How to create a blue ocean strategy
What is Blue Ocean Strategy example?
The first example of blue ocean strategy comes from computer games giant, Nintendo, in the form of the Nintendo Wii. The Nintendo Wii launched in 2006 and at its heart is the concept of value innovation. This is a key principle of blue ocean strategy which sees low cost and differentiation being pursued simultaneously.
What are the two ways to create blue oceans?
As the market space gets more crowded, prospects for profits and growth decline, products turn into commodities, and increasing competition turns the water bloody. There are two ways to create blue oceans. One is to launch completely new industries, as eBay did with online auctions.
What are the 4 steps in the blue ocean strategy process?
4–Step Blue Ocean Leadership Process
- Step 1: See your leadership reality.
- Step 2: Develop alternative Leadership Profiles.
- Step 3: Select to-be Leadership Profiles.
- Step 4: Institutionalize new leadership practices. Blue ocean leadership uses analytic tools like the Leadership Canvas and the Blue Ocean Leadership Grid to make this happen.
How do you make a blue ocean strategy canvas?
5 Proven Steps to Creating Your Own Blue Ocean Strategy
- Step 1: Create A Strategy Canvas. A strategy canvas is the most fundamental tool used in the Blue Ocean Strategy framework.
- Step 2: Raise An Attribute.
- Step 3: Reduce An Attribute.
- Step 4: Eliminate An Attribute.
- Step 5: Create An Attribute.
Is Netflix a blue ocean strategy?
Netflix. The first company that used the blue ocean strategy is Netflix, a popular subscription-based streaming service.
Why do we create a blue ocean strategy canvas?
The strategy canvas serves two purposes: It captures the current state of play in the known market space, which allows users to clearly see the factors that an industry competes on and invests in, what buyers receive, and what the strategic profiles of the major players are.
What is a blue ocean strategy canvas?
The strategy canvas outlined in the book is basically a tool to visually show how a company will or has created a blue ocean strategy. It is used to plot how the current competitors compete in a market space, what factors they compete on and how your company and the competition scores on each key factor.
How does Blue Ocean strategy work?
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 is a Blue Ocean value canvas?
The Blue Ocean Strategy Canvas is a model with which you can compare products or companies. On the horizontal axis, you place the most important parameters for the specific product or company that you want to analyze. On the vertical, you indicate whether this value is high or low at the company you are investigating.