Blue Ocean Stragtegy
Submitted By kacabre151
Blue Ocean Strategy
Blue Ocean Strategy
The blue ocean strategy in marketing is a original tactic to establishing a consumer base. Instead of competing in a congested marketplace with prevailing establishments, a blue ocean strategy aims to form an original market segment that has no other present companies, or, in other words, finds or is able to create a target market with no competition at all. Since technology and globalization is ever changing or ever evolving, the significance of a blue ocean scheme has strengthened in the last recent years. Below, the thorough passage analyzes the blue ocean strategy and suggests recommendations to employ the tactic in the modern business environment.
Companies depend on market researchers to consider the four Ps of marketing when developing a new product. The four Ps consist of product, placement, price and promotion. To compete with competition successfully, it is crucial to provide potential customers a certain value to stand out from the competition. For instance, a company can proposition a product at a lesser price or at a superior quality then that of a present competitor in the market. However, it is possible that a competitor can be unavoidable or undefeatable in any given market; moreover, the antidote for the situation previously stated is the blue ocean strategy.
Blue ocean strategies have worked in real-world business situations, exceptionally in the technology industry. For example, Samsung released the Galaxy smartphones to compete with the Apple iPhone. However, rather that duplicate Apple’s smartphone layout, it created its own. Samsung was a lower competitor in the smartphone industry, but today have a strong, loyal customer base and managed to surpass Apple sales in 2013.
Another example of the use of the blue ocean strategy is Forever 21. The main competitors of Forever 21 are…...