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 is the meaning of blue ocean strategy?
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 Blue Ocean Strategy with example?
Definition: ‘Blue Ocean Strategy is referred to
a market for a product where there is no competition or very less competition
. This strategy revolves around searching for a business in which very few firms operate and where there is no pricing pressure.
What is Blue Ocean Strategy explain with suitable Indian example?
Blue Ocean Strategy (BOS)
put forward a new approach which talks about an environment with absolutely zero competition
. Rather than competing in an existing and highly competitive market, create a space where you enjoy hundred percent monopoly.
What is a blue ocean strategy and its advantage?
Blue Ocean Strategy cooperates with
organizations to find uncontested markets and avoid matured and saturated markets
. It assists to move from the impediments of competing within the existing industry and cost structure and to gradually migrate towards constructive value improvement.
Did Netflix use blue ocean strategy?
Netflix
. The first company that used the blue ocean strategy is Netflix, a popular subscription-based streaming service.
How does Netflix use blue ocean strategy?
An exmaple of a blue ocean strategy is
Netflix
. Netflix created uncontested marketing space by selling TV shows over the internet which no one else was currently doing. By doing this they made the competition irrelevant, creating and capture new demand for a service not currently available on the market.
Which companies use blue ocean strategy?
- Blue Ocean Strategy Examples:
- iTunes. With the launch of iTunes, Apple unlocked a blue ocean of new market space in digital music that it has now dominated for more than a decade. …
- Bloomberg. …
- Canon. …
- The Ford Model T. …
- Philips. …
- Quicken. …
- Ralph Lauren.
How do you use blue ocean strategy?
- Define the current reality. …
- Identify a segment of customers who are only interested in or find value in a portion of the features of a product or service. …
- Alter the product or service to be inferior on the aspects that are less valued by your new target audience.
How do you do blue ocean strategy?
- Select the right scope for your blue ocean initiative and build your people’s confidence. …
- Next, get super clear about the current state of play. …
- Identify the hidden constraints that you can turn into opportunities. …
- Go from the big picture to creating practical blue ocean options.
Is Uber an example of blue ocean strategy?
Despite a long-term stronghold in the taxi industry, Uber has grown faster than any other company ever by reinventing the market. … Uber created a blue ocean, they turned non-customers into customers. In blue oceans,
demand is created rather than fought over
. This provides growth that is both profitable and rapid.
Is Apple a blue ocean strategy?
Apple use blue ocean strategy
to remove competition and create a new market for new products
. Blue ocean strategy helps to the Apple company to develop their own market rather than trying to beat competitors to reach top in the market. Apple iTunes is a good example of Apple blue ocean strategy.
Is Google a blue ocean strategy?
Google mainly implements the
Four – action Framework
of Blue Ocean Strategy. Google eliminated configuration options for regular users.
Why is Blue Ocean Strategy difficult?
Going to a different ocean, a blue ocean, requires a lot of trust, preparation and faith. Results most likely won’t be immediate, so it requires
patience
. Investors, executives and employees should be realistic about the time required to be successful in a new market.
What are the characteristics of blue ocean strategy?
- new unknown market.
- there is no competition as there are no competitors.
- you can simultaneously use differentiation and low price strategies.
- seeking for potential customers.
- demand development is required.
Is Starbucks a blue ocean strategy?
Starbucks is an excellent example of a company that
has successfully implemented the Blue Ocean Strategy
. … Instead of focusing on their coffee, they have developed the Starbucks brand as different, a strategy still unexplored in this sector.
