Description
Image Description

Pavan Mahesh

Stealthย โ€ขย 1y

1. What factors contributed to the job cuts in the tech industry in January 2024?

4 replies3 likes
Image Description
Image Description

Udyamee

Stealthย โ€ขย 9m

Is your startup idea stuck in a red ocean? ๐Ÿ‘‰Red oceans represent crowded markets with fierce competition. Blue oceans, on the other hand, are uncontested markets ripe for innovation. Let's use Medial as an example. In Medial's case red ocean ex:

See More
3 replies9 likes
1
Image Description
Image Description

SHIV DIXIT

Stealthย โ€ขย 9m

Strategy For Startup Growth - 3 4C STRATEGY โ€” 4C is the most basic and advanced strategy that used by every startup owner in Earth. Basically this strategy tell you what your customer perspective to your product . 1. COSTOMER VALUE โ€” Who are

See More
2 replies4 likes
4

Download the medial app to read full posts, comements and news.