In the competitive world of business, any organization has to evolve different strategies to strive hard to achieve its goal and be there in the competition. Organizations identify, plan and manufacture products and provide services, so that it doesn’t face stiff competition from its rivals but makes its rivals compete with it. In order to make this possible, company need to market its products and services through the best mediums available and make the consumer conscious about the product. Marketing is an essential and important tool of any successful business. Scott (2006) states that companies without marketing mindset are at a disadvantage in today’s business world that are product centric rather than customer centered.
The overall concept of Blue Ocean Strategy is innovation. It is understood from the book that companies should identify, plan a strategy and create a business of which no competition exists. Kim and Renee (2005) divide the competitive business world into two segments of Red Ocean and Blue Ocean. It is further explained that ‘Red Ocean’ is the business world full of competition where the existing organizations compete with each other to acquire its share in the market whereas ‘Blue Ocean’ is the unidentified market area. The Blue Ocean is the space wherein the business is new in the market and has no threat of competition instead it has to create competition.
The giants of particular commodity or product or services, who are termed as leader, find it difficult to survive in the competitive world of business without marketing. American Marketing Association has defined marketing as the performance of the business activities that direct the flow of goods and services from producer to consumer or user. Marketing assists in identifying specific markets for products and services, guiding the development of products, packages, and services, etc. (Kumar)
In blue ocean strategy this concept has a new meaning and a new method to implement in the firms. Blue ocean marketing concept proposes a method based on the segmented target group and the product development and marketing is based on the conduct of this group. The concept is good but cannot be fitted with all firms and their marketing procedures as it lack competition, which is vital in the marketing concept.
Inhaltsverzeichnis (Table of Contents)
- Introduction
- Marketing Strategy
- Innovation
- Customer
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This document explores the application of Blue Ocean Strategy, a concept emphasizing innovation and market creation, within the realm of marketing. The text examines the potential and limitations of Blue Ocean Strategy in creating competitive advantage, focusing on its relationship to traditional marketing principles.
- The Nature of Blue Ocean Strategy
- The Role of Marketing in Blue Ocean Strategy
- Value Innovation and Differentiation
- Customer-centricity in Blue Ocean Strategy
- The Challenges of Implementing Blue Ocean Strategy
Zusammenfassung der Kapitel (Chapter Summaries)
- Introduction: This chapter introduces the concept of Blue Ocean Strategy, contrasting it with the traditional "Red Ocean" competitive landscape. It highlights the importance of innovation and value creation in achieving market dominance.
- Marketing Strategy: This chapter delves into the relationship between traditional marketing strategies and the principles of Blue Ocean Strategy. It examines the potential for marketing to both create and implement Blue Ocean strategies, highlighting the challenges associated with market segmentation and customer targeting in a Blue Ocean context.
- Innovation: This chapter explores the critical role of innovation in Blue Ocean Strategy, focusing on the concept of value innovation as a combination of differentiation and cost reduction. It examines the ways in which Blue Ocean strategies can be created both through entirely new markets and within existing markets by expanding industry boundaries.
- Customer: This chapter emphasizes the importance of customer-centricity in Blue Ocean Strategy, arguing that customer needs and preferences should be the primary focus. It explores the potential challenges and opportunities associated with targeting specific customer segments in a Blue Ocean context, particularly the lack of existing marketing data and experience.
Schlüsselwörter (Keywords)
Key concepts explored in this text include Blue Ocean Strategy, Red Ocean, value innovation, differentiation, low cost, customer-centricity, market segmentation, innovation, and competitive advantage.
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- Barrack Kennedy (Autor:in), 2010, Is marketing the source of "Blue Ocean" strategies?, München, GRIN Verlag, https://www.grin.com/document/269818
