Premium Essay

Marketingpaper

In: Business and Management

Submitted By czar202
Words 1182
Pages 5
Blue Ocean Strategy Paper
Julian Mackie
MKT/421
November 24, 2014
Stephen Grothe

Blue Ocean Strategy Paper
When you think about a Blue Ocean Strategy, there are three words that come to mind. The first one is innovative. Blue ocean strategy generally refers to the creation by a company of a new, uncontested market space that makes competitors irrelevant and that creates new consumer value while decreasing costs. It was introduced by W. Chan Kim and Renee Mauborgne in their best-selling book of the same name. The second word would be intelligence.” The Blue ocean strategy made it so companies would be able to come up with a whole new way to do business in either an industry or invent a new way of doing business.” ("Financial Times", 2014).
The third in final word would be strategic. There are a few guidelines that were proposed to companies seeking to create blue oceans. The first guideline would be to identify the key features/dimensions that currently define a product and or service. The second guideline is to identify a group of customers who only value a subset of these features. These customers may be currently using lower end alternatives, or maybe very different from the current customers while having needs that similar at some fundamental level.
The third guideline is to make a product or service better on the dimensions valued by the new target customers. “This step is counter-intuitive but necessary in order to create value while decreasing cost. The final guideline is to consider making the new product or service better on the dimensions valued by the new target customers and or introducing new features targeted to these new customers”. ("Financial Times", 2014).
The importance of a Blue Ocean strategy can simply be defined as innovation. When you look at the current technological stage, productivity is at high levels, the supply exceeds the…...

Similar Documents

Premium Essay

Marketingpaper

...Working a Marketing Strategy in the PC World Anita Cleotilde Munoz American Intercontinental University Abstract This paper reviews the PC industry from a marketing standpoint. It expresses the environmental concerns that companies within this industry face due to new technology. This technology includes mobile, cloud, tablet PC’s and more. It also provides potential suggestions that a company can take in order to progress their sales and profits within a marketing plan. Working a Marketing Strategy in the PC World Marketing environment forces are the various forces that affect marketing for a particular product or service. These five are economic, technological, regulatory, competitive, and social. Depending on the industry, some or all may affect the marketing strategies used by that particular industry. The industry chosen is the computer manufacturing industry. Below are three chosen environmental forces that impact this industry. The first market force that impacts the computer industry is economic and the decline of consumer spending. Since the economic downturn in 2007, consumers tightened their wallets and began to spend less than what they had been spending in prior years (Hartley, Kerin, & Rudelius, 2013, p. 73). This led to slumped sales within the computer industry. Several other markets experienced this slump, and it primarily occurred from consumers judging their purchases on necessity instead of desire. In addition, computer parts such as......

Words: 1287 - Pages: 6