Steps to implement blue ocean strategy?

Blue Ocean Strategy is a framework used to identify and create untapped market spaces that can generate new demand and growth opportunities while minimizing competition. The following steps can be taken to implement a Blue Ocean Strategy effectively: Firstly, identify the industry’s key factors and divide them into commodity and differentiation elements. Then, uncover the buyer and market characteristics and analyze competitive disadvantages. Thirdly, come up with a set of alternative business models and address risks and uncertainties. Lastly, focus on the execution phase to create partnerships and establish unique value propositions. By following these steps, companies can create new markets and increase their value creation to achieve a sustainable competitive advantage.

This mind map was published on 12 May 2023 and has been viewed 109 times.