Blue Ocean Essay

Submitted By feefalls
Words: 695
Pages: 3
Open Document
Blue Ocean Strategy Paper
Marcia C. Falls
MKT/421 Marketing
March 5, 2015
Instructor: Jan Peterson
Blue Ocean Strategy Paper
The blue ocean strategy in marketing is a unique approach to building a customer base. Rather than try to compete in a crowded marketplace with existing companies, a blue ocean strategy looks to build an entirely new market segment that has no other existing firms. With the rapid growth of technology and globalization, the importance of a blue ocean strategy has grown in recent years. The following essay will analyze the blue ocean strategy and offer suggestions on how it can be employed in the modern business environment.
What is a Blue Ocean Strategy in Marketing?
Companies must consider the four Ps of marketing when developing a new offering, which include product, placement, price, and promotion. In order to compete successfully, it is necessary to give consumers a certain value proposition. For example, a firm can offer a product at a lower price or at a higher quality than what is presently offered by other firms. But what if a firm could avoid having to deal with competition altogether?
This is exactly what the blue ocean strategy attempts to do – create a new marketplace that is free of competitors. Marketers build an entirely new product or service that is currently unknown to consumers. It is necessary to thoroughly educate the public about the new product in order to gain interest and confidence. Once this has been completed, the new product will be positioned in point that provides no alternatives and allows much more effective branding tactics to be utilized.
Modern Examples of Blue Ocean Moves
There have been several notable blue ocean moves in modern business recently, particularly in the technology realm. The Nintendo Wii product shook up the gaming world when it was released nearly 10 years ago. Rather than compete with the Sony PlayStation and Microsoft Xbox, Nintendo decided to create a whole new gaming concept that used motion detectors instead of button controls. The company had far fewer resources than its rivals, but managed to build a large market share because it took a risk on releasing an unproven technology. The gaming system was received very well by gamers and built a whole new market with no direct competition. I would require years of technology development for the company’s main rivals to offer similar products.
Another notable blue market strategy occurred with the launch of Tom’s shoes. Instead of just selling shoes, TOMs created a unique business model that is essentially a hybrid of a charity and a shoe manufacturer. It became the only
Show More

Related Documents: Blue Ocean Essay

Blue Ocean Strategy

Feinstein Graduate School Blue Ocean Strategy Case Study Course: MRKT4001, Period 3,Tues/Thurs Jiawei Lai April, 29,2014 Cirque du Soleil did not make money by competing the confines of the industry or stealing customers from other rivals, they create uncontested market space that makes the competition irrelevant. It attracted a whole group of new customers. By using the blue ocean strategy, Cirque has increased…

Words 407 - Pages 2

Ocean Blue Essay

Dominic Komadina Pr.1 Mr.Armstrong The ocean blue That day was a perfect 70 degrees, little to no wind, and you could smell the salt in the air. The day was Tuesday and school started again in a week and the waves were huge! At wedge the waves were forecasted to be 15-20 ft do not go in the water unless professional. The plan was to go body surf A street, with my three friends, Aria, Kolby, and Hayden. We were no pros but we convinced ourselves that day we were. As we stood in a perfect line on…

Words 1167 - Pages 5

Blue Ocean Paper Wk4

Blue Ocean Strategy Ramia Heard MKT/421 August 3, 2015 Bryan Rice Blue Ocean Strategy According to "Blue Ocean Strategy" (2015), "Blue Ocean Strategy challenges everything you thought you knew about strategic success and made competition irrelevant". The blue ocean strategy marketing approach is set up to create a new market in an existing overcrowded market. Because the product or service exists in this new market without any competition, there is an opportunity to turn a profit at an accelerated…

Words 719 - Pages 3

Blue Ocean Strategy Essay

Blue Ocean Strategy Executive Summary The business universe consists of two distinct kinds of space, which we think of as red and blue oceans. Red oceans represent 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 well understood. Here, companies try to outperform their rivals in order to grab a greater share of existing demand. As the space gets more and more crowded, prospects…

Words 998 - Pages 4

Blue Ocean Strategy Essay

Blue Ocean Strategy In 1984, one of Canada’s largest cultural exports was spawned by a group of street performers and in no more than 20 years, this company has achieved unbelievable revenues. But, in according to: * Cirque’s rapid growth is unlikely to set * The circus business is in long-term decline * The industry was hit decreasing audience and increasing cost * Nowadays, children are more interested in playing games than circus How did Cirque increase their revenues…

Words 524 - Pages 3

Blue Ocean Strategy Paper

Blue Ocean Strategy Paper MKT 421 December 22, 2014 Blue Ocean Strategy is a non-traditional business strategy in which companies create new industry or market areas as opposed to competing within an existing market that is already saturated with competition. According to Chan, most industries as we know then exist within a Red Ocean sector of business strategy. In the Red Ocean, businesses compete against each other to gain market share or to gain a competitive advantage against other competitors…

Words 575 - Pages 3

Blue Ocean Strategy Essay

red and blue oceans. Red oceans represent 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 well understood. Here, companies try to outperform their rivals in order to grab a greater share of existing demand. As the space gets more and more crowded, prospects for profits and growth are reduced. Products turn into commodities, and increasing competition turns the water bloody. Blue oceans…

Words 1392 - Pages 6

Blue Ocean Strategy Essay

Blue Ocean Strategy Gina Leigh Moore University of Phoenix MKT/421 Instructor: Michael Raasch 03/02/2015 Blue Ocean Strategy In today’s business world, most companies are trying to figure out the best way they can compete with their contenders. However, there is a theory which states that companies should instead be focusing on how they can compete with themselves. This theory is most commonly known as the Blue Ocean Strategy. The first notion of the Blue Ocean Strategy was first brought to light…

Words 682 - Pages 3

Blue Ocean Strategy Paper3

Blue Ocean Strategy Terrica L. Brown MKT/421 January 8, 2015 Walter Crockett Blue Ocean Strategy The blue ocean strategy is considered the approach in marketing to develop and built business based on an unknown market. The blue ocean strategy is based upon a company that is built for a new market. This will allow a firm to grow within the community and offer a new product or services to customers. According to Chan and Mauborgne (2004) “There are two ways to create blue oceans strategy”. The…

Words 894 - Pages 4

Essay on Blue Ocean Strategy

Blue Ocean Strategy Michelle Webb MKT/421 21 April 2015 Professor Phyllis Levith Blue Ocean Strategy concept was derived from a book that was written by W. Chan Kim and Renee Mauborgne title Blue Ocean Strategy (2004). The Blue Ocean Strategy concept describes how organizations should strive to obtain ways to work in a market place where there is not a lot of competition. Kim and Mauborgne stated how organizations can succeed without having to battle the competition. In order to succeed…

Words 754 - Pages 4