Rather than try to compete in a crowded marketplace with existing companies, a blue ocean strategy looks to build an entirely new market segment that has not other existing firms.
While there are many risks associated with this move, it can be very lucrative if it is successful. The following essay will analyze the blue ocean strategy and offer suggestions on how it can be employed in the modern business environment.
Also, it is less risky to offer a product that already has significant marketing research data to draw from. With the rapid growth of technology and globalization, the importance of a blue ocean strategy has grown in recent years.
Blue Ocean Strategy — Introduction The blue ocean strategy in marketing is a unique approach to building a customer base.
Modern Examples of Blue Ocean Moves There have been several notable blue ocean moves in modern business recently, particularly in the technology realm. But what if a firm could avoid having to deal with competition altogether? There is already strong customer education about the types of products being sold.
Once this has been completed, the new product will be positioned in point that provides no alternatives and allows much more effective branding tactics to be utilized.
The company had far fewer resources than its rivals, but managed to build a large market share because it took a risk on releasing an unproven technology. While it does sound attractive, there are many benefits to competing in a mature market.
Marketers build an entirely new product or service that is currently unknown to consumers. This strategy gives consumers an additional level of value that no other shoe manufacturer, such as Nike or Jimmy Choo, could match.
The gaming system was received very well by gamers and built a whole new market with no direct competition. It is necessary to thoroughly educate the public about the new product in order to gain interest and confidence.
Rather than compete with the Sony PlayStation and Microsoft Xbox, Nintendo decided to create a whole new gaming concept that used motion detectors instead of button controls.
Companies must consider the four Ps of marketing when developing a new offering, which include product, placement, price, and promotion.
Conclusion Many technology firms are now trying to implement blue ocean strategies to gain a competitive advantage in the market. An Alternative Red Ocean Move Red Ocean strategy is the exact opposite move, which positions a product in an already crowded marketplace.
In order to compete successfully, it is necessary to give consumers a certain value proposition. The Nintendo Wii product shook up the gaming world when it was released nearly 10 years ago.Blue Ocean Strategy Paper University of Phoenix Marketing MKT/ Michael Wells June 10, Blue Ocean Strategy Paper Blue Ocean Strategy is a business strategy for businesses to overcome ones competition in a unique way that will separate themselves from the competition.
Blue Ocean Strategy Paper Janet Tran MKT/ Susan Tomaski University of Phoenix February 2, Blue Ocean Strategy Paper The blue ocean strategy is a unique marketing approach aimed to building a strong customer base.
Blue Ocean Strategy – Introduction. The blue ocean strategy in marketing is a unique approach to building a customer base. Rather than try to compete in a crowded marketplace with existing companies, a blue ocean strategy looks to build an entirely new market segment that has not other existing firms.
Marketing/ The blue ocean strategy direct examine of multiplicity of little price is not to out-do the rivalry in the profession but to produce different market gap. Mkt Blue Ocean Strategy Paper Blue Ocean Strategy Paper Ingrid Dillard MKT/ December 22 Dianna Iobst Blue Ocean Strategy Paper Blue Ocean strategy is an opportunity to create new and unique ways in an uncontested market space.
Include the following: A description of blue ocean strategy and its importance A product or service that might be considered a blue ocean move and why An alternative red ocean move for the same product or service along with the pros and cons of that strategy Preview of MKT Week 4 Essay The blue ocean strategy in marketing is a unique.Download