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Blue Ocean Strategy Paper

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MKT 421 Week 4
Blue Ocean Strategy Paper

Blue Ocean Strategy - Introduction
The blue ocean strategy in marketing is a unique approach to building a customer base. Rather than try to compete in a crowded marketplace with existing companies, a blue ocean strategy looks to build an entirely new market segment that has not other existing firms. With the rapid growth of technology and globalization, the importance of a blue ocean strategy has grown in recent years. The following essay will analyze the blue ocean strategy and offer suggestions on how it can be employed in the modern business environment.
What is a Blue Ocean Strategy in Marketing?
Companies must consider the four Ps of marketing when developing a new offering, which include product, placement, price, and promotion. In order to compete successfully, it is necessary to give consumers a certain value proposition. For example, a firm can offer a product at a lower price or at a higher quality than what is presently offered by other firms. But what if a firm could avoid having to deal with competition altogether?
This is exactly what the blue ocean strategy attempts to do – create a new marketplace that is free of competitors. Marketers build an entirely new product or service that is currently unknown to consumers. It is necessary to thoroughly educate the public about the new product in order to gain interest and confidence. Once this has been completed, the new product will be positioned in point that provides no alternatives and allows much more effective branding tactics to be utilized.
Modern Examples of Blue Ocean Moves
There have been several notable blue ocean moves in modern business recently, particularly in the technology realm. The Nintendo Wii product shook up the gaming world when it was released nearly 10 years ago. Rather than compete with the Sony PlayStation and Microsoft Xbox,…...

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