The Blue Ocean Strategy in the Tourist Industry


Essay, 2021

14 Pages, Grade: 1,0


Abstract or Introduction

Nowadays, companies are required to be constantly willing to change in order to achieve efficient business success. This is due to the fact that markets today are characterized by extensive saturation and overcrowding of competing companies. Finally, the large quantity of products and services on offer is hardly differentiable for consumers. The challenges listed above confirm that systematic and efficient innovation management is necessary to secure the existence and future orientation of companies.

Within the tourism industry, in particular, there is enormous pressure to innovate due to global competition and the growing expectations of guests. However, tourism businesses are not known for being innovative, they tend to copy showcase examples. This is because there is often a lack of money for research and development, as well as time, as it is already a major challenge to perform the day-to-day tasks.

According to a study by PwC, innovative companies should grow faster, generate more revenue and thus represent a key success factor for companies. Therefore, the question of how to embed systematic innovation management in a company is increasingly coming to the fore. One option used when embedding innovation management in companies is the Blue Ocean Strategy.

What exactly is meant by the Blue Ocean strategy and how it works will be explained and demonstrated in more detail in this paper. Furthermore, the focus of this scientific essay is to answer the question of to what extent the application of the Blue Ocean strategy within the tourism industry can contribute to its success. This will be analyzed and explained using the example of the “CitizenM” - Hotel chain. In particular, reference will be made to its focus, divergence, and compelling tagline.

Details

Title
The Blue Ocean Strategy in the Tourist Industry
College
University of Applied Sciences Essen
Grade
1,0
Author
Year
2021
Pages
14
Catalog Number
V1119114
ISBN (eBook)
9783346483331
ISBN (Book)
9783346483348
Language
English
Tags
Blue Ocean Strategy BOS
Quote paper
Anastazia Spajic (Author), 2021, The Blue Ocean Strategy in the Tourist Industry, Munich, GRIN Verlag, https://www.grin.com/document/1119114

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