Is blue ocean a marketing strategy?

Is blue ocean a marketing strategy?

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 blue ocean strategy 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.

What does blue ocean mean in marketing?

The blue ocean strategy represents the simultaneous pursuit of high product differentiation and low cost, making the competition irrelevant. The name “blue ocean strategy” comes from the book Blue Ocean Strategy: How to Create Uncontested Market Space and Make Competition Irrelevant.

What are red and blue ocean strategies?

In a red ocean strategy, an organization has to choose between creating more value for customers and a lower price. In contrast, those who pursue a blue ocean strategy attempt to achieve both: differentiation and a low cost, opening up a new market space.

What is the importance of blue ocean strategy?

Based on the ingenious strategy developed by W. Chan Kim and Renee Mauborgne, a Blue Ocean strategy allows brands to develop and thrive within an uncontested market space, while simultaneously making competition irrelevant.

Is Zara Blue Ocean Strategy?

Zara is another company that has followed Blue Ocean Strategy. Zara has been able to decode the mantra of the fast fashion apparel industry with the help of its strong supply chain management.

Does Netflix use Blue Ocean Strategy?

Netflix. The first company that used the blue ocean strategy is Netflix, a popular subscription-based streaming service.

What is blue ocean strategy in entrepreneurship?

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. 1.