Table of Contents
What is strategy canvas?
A Strategy Canvas is a tool that compares the product factors that a sample of incumbent products compete on, based on the value that a particular customer segment receives from them, in a two-dimensional chart.
What is strategy canvas template?
A strategy canvas is a line graph that plots functions/factors against the value of a company and then overlays industry benchmarks. Additionally, strategy canvas allows your organization to see in one picture all the factors an industry competes and invests in.
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.
How do you plot Blue Ocean strategy?
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 does strategy canvas help create new demand?
Its purpose is to find market niches where the competition is irrelevant. This allows firms to reconstruct market boundaries and create and capture new demand that the competition isn’t targeting. This also helps avoid price wars and shrinking profits.
What is strategic group mapping with examples?
Strategic group mapping is a technique for displaying the different competitive positions that rival firms occupy in the industry. Helps in identifying strategic areas with the help of which benefits can be easily gained, Helps in identifying best firms in the industry, Helps in rectifying major rivals.
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.
How can the strategic canvas help a company create a blue ocean product?
The strategy canvas outlined in the book is basically a tool to visually show how a company will or has created a blue ocean strategy. It is used to plot how the current competitors compete in a market space, what factors they compete on and how your company and the competition scores on each key factor.
What is the value curve of the strategy canvas?
The value curve – the basic component of a strategy canvas – is a graphical representation of the strategic profile of a company or industry segment reflecting its relative performance across the industry’s factors of competition.
What is the four actions framework?
The four action framework points out four key actions to take into account to refine existing products. Those are: raise, reduce, eliminate, and create. To plot the available consumer products in a marketplace against the company’s ability to provide value and thus be competitive over time.
What is the name of the curves on the strategy canvas tool?
The line graph that you get after plotting out the competing factors and offering level is called the value curve or strategic profile.
What is strategy mapping in the balanced scorecard?
Strategy mapping is a tool created by Balanced Scorecard (BSC) pioneers Robert S Kaplan and David P Norton. It allows organisations to describe and communicate their strategies. Strategy maps can be used as a standalone tool to depict an organisation’s strategy.
What is strategy canvas in Blue Ocean Strategy?
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.
How do you make a blue ocean strategy?
Here’s how 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 the sequence of blue ocean strategy?
Companies need to build their blue ocean strategy in the sequence of buyer utility, price, cost, and adoption. This allows them to build a viable business model and ensure that a company profits from the blue ocean it is creating.
What is ERRC framework?
The Eliminate-Reduce-Raise-Create (ERRC) Grid is an essential tool of blue ocean strategy developed by Chan Kim and Renée Mauborgne. It is a simple matrix like tool that drives companies to focus simultaneously on eliminating and reducing, as well as raising and creating while unlocking a new blue ocean.
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.
How do you make a blue ocean?
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.
How do you create a strategic group?
How to Create a Strategic Group Map Identify the top rivals in your industry; try to identify at least five of them. Then identify the factors that have helped you succeed. Next, select the top two factors that drive success for your business.
How do you do a strategic group map?
The process for constructing a strategic groups map consists of five steps: first, define the industry; second, identify strategic characteristics that distinguish between groups; third, divide firms into groups; forth, select the two main dimensions of the map, and draw the map; and five, interpret the map.
How do you create a value curve?
Use the following steps to apply the model: Identify the main competitive factors in your industry. Write these along the horizontal axis of your graph. Determine how you and your competitors score for these factors. Now review your market position against that of your competitors.
