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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 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 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 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.
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.
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 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.
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 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 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.
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.
Is Netflix a blue ocean strategy?
Netflix. The first company that used the blue ocean strategy is Netflix, a popular subscription-based streaming service.
What is red ocean strategy?
Red Ocean vs. Blue Ocean Strategy Red Ocean Strategy Blue Ocean Strategy Align the whole system of a firm’s activities with its strategic choice of differentiation or low cost. Align the whole system of a firm’s activities in pursuit of differentiation and low cost.
What is a blue ocean strategy provide some examples?
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.
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 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.
How do I use strategy 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 are the 4 steps in blue ocean strategy?
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 is a value curve?
A Value Curve is a diagram which can be used to show instantly where value is created within an organisation’s products or services, showing graphically how a company can create new market spaces and provide value to customers against competition.
What is buyer utility?
Buyer utility map is a tool from the Blue Ocean Strategy that allows you to visually map out the entire buyer’s journey against certain criteria. Along with the strategy canvas, this tool helps you uncover opportunities that everyone else is taking for granted.
Is Uber a blue ocean strategy?
Despite a long-term stronghold in the taxi industry, Uber has grown faster than any other company ever by reinventing the market. Uber created a blue ocean, they turned non-customers into customers. In blue oceans, demand is created rather than fought over. This provides growth that is both profitable and rapid.
Why is the ocean blue?
The ocean is blue because water absorbs colors in the red part of the light spectrum. Like a filter, this leaves behind colors in the blue part of the light spectrum for us to see. The ocean may also take on green, red, or other hues as light bounces off of floating sediments and particles in the water.
What is a blue ocean strategy tool?
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 is action framework?
The Action Framework identifies the context as dynamic. It shows how the context is constantly affected by the actions and behaviors of people and organizations in that context.
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.
