![]() Identifying factors where new value can be created by redefining the industry issues and reconstructing customer values.Capturing the current state of play in the known market space, allowing clearer understanding of where you and your competitors currently compete on products, services, delivery, brand, etc., and what the customers receive from each existing competitive offering.The strategic canvas serves two purposes: Blue Ocean opportunities can be enhanced by concept tests, also included in the Breakthrough Toolkit design. Blue Ocean is where a competitor is clearly distanced from the others.ĭata collected and analyzed using the Breakthrough Toolkit can display the strategic canvas and, thus, identifies Red Ocean and Blue Ocean opportunities. With Red Ocean, the actual performance tends to track each other with one competitor leading on some characteristics and other competitors leading on other characteristics. Principles: Underlying principles drive effective execution of the Blue Ocean strategy.Ī primary tool of Blue Ocean is to create a strategy canvas that portrays the relative performance of the existing competitors compared to the offering characteristics provided to the market.Formulation and Execution: Use a defined methodology with analytical tools. ![]() Value innovation is created when a company’s actions address both its cost structure and value proposition. Value Innovation: Instead of focusing on beating the competition, make the competition irrelevant by creating a leap in value customers will have for the offering. ![]() What are the essential elements of Blue Ocean Strategy work? ![]()
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