By W. Chan Kim
A needs to learn method booklet for marketers and practitioners, The Blue Ocean procedure has stood the try out of time. This leap forward paintings presents insights on tips to benefit from "white areas" available to buy and compete opposed to non-competition. the first argument by means of Chan and Mauborgne is that corporations should still specialise in making markets rather than competing inside of them.
In a vintage instance, the authors reference Cirque du Soleil, who created a high-end marketplace house within the circus company, making a new model of leisure, shooting industry proportion and charging a value top class of greater than 10 instances that of a conventional circus. In an age whilst markets could be reworked in a single day, Blue Ocean presents a framework for targeting the most efficient and ecocnomic marketplace segments.
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Extra resources for Blue Ocean Strategy: How to Create Uncontested Market Space and Make Competition Irrelevant
S. wine industry, conventional wisdom caused wineries to focus on overdelivering on prestige and the quality of wine at its price point. Overdelivery meant adding complexity to the wine based on taste profiles shared by wine makers and reinforced by the wine show judging system. Wine makers, show judges, and knowledgeable drinkers concur that complexity—layered personality and characteristics that reflect the uniqueness of the soil, season, and wine maker’s skill in tannins, oak, and aging processes—equates with quality.
Whereas other circuses focused on offering animal shows, hiring star performers, presenting multiple show arenas in the form of three rings, and pushing aisle concession sales, Cirque du Soleil did away with all these factors. These factors had long been taken for granted in the traditional circus industry, which never questioned their ongoing relevance. However, there was increasing public discomfort with the use of animals. Moreover, animal acts were one of the most expensive elements, including not only the cost of the animals but also their training, medical care, housing, insurance, and transportation.
The figure shows that the value curve of Ringling Bros. and Barnum & Bailey is the same basic shape as those of smaller regional circuses. The main difference is that regional circuses F I G U R E 2-7 The Strategy Canvas of Cirque du Soleil High Ringling Bros. and Barnum & Bailey Value Curve Cirque du Soleil Value Curve Smaller Regional Circuses Low Price Animal shows Star performers Multiple show Aisle arenas concessions Thrills and danger Fun and humor Theme Unique venue Multiple productions Refined Artistic watching music environment and dance Analytical Tools and Frameworks 41 offer less of each competing factor because of their restricted resources.
Blue Ocean Strategy: How to Create Uncontested Market Space and Make Competition Irrelevant by W. Chan Kim