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Blue Ocean Business strategies

 

“Blue Ocean Strategy” is a term coined by W. Chan Kim and Renee Mauborque in their book of the same name which I think captures better than most, the concept of innovating an entirely new business path, as opposed to fighting it out with competitors (“Red Ocean”) where all are offering essentially the same products and services.

An example of this would be the development of a new “Energy Drink” category by the makers of Red Bull, separating themselves from an existing hi-competition, saturated Don Drew Blue Ocean startegiesmarket (“Red Ocean”) of soft drinks makers. With the innovation of Red Bull, the company was able to establish an additional category of untouched competition and untold potential—which of course was eventually followed, after a good head-start, by numerous copycat products in this ‘brand’ new category.

Successful businesses are continuously open to innovation, and ‘Blue Ocean’ routes. The 3M’s, and Nike’s of the world, have cruised into entirely new areas of profit opportunity.

The great news is that you do not need to be a huge corporation to develop an innovation-rich company. Building a continuously flourishing process for innovation throughout each key part of your company, no matter how small, is THE single most important undertaking to bring about ongoing success.

By starting simple, increasing innovation in the most critical areas directly related to profit growth (“Blue Ocean” product innovation, service innovation, differentiation and niche/customer mapping), you will begin a noticeable shift towards a result of progressive growth that captures and builds a strong sustainable position in the majority of potential customer minds.


 

Don Drew Hot Thoughts:

Sony originally was established and began their aim at building another rice-maker, but instead veered into the first pocket transistor radio. TV’s were a historic groundbreaking invention… but a much simpler, secondary invention was to become just as popular: the remote-control…

 



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