Table of Contents
How do you make a blue ocean strategy canvas?
5 Proven Steps to Creating Your Own Blue Ocean Strategy Step 1: Create A Strategy Canvas. A strategy canvas is the most fundamental tool used in the Blue Ocean Strategy framework. Step 2: Raise An Attribute. Step 3: Reduce An Attribute. Step 4: Eliminate An Attribute. Step 5: Create An Attribute.
How do I create a strategy in canvas?
There are 4 relatively simple steps to preparing your own Strategy Canvas. Identify the competition. The first step to drawing a Strategy Canvas is to know who your competition is. Identify the factors of competition. Evaluate the competition. Chart your competitive differentiation.
What is Blue Ocean strategy with example?
The first example of blue ocean strategy comes from computer games giant, Nintendo, in the form of the Nintendo Wii. The Nintendo Wii launched in 2006 and at its heart is the concept of value innovation. This is a key principle of blue ocean strategy which sees low cost and differentiation being pursued simultaneously.
How do I find my blue ocean strategy?
Five Steps to Making a Blue Ocean Shift Select the right scope for your blue ocean initiative and build your people’s confidence. Next, get super clear about the current state of play. Identify the hidden constraints that you can turn into opportunities. Go from the big picture to creating practical blue ocean options.
What type of strategies can be formulated using the Blue Ocean approach?
Blue ocean strategy is the simultaneous pursuit of differentiation and low cost to open up a new market space and create new demand. It is about creating and capturing uncontested market space, thereby making the competition irrelevant.
What consistently separated winners and losers in creating blue oceans was their approach to?
Value Innovation: The Cornerstone of Blue Ocean Strategy What consistently separated winners from losers in creating blue oceans was their approach to strategy. Value innovation is the cornerstone of blue ocean strategy.
What is a blue ocean opportunity?
Blue ocean is an entrepreneurship industry term created in 2005 to describe a new market with little competition or barriers standing in the way of innovators. The term refers to the vast “empty ocean” of market options and opportunities that occur when a new or unknown industry or innovation appears.
What is the aim of Blue Ocean Strategy?
A blue ocean exists when there is potential for higher profits, as there is now competition or irrelevant competition. The strategy aims to capture new demand, and to make competition irrelevant by introducing a product with superior features.
What is blue ocean grid?
The Blue Ocean Leadership Grid is an analytic tool that complements the Leadership Canvas and helps you formulate your blue ocean leadership profile that can unlock the ocean of unrealized talent and energy in your organization.
What are the two ways to create blue oceans?
There are two ways to create blue oceans. One is to launch completely new industries, as eBay did with online auctions. But it’s much more common for a blue ocean to be created from within a red ocean when a company expands the boundaries of an existing industry.
What are the 4 steps in the blue ocean strategy process?
4-Step Blue Ocean Leadership Process Step 1: See your leadership reality. Step 2: Develop alternative Leadership Profiles. Step 3: Select to-be Leadership Profiles. Step 4: Institutionalize new leadership practices.
What are the two key benefits of a strategy canvas?
The strategy canvas serves two purposes: It captures the current state of play in the known market space, which allows users to clearly see the factors that an industry competes on and invests in, what buyers receive, and what the strategic profiles of the major players are.
What is a cognitive hurdle?
Cognitive Hurdles are the mental blocks holding back employees from realizing that there is a need for change as is often required by Blue Ocean Strategy. Often to wake employees up to the need for change, companies point to the numbers and insist that the company must achieve better results.
How is blue ocean strategy implemented?
How Do You Create a Blue Ocean? Define the current reality. Identify a segment of customers who are only interested in or find value in a portion of the features of a product or service. Alter the product or service to be inferior on the aspects that are less valued by your new target audience.
What is a blue ocean canvas?
The Blue Ocean Strategy Canvas is a model with which you can compare products or companies. On the horizontal axis, you place the most important parameters for the specific product or company that you want to analyze. On the vertical, you indicate whether this value is high or low at the company you are investigating.
What companies use blue ocean strategy?
Blue Ocean Strategy Examples Blue Ocean Strategy Examples: iTunes. With the launch of iTunes, Apple unlocked a blue ocean of new market space in digital music that it has now dominated for more than a decade. Bloomberg. Canon. The Ford Model T. Philips. Quicken. Ralph Lauren.
What does a strategy canvas look like?
A strategy canvas is basically a line graph that plots functions/factors against importance for a company or an organisation and then overlays competitors or industry benchmarks. In this way, information can be built to help formulate a competitive strategy.
What is value innovation in blue ocean strategy?
Value innovation is a key principle of “blue ocean strategy,” a business approach that focuses on creating new market spaces instead of fighting competitors existing market share. The goal of value innovation is to create new demand and change the market enough to render the competition irrelevant in that market.
How many principles are there in blue ocean strategy?
The Four Principles To Of Blue Ocean Strategy Formulation It suggests using the eliminate, reduce, raise, create framework outlined below to develop a strategy that will create uncontested market space.
What are the four hurdles?
To speak more generally, if we wish to know whether some X → Y, we need to cross four causal hurdles: (1) Is there a credible causal mechanism that connects X to Y? (2) Can we eliminate the possibility that Y causes X? (3) Is there covariation between X and Y? (4) Is there some Z related to both X and Y that makes the.
