Six Paths Framework

The video explains the Six Paths framework within the Blue Ocean Strategy, which guides companies to explore new markets beyond existing ones. It covers six pathways: alternative industries, strategic groups, buyer groups, complementary offerings, functional and emotional appeal, and trends over time. Each path provides strategies to identify new market opportunities and innovate value, helping businesses differentiate and expand their market reach.

What is the primary focus of the Blue Ocean Strategy?

• Competing in existing markets

• Creating new markets

• Reducing production costs

• Improving customer service

How can a company use the Six Paths Framework to find new markets?

• By hiring more employees

• By looking beyond existing markets

• By increasing advertising budget

• By reducing product prices

What does looking across alternative industries involve?

• Offering discounts in the current industry

• Exploring how a product can fit into a different industry

• Improving product quality

• Focusing on customer feedback

What is the goal of examining strategic groups within an industry?

• To increase production speed

• To find ways to differentiate a product

• To reduce marketing costs

• To improve employee satisfaction

Why is it important to understand different buyer groups?

• To improve employee training

• To reduce production costs

• To better position a product for new buyers

• To increase product prices

How can complementary services help expand market reach?

• By limiting product availability

• By reducing product quality

• By offering additional value to customers

• By increasing product prices

What is the benefit of analyzing the functional and emotional appeal of a product?

• To identify new target market segments

• To increase production costs

• To improve employee morale

• To reduce advertising efforts