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January 12, 2024, vizologi

Blue Ocean Strategy: How to Apply It Right

Are you tired of competing in a crowded market? You can explore the potential of the blue ocean strategy and learn how to apply it effectively.

This innovative approach focuses on creating new market spaces instead of fighting for market share in existing ones. By understanding the principles and practical application of the blue ocean strategy, businesses can discover untapped opportunities for growth and success.

Let’s dive into the blue ocean strategy and uncover the keys to implementing it effectively.

What’s the Big Blue Ocean Plan?

The Big Blue Ocean Plan is based on the Blue Ocean Strategy book. It helps companies move from red ocean to blue ocean strategy. Red ocean means competing in crowded industries with decreasing profits. Blue ocean, on the other hand, aims to create new market space and make competition irrelevant. The approach focuses on generating and capturing new demand to maximize growth and success.

The plan urges businesses to think beyond current market boundaries and explore innovative ideas to meet untapped customer needs. This shift in thinking can lead to impactful ideas like new products, services, or business models that open uncontested market space. These ideas aim to offer unique value to customers while also reducing costs, emphasizing differentiation and low cost together.

Why the Big Blue Ocean Plan is a Big Deal

The Big Blue Ocean Plan is an important initiative for environmental conservation and sustainability. It provides a systematic approach to make competition irrelevant and offers principles and tools for organizations to create their own blue oceans. This plan addresses current threats and challenges facing ocean and marine ecosystems, presenting a clear strategic picture and unlocking creativity to break away from the competition.

By applying this approach, organizations can gain insight into their industry’s strategic profiles and identify strategies focused on differentiation or low cost, thus revealing hidden constraints as opportunities. The potential impact and benefits of the Big Blue Ocean Plan on a global scale include creating uncontested market space, making competition irrelevant, and achieving both differentiation and low cost.

This can lead to a reduction in cutthroat competition and the creation of new blue oceans, ultimately contributing to the sustainability and conservation of marine ecosystems.

Using the Big Blue Ocean Plan

Step 1: Pick Where You’ll Dive In

Consider the competing factors in the industry and the offering levels of your own and competitors’ businesses. The strategic canvas aims to provide insight into the industry’s strategic profiles for informed decision-making. The chosen location can significantly impact the diving experience by shaping the direction and approach.

Tools like the Strategy Canvas app and the ERRC Grid can aid in the selection process, helping managers develop a clear strategic picture and explore opportunities fordifferentiation and low cost. Furthermore, the Strategy Canvas app’s sharing and editing features facilitate teamwork, enabling collaboration to determine the best place to dive in.

Step 2: Look Around at the Water You’re In

When you’re looking at the water, it’s important to consider the industry’s key factors. You need to see how your offerings measure up against your competitors. This gives valuable insight into the strategic landscape.

This helps to visualize the big picture and identify areas where your organization stands out or falls short. By analyzing the current landscape, businesses can understand market conditions, customer needs, and the competitive environment. This helps them find untapped opportunities and unmet needs, which are important for creating their own blue oceans.

Potential obstacles or challenges include overlooking market dynamics, failing to capture customer needs, and underestimating competitive forces. But by effectively analyzing the water, businesses can uncover insights crucial for creating a successful Blue Ocean Strategy.

Step 3: Find What’s Holding You Back and Use It

Identifying the common obstacles or challenges that may be holding an individual or organization back from achieving their goals is important when applying the Blue Ocean Strategy. Recognizing the current strategic landscape and understanding hidden constraints as opportunities is the first step. Using the Strategy Canvas app, one can gain valuable insight into the key competing factors in their industry and plot their offering levels against competitors to unveil strategic profiles.

Once these obstacles and constraints are identified, the next step is to analyze how these elements can be used to propel oneself forward. The ERRC Grid, part of the Strategy Canvas app, helps in formulating the To-Be strategy by considering actions such as eliminate, reduce, raise, and create.

This approach allows individuals and organizations to implement strategies focused on differentiation and low cost, while also unlocking new blue ocean opportunities. The Blue Ocean Strategy application emphasizes the importance of finding and using what’s holding you back as a means to break away from the competition and achieve success.

Cool Ideas from the Big Blue Ocean Plan

Watching Shows Online: Netflix

Netflix website

You can watch shows on Netflix by subscribing to the streaming service and downloading the app on your smart TV, computer, or mobile device. This lets you browse through a wide variety of popular shows and genres, like drama, comedy, documentaries, and reality TV.

Netflix also offers personalized recommendations based on your viewing history, the ability to create multiple user profiles, and the option to download content for offline viewing. These features aim to enhance your overall viewing experience and make it more convenient for you to access your favorite shows at any time.

Listening to Tunes: iTunes

iTunes website

iTunes has many features for listening to and managing music. It has customizable playlists and a vast library of songs from different genres. Users can also discover new music through personalized recommendations and playlists.

Compared to other music streaming services, iTunes stands out with its extensive selection of music and user-friendly interface. This makes it easier for users to navigate and explore the platform. They can create personalized playlists based on their preferences and discover new music through curated playlists and tailored recommendations.

Staying at Strangers’ Houses: Airbnb

Staying at strangers’ houses through platforms like Airbnb has both benefits and drawbacks for travelers.

Benefits include affordable and unique accommodations in different parts of the world, allowing travelers to have authentic experiences and immerse themselves in local culture.

Drawbacks, however, include potential safety concerns, cleanliness issues, and the lack of consistency in service.

To ensure safety and comfort, travelers can:

  • Carefully read reviews and ratings from previous guests,
  • Communicate extensively with the host before booking,
  • Verify the accuracy of the property listing.

It’s also advisable to choose accommodations with many positive reviews and verified hosts to minimize risks.

Successful experiences with Airbnb involve clear communication, mutual respect, and understanding of house rules. Additionally, guests can enhance their experiences by being considerate, responsible, and proactive in addressing any issues that may arise during their stay.

By being well-informed and prepared, travelers can make the most of their Airbnb stays, turning them into enjoyable and memorable experiences.

Vizologi is a revolutionary AI-generated business strategy tool that offers its users access to advanced features to create and refine start-up ideas quickly.
It generates limitless business ideas, gains insights on markets and competitors, and automates business plan creation.


+100 Business Book Summaries

We've distilled the wisdom of influential business books for you.

Zero to One by Peter Thiel.
The Infinite Game by Simon Sinek.
Blue Ocean Strategy by W. Chan.


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