Table of Contents
How do I make a 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 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 does a strategy canvas work?
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 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 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 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 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 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 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 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 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 Blue Ocean canvas?
The Blue Ocean Strategy Canvas is a model with which you can compare products or companies. If you have worked out the strategy canvas, it is clear at a glance what the similarities and differences between your company or product and the competition are. You can also immediately see what you should improve.
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 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.
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 Pioneer Migrator settler map?
Pioneer-Migrator-Settler (PMS) Map is both a diagnostic and planning tool that helps managers assess and plan their future growth at the portfolio level. Managers can use the PMS Map to plot either businesses in their portfolio, or the products/services they offer.
