Traditional management focuses strategic thinking on the idea that a company's success or failure is defined based on its position relative to the competition.
The blue ocean strategy proposes a paradigm shift that promotes competitiveness based on differentiation and not competition.
It invites leaders to discover new unexplored markets through innovation, frees them from the pressure of competition and offers them the guidelines to obtain the best possible performance.
In the blue ocean strategy, innovation whatsapp korean number is a key element to achieve competitiveness. According to McKinsey , most innovative growers – companies that incorporate innovation into their overall strategic aspirations – achieved total shareholder returns above the industry average between 2012 and 2022.
Continue reading to discover what the blue ocean strategy is all about. As a bonus, you'll learn about a platform with innovative tools to improve your business's productivity.
Summary
The blue ocean strategy suggests the creation of new markets where competition is scarce or non-existent. It uses differentiation and innovation as fundamental pillars to establish a space of opportunities.
The approach contrasts with the traditional market scheme symbolized by a red ocean in which companies compete intensely and often generate price wars that lead to the reduction of profit margins.
To apply the blue ocean method you need to: use data to support the strategy and include innovative values to expand the market boundaries.
There are IT tools that facilitate the implementation of the blue ocean strategy.