![]() Some of them are non- existence of competition, first mover advantage, high profitability and flexibility to operate. The blue ocean has several characteristics which are of interest for the entrepreneurs. ![]() ![]() The entrepreneurs constantly strive for finding blue oceans as these are the high profitability markets and the business can play in almost monopolistic manner in these markets. This may be done by several ways like discovering an unexplored market or making some innovative product or service. In this strategy, the businesses find a marketplace for themselves having little competition. The businesses which are able to snatch substantial market share for them survive and the other companies may vanish from the market.īlue ocean is opposite to this concept. As the profitability is low and hence the crucial thing to survive is to grab the market share. The companies fight over the price of the product and many alternatives are available for the customer. In an established industry, there is intense completion among the players. The authors define blue oceans as those markets associated with high potential profits. The term “blue ocean” was discovered by INSEAD business school professors Chan Kim and Renee Mauborgne in their book Blue Ocean Strategy: How to Create Uncontested Market Space and Make the Competition Irrelevant (2005). The ‘Blue Ocean’ refers to the vast empty ocean of opportunities that occur when a new innovative product or business appears.
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