At this point, you already have a sense of how your business and your industry work. You also understand the new potential demand that can be released with a recreated offer. So the next step is to actually rebuild market boundaries and create a new space.
With this in mind, W. The model is as follows, comparing the behaviors between the search for blue oceans and the focus on the current competition:. Source: adapted from the book site. With this market exploration, the team will acquire new insights on how it is possible to offer value in innovative ways. To use this information in the best way, the authors suggest the "four-action model.
This model is based on four key questions that help to challenge an industry's business model. The actions and their respective questions are:.
At the final step of your journey across the blue ocean you must plan your move correctly, test it in the marketplace, adjust it according to the feedback received, and refine it, always striving to maximize your potential. Testing is essential to confirm your blue ocean's market potential, ensuring that you will not only deliver value innovation to your customers, but will also ensure economic stability for your business. Therefore, they must sell their products at the market-regulated price, or they will be massacred by the competition.
When you get the monopoly, you are the one who dictates the rules. Porras say that the focus of visionary companies lies in overcoming themselves.
Be better than the competition ends up being a consequence of this behavior. By generating value in other people's lives, they will generate value for you. The practices suggested by W. Did you like the book? Give us your feedback in the comments below! Every book in this application is provided in full according to basic needs for those of you who like to read. May be useful. Blue Ocean Shift by W.
Blue Ocean Shift W. Download Blue Ocean Shift by W. You May Like This Books. Red Roulette Desmond Shum. American Kleptocracy Casey Michel. The Fiat Standard Saifedean Ammous. The Becoming Nora Roberts. Fear No Evil James Patterson. Mercy David Baldacci.
Flying Angels Danielle Steel. The Dark Hours Michael Connelly. The Judge's List John Grisham. Cytonic Brandon Sanderson. Netflix created uncontested marketing space by selling TV shows over the internet which no one else was currently doing. By doing this they made the competition irrelevant, creating and capture new demand for a service not currently available on the market. By doing this they were able to break the value-cost trade off by providing better value than cable TV because you could watch any show you wanted at any time, without commercials at a lower cost than cable TV.
By entering a blue ocean they were able to pursue low cost and differentiation leadership compared to the alternatives to their product. Blue oceans are areas of the market where your competition is currently not. They lead to easy uncontested growth from demand that is created not fought over , rapid growth in sales and profits due to a lack of competition, wider and deeper market opportunities because the space is not yet explored.
In a red ocean environment, the market becomes more fierce and crowded as competitors try to steal share from each other. As companies compete with each other prices are reduced, profits fall and growth is limited to the size of the current market. Products become commodities or very small niche segment players and the cutthroat competition turns the ocean red with blood.
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