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Atharva Deshmukh
Daily Learnings...ย โขย 8m
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 and market leadership, and new demand is created in the market b] Red Oceans already exist in highly competitive markets. The ERRC framework is used to apply the blue ocean strategy. i] ELIMINATE factors that are not necessary in the industry. ii] REDUCE features that are overdeveloped but add little value. iii] RAISE aspects that customers truly value above industry standards. iv] CREATE entirely new elements that do not exist in the industry. Examples of Blue Ocean Strategy: A simple example can be Netflix following this strategy by reinventing video rentals with an online subscription model, bypassing traditional video rental competition at that time.
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