![]() ![]() So that the Blue Ocean Strategy is successful, it is therefore advisable to analyze the wishes of the target group: What do consumers expect from a new product? The findings can be presented in a so-called value curve. Above all, an approach to creating innovations has proven to be promising: Change an existing product so much that it appeals to people who were previously not interested in the original product. In fact - as you can see from the successful examples - it is also possible to place existing technologies in a new context and therefore create an innovation. However, the new product does not necessarily have to be related to a new technology, which is certainly the first and most obvious thought. Innovation must be the beginning of your efforts: You cannot enter a new market without a new product. In a study conducted by Mauborgne and Kim in the run-up to their book, however, they found that companies with a Blue Ocean Strategy were able to maintain their dominance in the new market for an average of 10 to 15 years. ![]() The competition will try to take your shares. Imitators find each other relatively quickly and attack the new market. Of course, you won't be alone in the market forever. If a company manages to develop a blue ocean, it can completely escape from the competition and make the highest profits. In a red ocean, you define yourself primarily through the price and can therefore gain market share from other participants, but this pressure does not exist in a blue ocean. Anyone who takes this step can achieve undreamt-of benefits: A new market can only be created with completely new products that consumers do not yet know. For this you need one thing above all else: innovations. In order to open up a market that no one else is working on, you have to create a completely new one.
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