Answer:
Blue Ocean strategy is about creating and capturing uncontested market space, thereby making the competition irrelevant. It is pursuit of low cost to open up a new market space and create new demand. Blue ocean strategy has been effective in providing sound management and can can be implemented at all levels of public service and can cut costs in management operations to achieve desired results. In Blue ocean strategy, competition is irrelevant because the rules of the game are waiting to be set. A blue ocean is an analogy to describe the wider, deeper potential to be found in unexplored market space. A blue ocean is vast, deep, and powerful in terms of profitable growth
Blue ocean strategy comes with a complete set of analytical tools and frameworks for formulating and executing a blue ocean strategic move. Some of them are:
Red ocean strategy involve the commoditization of the industry where companies are competing mainly on price and requires overcoming an intense level of competition. It aims to fight and beat the competition and involves competing in industries that are currently in existence. Successful trail-blazing organizations will attract competition, creating a red ocean. A Red Ocean Strategy ultimately leads to an organization choosing to follow one of two strategies – differentiation or low cost. Whichever is chosen the organization must align all activities with one of these strategic directions.
They focus on the value/cost trade-off. The value/cost trade-off is the view that a company has the choice between creating more value for customers but at a higher cost, or reasonable value for customers at a lower cost.
Here is the summary of both the blue and red ocean strategy from the pespective of company, competition, costs, and markets:
Blue ocean strategy:
Red ocean strategy:
What is a blue ocean strategy? What is a red ocean strategy? Explain these from the...
Explain the ideas of red and blue ocean strategies.
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