Yet, competition can be stressful especially when a specific industry and market have become too overcrowded. Soon, different companies followed suit and competition emerged. For instance, the automobile industry emerges from an effort of a company to make a new kind of product. The theory conveys the fact that all of the existing industries today emerged as original and unique. Doing so entails redefining the industry or creating a new market. While it is true that competition prevails across industries, sectors, and markets, especially within free-market capitalist economies, the Blue Ocean Strategy argues that the key to true success is to make such competition irrelevant. Summaries and Takeaways from the Blue Ocean Strategy The organization is about the whole thing and as such, a strategy should be executed across all levels and in the different organizational facets. Doing entails acknowledging the fact that an organization is not just about the top-level management, middle management, or the employees. Hence, the sixth principle of the Blue Ocean Strategy asserts the need to build execution into the strategy itself. The execution makes or breaks the strategy. The lack of will from the leaders, disagreements among critical decision-makers, and a chaotic workplace environment would certainly prevent an organization from going beyond the convention. Lastly, adoption points to addressing the adoption hurdles in actualizing the business idea. On the other hand, cost is about setting a cost target without changing the strategic price to attain the desired level of profitability. The buyer utility is about creating an irresistible or exceptional offer that will generate z realization of utility while price is about determining if the product is accessible to the mass consumers. These are buyer utility, price, cost, and adoption. This means that it follows an established blueprint composed of four elements that also correspond to strategic and sequential steps. Of course, the Blue Ocean Strategy is a systematical process. Customers in the third level need convincing about the necessity of the product. For example, tapping the noncustomers from the first level would require making the product irresistible while those in the second level would need presenting the product as if it is the best choice. When it comes to tapping each tier, it is important to understand its unique characteristics.
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