Good Essay On Blue Ocean Strategy

Blue Ocean Strategy

What is Blue Ocean Strategy?
Blue ocean strategy is the one which creates a market space which is totally new and uncontested. It makes its competition look irrelevant as it competes in a whole new market space and creates its own niche. By creating its own niche in the market, the company which adopts the Blue Ocean strategy can enjoy an unmatched customer goodwill and loyalty. Also, that company can create new demand for its product or service that remains unmatched without any kind of competition. In short, Blue Ocean strategy is a competitive advantage that any company can create by differentiating its offering along with a cost advantage.

How does Blue Ocean strategy differ from Brainstorming?

Brainstorming is a process by which a group of experts or a committee come together and discuss their views and opinions about a certain product, idea or a service. Once different view are expressed, recorded and analysed, the entire group arrives at a consensus that is related to an existing idea or a service. On the other hand, a Blue Ocean strategy is a creation of a completely new idea that can cater to the existing or the new market space. It is a creation of new idea for a new market place which is uncontested and untouched. A Brainstorming strategy is usually applied for an existing market place or for improving an existing strategy.

How do organizations maintain continuity and purpose with a ‘blue ocean’ outlook?

Companies such as Toyota, Ford and Chrysler have consistently created ‘Blue Oceans’ in order to maintain their presence in the global car market. By adopting a Blue Ocean strategy within their own industry space, these companies have proven that they have the innovative edge to remain competitive and add value to their customers. Thus, these organizations have been successful in maintaining their strategic purpose in front of their customers.

Organization that has a ‘Blue Ocean’ approach.

Apple Inc. is one of the most prominent organizations that have truly adopted a Blue Ocean approach. Right from the introduction of an iPod to an iPad and now an Apple Watch; Apple Inc. has always been successful in creating new market for its products. It has been highly successful in creating and capturing new demand and making its competitors look irrelevant!

References

Kim, W &M. Renee. (2014) Blue Ocean Strategy. Harvard Business Review. P.76-84. Print.