Strategy Canvas

The video tutorial explains the Blue Ocean Strategy, which aims to create new markets and avoid competition in existing ones. It introduces the strategy canvas, a tool to visualize and analyze a company's value chain by plotting important business factors. The tutorial guides viewers on implementing the canvas, comparing it with competitors, and adjusting strategies to gain competitive advantages in new markets.

What is the primary goal of the Blue Ocean Strategy?

• To compete aggressively in existing markets

• To reduce costs in existing markets

• To increase market share in competitive markets

• To create new markets and avoid competition

What does the X-axis represent in the strategy canvas?

• The company's market share

• The company's expenses

• The competing factors

• The company's revenue

How does the strategy canvas help businesses?

• By predicting future market trends

• By reducing the number of competitors

• By visualizing the importance of different factors

• By increasing their advertising budget

What is the purpose of overlaying a competitor's analysis on the strategy canvas?

• To compare the importance of factors with competitors

• To determine the company's market value

• To identify areas for cost reduction

• To increase the company's profits

What should a company do if a competitor has a competitive advantage in one area?

• Reduce quality in that area

• Increase prices in that area

• Avoid that area and find new opportunities

• Compete directly in that area