The Blue Ocean Strategy Canvas
Posted: Thu Dec 26, 2024 11:06 am
Blue Ocean Strategy Canvas s a visual tool for helping businesses map out their current strategic position within an industry and explore opportunities for creating new market spaces. It compares a company’s offerings to those of its competitors across key factors influencing customer decisions. The canvas highlights areas where businesses can reduce, eliminate, raise, or create new value propositions to differentiate themselves and tap into untapped demand. By using this tool, companies can identify ways to shift from highly competitive markets, or “red oceans,” to uncontested markets, “blue oceans,” where competition becomes irrelevant.
Key Elements of the Strategy Canvas Horizontal Axis (Competitive Factors): buy vietnam whatsapp database The horizontal axis represents the factors on which businesses in the industry compete, such as price, quality, features, or customer service. These are the traditional aspects on which companies typically focus their efforts to outperform one another. Vertical Axis (Performance): The vertical axis measures a company’s level of performance in each competitive factor, ranging from low to high. By mapping their position, businesses can see how they compare to competitors across various market elements.
Value Curves: The core of the canvas is the “value curve,” which is a graphical depiction of a company’s performance across competitive factors. Each competitor’s unique value curve will show where they invest their efforts and resources. The Blue Ocean Strategy aims to create a value curve that stands apart by focusing on innovation, creating new demand, and stepping outside traditional market boundaries. Blue Ocean Strategy Challenges To swim in the Blue Ocean, the business must overcome three core challenges: Recognize a blue ocean against a red ocean.
Key Elements of the Strategy Canvas Horizontal Axis (Competitive Factors): buy vietnam whatsapp database The horizontal axis represents the factors on which businesses in the industry compete, such as price, quality, features, or customer service. These are the traditional aspects on which companies typically focus their efforts to outperform one another. Vertical Axis (Performance): The vertical axis measures a company’s level of performance in each competitive factor, ranging from low to high. By mapping their position, businesses can see how they compare to competitors across various market elements.
Value Curves: The core of the canvas is the “value curve,” which is a graphical depiction of a company’s performance across competitive factors. Each competitor’s unique value curve will show where they invest their efforts and resources. The Blue Ocean Strategy aims to create a value curve that stands apart by focusing on innovation, creating new demand, and stepping outside traditional market boundaries. Blue Ocean Strategy Challenges To swim in the Blue Ocean, the business must overcome three core challenges: Recognize a blue ocean against a red ocean.