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Blue Ocean Strategy: Capturing Uncontested Market and Making the Competition Irrelevant

Lakshmi J, Research Scholar, Bharathiyar University, Coimbatore, Tamil Nadu 641046, India. , Lakshmi J , Capt. Suseela Menon R ,

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Journal of Social Welfare and Management 10(3 (Special Issue)):p 437-441, Sep-Dec 2018. | DOI: http://dx.doi.org/10.21088/JSWM.0975.0231.10318.18

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Abstract

 The Blue Ocean Strategy (BOS) is an innovative strategic planning tool used in business across the world to explore untapped markets. Even though businesses have changed a lot after the introduction of this strategy, it still stays relevant in the current business scenario. BOS is the creation of new playing fields and which necessitates opening up entirely new markets as oppugning to the Red Ocean where the existing market conditions are such that companies must chase either differentiation or low-cost strategies The Blue Ocean is unique from the traditional strategies because the objective of BOS is not to succeed in a competition but making the competition itself irrelevant, creating an uncontested market space. The crux of this strategy is ‘Value Innovation’. A Blue Ocean is created when a company creates value concurrently for both the customer and the company. The Value Innovation is the alignment of utility, price and cost positions. Through various tools and methods, this strategy is applied to business to gradually turn non-customers into customers. This strategy, helps in understanding the commercial viability of new ideas and refining it. This paper studies the meaning of blue ocean strategy, provides an example and analyses the effects of using it.

 

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DOI: http://dx.doi.org/10.21088/JSWM.0975.0231.10318.18

Keywords

Blue Ocean Strategy; Red Ocean Strategy; Value Innovation; Four Actions Framework; Uncontested Market Space.

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