Question
A business can effectively use the Strategy Canvas and Blue Ocean Strategy together by first using the Strategy Canvas to plot business factors against their importance. This allows the business to compare itself to competitors and formulate a competitive strategy. Any divergent value propositions identified can then be applied to the Blue Ocean Strategy framework. This strategy helps the business identify what sets it apart from the competition in a saturated marketplace. Instead of competing in areas where others excel, the business can allocate resources to what makes it unique.
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Strategy Canvas is useful for plotting business factors against their importance. This way, you can compare competitors to your own business to formulate a competitive strategy. Any divergent value propositions you identify can be branched off and applied to the Blue Ocean Strategy framework. Blue Ocean helps you see what sets you apart from the existing competition in a saturated marketplace. Instead of competing in the areas that others already excel at, allocate resources to what makes you unique. (Slide 6)
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