Blue ocean strategy is the simultaneous pursuit of differentiation and low cost to open up a new market space and create new demand. Subscribe and Download now! It is a roadmap to move you, your team, and your organization to new heights of confidence, market creation and growth. The term “Blue Ocean” stems from the idea that there are opportunities in each industry to move from the ultra competitive battles around price and features (red ocean) into a new market reality where your typical competitors are either non-existent or irrelevant. The strategy canvas can be used to identify the various elements present in an industry and to better understand how to compete differently based on those and new blue ocean elements. The concept of diversification is readily grasped in a bit of homespun wisdom. In this article you will learn the plan they outline for how to make your competition irrelevant and have sales and profit growth in excess of anything you thought was even possible. 6. The authors use the terms blue oceans and red oceans to describe the entire market universe. The counter to the blue ocean is the red ocean. In order to create Blue Oceans, several tools and frameworks are introduced. The misconception that blue ocean strategy is a low-cost strategy that focuses on low pricing. When the book Blue Ocean Strategy: How to Create Uncontested Market Space and Make the Competition Irrelevant by W. Chan Kim and Renee Mauborgne was released in 2005, the market, rightfully so, was abuzz with the simple revelations the book put forth. The authors describe red oceans as the existing industries in a known market space. In Blue Ocean Strategy, authors Kim and Mauborgne identify the elements of a strong blue ocean program as focus, divergence and, interestingly, a strong tag line. In this presentation I'll explain what Blue Ocean Strategy is and how we can create one. In our last blog post, we explored the fundamentals of blue ocean strategy. The Three Key Components of a Successful Blue Ocean Shift Adopting a blue ocean perspective. Red Ocean Strategy. Definition: 'Blue Ocean Strategy is referred to a market for a product where there is no competition or very less competition. It is about creating and capturing uncontested market space, thereby making the competition irrelevant. Introduction to Blue Ocean Strategy. It is not limited to just one business. The blue ocean strategy is not the same as ‘niching down.’ It’s quite the opposite, in fact. Now, to bring it to life, we’re looking at 3 examples of companies that have used the blue ocean strategy … Practical tools for market creation. The second component, therefore,... A humanistic process. Download Business Strategy PowerPoint Template Presentation Templates by Jetz. 8. Diversification is a good thing; it is the most effective, least expensive, and easiest-to-implement strategy in an investor’s toolbox to reduce the risk of loss, without sacrificing return. The Elements of a Great Blue Ocean Strategy for Travel Agents Earls, R. Travel Research Online,United States Travel Research Online, a blog for the travel agent community, runs a series of 10 posts dedicated to blue ocean strategy theory and its practical application for travel agents.