b. Define and characterize what BLUE ocean strategy is. Discuss how Cirque du Soleil as an example of blue ocean strategy. Compare blue ocean strategy from the red ocean strategy. EXPAND ... Blue Ocean Strategy is the idea of companies creating their own market. Blue ocean is for markets that do not exist yet. These blue oceans are vast and have no limits and even more have no competition because they cease to exist until an innovative company or individual creates them. The name blue ocean is characterized as such because there is no competition from others, no battles and no blood for fighting to be at the top. Blue ocean is new, clean and calm, it is undisturbed and not polluted. This is compared to its counterpart the Red Ocean which
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Red ocean strategy is contained within “the red ocean,” a marketplace that already exists. Red ocean gets its name from the competitors battling each other for customers and blood being drawn. The competition within the red ocean is very strong because it is almost overpopulated, you are constantly fighting to keep your spot. In this strategy you are always trying to differentiate yourself from the others, making small changes and lowering prices and just trying to keep your current customer. One of the main issues within the Red Ocean Strategy is that while you are competing and working hard to keep your customers you are not creating new markets for yourself allowing new comers to take over. With a current customer only focus you will miss out on new customers and will continue to lose old customers whether they are lead onto the new product or they …show more content…
If it were my business, I would choose to be the Blue Ocean Strategy and create an entirely new marketplace, where the company is the leader and competition doesn’t exist.
c. Porter and Millar argued in their article How Information Gives You Competitive Advantage that information can provide a company competitive advantage and that information can spawn new businesses. Discuss HOW digital ubiquity in which connections, sensors, smart and hyper-connected products and services may provide a company competitive advantage and opportunities to spawn new businesses.
Information technology can give any business a competitive advantage in their market if they use it correctly. The company must be willing to move away from its norm and be open to new ideas. Technology has given way too many of the things we use today and in the news, we can see how technology has benefited or harmed business. Information Technology has given us the internet, the way we do almost everything in our lives. This class for example would not be possible if the University did not invest in information technology to keep competitive advantage among other universities. This program using digital ubiquity spawned a new business for the University as well,
Red ocean strategy is contained within “the red ocean,” a marketplace that already exists. Red ocean gets its name from the competitors battling each other for customers and blood being drawn. The competition within the red ocean is very strong because it is almost overpopulated, you are constantly fighting to keep your spot. In this strategy you are always trying to differentiate yourself from the others, making small changes and lowering prices and just trying to keep your current customer. One of the main issues within the Red Ocean Strategy is that while you are competing and working hard to keep your customers you are not creating new markets for yourself allowing new comers to take over. With a current customer only focus you will miss out on new customers and will continue to lose old customers whether they are lead onto the new product or they …show more content…
If it were my business, I would choose to be the Blue Ocean Strategy and create an entirely new marketplace, where the company is the leader and competition doesn’t exist.
c. Porter and Millar argued in their article How Information Gives You Competitive Advantage that information can provide a company competitive advantage and that information can spawn new businesses. Discuss HOW digital ubiquity in which connections, sensors, smart and hyper-connected products and services may provide a company competitive advantage and opportunities to spawn new businesses.
Information technology can give any business a competitive advantage in their market if they use it correctly. The company must be willing to move away from its norm and be open to new ideas. Technology has given way too many of the things we use today and in the news, we can see how technology has benefited or harmed business. Information Technology has given us the internet, the way we do almost everything in our lives. This class for example would not be possible if the University did not invest in information technology to keep competitive advantage among other universities. This program using digital ubiquity spawned a new business for the University as well,