Blue Ocean Strategy

What is Blue Ocean Strategy?

• A Strategy that makes a competition irrelevant

• A Strategy that competes in existing market space

• A Strategy that makes the value-cost trade-off

• A Strategy that exploits existing demand and outperforming rivals

A cornerstone of blue ocean strategy which creates a leap in value for buyers and a company.

• Blue Ocean Principals

• Value Innovation

• Buyer Utility Map

• Strategy Canvas

Which of the following aspects does NOT include the Blue Ocean Principle?

• Formulation

• Execution

• Value

• Risk

What is the map tool for?

• for beating the competition in existing market space

• for reconstructing buyer value elements in crafting a new value curve

• for diagnosing & building a strategy by seeing the value line of a firm and its competitors.

• for assessing product/service offerings according to how much innovative value they offer buyers.

"Purchase" on the Buyer Utility Map is part of what dimension?

• Buyer Experience Cycle

• Utility levers

• Migrators

• Buyer Value

Which company is an example of successfully applying the Blue Ocean Strategy?

• Blackberry with its early smartphone

• Blockbuster with its video rental stores

• Kodak with its film photography

• Yellow Tail with its easy-to-drink wines

What does the 'four actions framework' involve?

• Eliminating, reducing, raising, and creating factors

• Maximizing costs for high-quality products

• Following industry norms to ensure success

• Increasing competition to gain market share

How can a business benefit from applying the Blue Ocean Strategy?

• By focusing on what the competition is doing

• By offering the expensive products in the market

• By innovating and tapping into new markets

• By relying on traditional business models

Which of the following is NOT a step in the Blue Ocean Strategy?

• Reconstructing market boundaries

• Focusing solely on existing customers

• Creating new demand

• Aligning the organization for execution

What is the primary focus of the Blue Ocean Strategy?

• Competing in existing markets

• Creating uncontested market spaces

• Reducing product quality to lower costs

• Following industry norms and standards