The Four Actions Framework helps companies create a Blue Ocean from "summary" of Blue Ocean Strategy, Expanded Edition by W. Chan Kim,Renée A. Mauborgne
The Four Actions Framework is a powerful tool that enables companies to break out of the competitive red ocean of bloody competition and create a blue ocean of uncontested market space. This framework challenges companies to simultaneously reduce costs, increase value to customers, and create new market space. By focusing on four key questions - which of the factors that the industry takes for granted should be eliminated? Which factors should be reduced well below the industry's standard? Which factors should be raised well above the industry's standard? And which factors should be created that the industry has never offered - companies can unlock new opportunities for growth and innovation. The first question, which factors should be eliminated, prompts companies to identify and eliminate the unnecessary costs and features that do not add value to customers. By stripping away these extraneous factors, companies can streamline their operations and offer a more cost-effective solution to customers. The second question, which factors should be reduced well below the industry's standard, challenges companies to identify areas where they can cut back...
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