BLUE OCEAN STRATEGY is the simultaneous pursuit of differentiation and low cost to open up a new market space and create new demand. It is about creating and capturing uncontested market space, thereby making the competition irrelevant. It is based on the view that market boundaries and industry structure are not a given and can be reconstructed by the actions and beliefs of industry players.
RED OCEANS are all the industries in existence today – the known market space. In red oceans, industry boundaries are defined and accepted, and the competitive rules of the game are known.
Here, companies try to outperform their rivals to grab a greater share of existing demand. As the market space gets crowded, profits and growth are reduced. Products become commodities, leading to cutthroat or ‘bloody’ competition. Hence the term red oceans.
BLUE OCEANS, in contrast, denote all the industries not in existence today – the unknown market space, untainted by competition. In blue oceans, demand is created rather than fought over. There is ample opportunity for growth that is both profitable and rapid.
In blue oceans, competition is irrelevant because the rules of the game are waiting to be set. A blue ocean is an analogy to describe the wider, deeper potential to be found in unexplored market space. A blue ocean is vast, deep, and powerful in terms of profitable growth.
Blue Ocean Strategy Consultation & Implementation Program
This program is a 25 week program designed to refine your strengths, lower costs , while also tapping into uncontested market spaces within your industry. This 25 week program will contain both group workshop sessions and one-on-one consultation meetings with an experienced strategic consultant to assist you in building a framework to creating a “Blue Ocean Strategy.”
This service(s) provided by JUBOH Companies helps you to conduct the following:
- Identify your current Red Ocean and the impacts on your business / organization
- Identify your current business goals/objectives
- Plan/Strategize your “Blue Ocean” Strategy
- Outline the impacts of your “Blue Ocean” Strategy
- Conduct creativity sessions to refine and/or expand your current market
- Conduct creativity sessions to refine and/or expand your current target audience
- Minimize your costs without negatively impact your organization’s performance.
- Documenting the process
- Utilizing KPI (Key Performance Indicators) to evaluate success.