![]() ![]() Ask yourself if you could combine desirable features from different alternatives to provide unique value. ![]() For example, rock-climbing gear and video games are different in form and function, but they fulfill the same basic goal of connecting with friends in a thrilling environment. Kim and Mauborgne advise you to first consider the alternatives that your customer has, especially if they could achieve the same goal through different means. ![]() They propose several approaches for brainstorming new ideas: 1. To create a blue ocean, Kim and Mauborgne say you need new ideas that redefine the market. This is another way of looking at blue ocean innovation: It’s figuring out how to make your product unique enough in a good way that it stands out and people want it.) How to Spark Blue Ocean Innovation He says that to be remarkable, a product must be both unique enough to stand out from the crowd, and also practical enough that people want to buy it. (Shortform note: In a similar vein, Seth Godin argues Purple Cow that only remarkable products are likely to succeed. In this case, value is the benefit that your customers get for their money, while innovation is the uniqueness and originality of the benefit. Kim and Mauborgne assert that a blue ocean strategy starts with what they call “ value innovation”-an innovation that makes your product so unique and superior to the competition (and thus more valuable to your customers) that you open up uncontested markets and leave your rivals behind. In this guide, we’ll break down Kim and Mauborgne’s strategy for realizing your company’s blue-ocean potential into three key ingredients: innovation, strategic pricing, and successful execution. They use the metaphor of a blue ocean to represent an uncontested market, and they contrast it with a red ocean, a marketplace where fierce competition has stained the water with the blood of the combatants.Īccording to Kim and Mauborgne, crowded markets and red ocean strategies tend to produce minimal profit margins, while blue ocean strategies lead to more profitable growth. Chan Kim and Renée Mauborgne argue that the solution to business growth and success is to operate in an uncontested market. In Blue Ocean Strategy, INSEAD business professors W. 1-Page Summary 1-Page Book Summary of Blue Ocean Strategy ![]()
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