Creating new demand is a central component of blue ocean thinking from "summary" of Blue Ocean Strategy with Harvard Business Review Classic Article “Red Ocean Traps” (2 Books) by W. Chan Kim,Renée A. Mauborgne
The essence of blue ocean thinking lies in creating new demand rather than competing within established markets. This fundamental concept diverges from traditional strategies that focus on outperforming rivals in existing industries, known as red ocean thinking. By shifting the focus to creating new demand, companies can break away from the cutthroat competition that characterizes red oceans. Creating new demand involves identifying and capturing untapped market space, which allows companies to make competition irrelevant. This approach enables businesses to explore opportunities beyond the confines of existing industry boundaries and find new ways to deliver value to customers. Rather than fighting for a share of the existing market, companies practicing blue ocean thinking aim to expand the market by offering innovative products or services that appeal to non-customers or cre...
Similar Posts
Focus on outcomes rather than activities
The key to successful reengineering lies in shifting our focus from activities to outcomes. It is not enough to simply go throu...
Set clear milestones to track progress
Setting clear milestones is essential for tracking progress in any endeavor. These milestones serve as checkpoints along the jo...
Engineering is key to solving problems and creating value
Engineering is the key that unlocks the door to solving problems and creating value. It is the tool that allows us to take abst...
Cultivate a growth mindset across your entire team
To drive sustainable growth within your organization, it is essential to instill a growth mindset across your entire team. This...
Seek inspiration from unexpected sources
When it comes to innovation, it is essential to look beyond the usual sources for inspiration. Seeking inspiration from unexpec...
Be willing to take risks in pursuit of your dreams
When we first started our business, we didn't have a grand plan or a detailed road map. We just knew we wanted to chase after o...
Embrace challenges as opportunities for growth
When faced with challenges in our professional lives, our initial reaction may be to feel overwhelmed or discouraged. However, ...
Customer service builds loyalty and satisfaction
Customer service is a critical component of any business operation. It is not merely about responding to customer inquiries or ...
Execution is critical for successful implementation of Blue Ocean Strategy
In the context of Blue Ocean Strategy, execution plays a pivotal role in determining the success or failure of a company's stra...
Creating new demand is a central component of blue ocean thinking
The essence of blue ocean thinking lies in creating new demand rather than competing within established markets. This fundament...