Question

What are the advantages and disadvantages of Blue Ocean Strategy? Is this a viable strategy for companies today? Why or why not?

Answer 1

1> The advantages of Blue Ocean Strategy are -

I> Blue Ocean Strategy helps out associations to discover uncontested markets and dodge developed and immersed markets.

II> It helps to move from the obstacles of contending inside the current business and cost structure and to steadily relocate towards productive worth improvement. To put it plainly, it exhibits how to break liberated from the customary vital models and to extend benefit and interest for the business by utilizing the examination.

III> Worth development is the foundation of a Blue Ocean Strategy. Worth advancement is the coalition of development with value, utility, and cost positions. It, in the long run, makes new worth/interest for customers and along these lines, extends the odds of development potential.

IV> Blue Ocean Strategy empowers a central change in outlook. It creates mental skylines and aides in perceiving the chances.

V> Blue Ocean Strategy depends on "schedule and once more" demonstrated information as opposed to dubious speculations. It depends on down to earth moves toward that have demonstrated outcomes during live market executions.

VI> Items under the idea of the Blue Ocean Strategy doesn't cause a purchaser to pick among worth and reasonableness. It is the concurrent pursual of separation and minimal effort hypothesis.

VII> Making Blue Oceans is non-lose-lose with high result prospects.

2> The disadvantages of Blue Ocean Strategy are -

I> It's very hard to concoct cutting edge thoughts and recognize monster and undiscovered markets.

II> Choosing a well-spoken Blue Ocean Strategy is a consequence of a determined and nitty-gritty research process supported by broad investigation. It is to be remembered that there is no enchantment equation or, silver slug.

III> Wandering into a market in the early stage accompanies the stuff of hazard. There is a high chance that the clients probably won't comprehend the grass base of the items and administrations as a result of the nonattendance of a completely evolved innovation.

IV> Creation of another market is never simple in light of the fact that an association must be brilliant and clear with respect to its client base and approaches to give instruction about new thoughts, new items, and new arrangements. It likewise requires clearness about the exchange offs, snags and the workforce.

V> Settling on an alternate sea i.e the Blue Ocean, requires a ton of tolerance, diligence trust, arrangement, and confidence. It is likewise amazingly fundamental to take a gander at introductory pointers for affirming the way that "angling" isn't being done in a dead ocean.

VI> On finding another ocean, different sharks from the soaked markets otherwise known as the Red Oceans and other contiguous seas will be attracted to the new market. In this way, assembling deliberately protective options would be a savvy step. Cautious choices significantly comprise of brand power, mechanical headway, and speed of execution.

3> Yes, Blue Ocean is a viable strategy for companies.

The reason - Organizations need to assemble their Blue Ocean Strategy in the succession of purchaser utility, value, cost, and reception. This permits them to manufacture a feasible plan of action and guarantee that an organization benefits from the Blue Ocean it is making. By surveying the blue Ocean Strategy organizations can drastically decrease the plan of action hazard and guarantee that both the organization and its clients win as it makes a new business landscape.