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A business can identify its unique factors by using tools like the Strategy Canvas. This tool allows businesses to plot their factors against their importance, and compare themselves to competitors. This can help them formulate a competitive strategy. They can also use the Blue Ocean Strategy framework to identify divergent value propositions. This framework helps businesses see what sets them apart from the competition in a saturated marketplace. Instead of competing in areas where others excel, they can allocate resources to what makes them 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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Document the essence of your business strategies and develop new ideas with our Canvas Collection. This deck includes some of the most commonly used c...
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