Question
A company in a traditional sector like manufacturing or retail can apply the innovative approaches discussed in Blue Ocean Shift by first identifying the key factors that define their market space. They can then compare their product or service to the industry leader or their strongest competitor. This comparison should be done on a five-point scale from very low to average to very high. The aim is to identify areas where they can create a unique value proposition that differentiates them from their competitors. This could involve eliminating factors that the industry takes for granted, reducing factors below the industry standard, raising factors above the industry standard, or creating factors that the industry has never offered. By doing so, they can shift from a red ocean of bloody competition to a blue ocean of uncontested market space.
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Once the team has decided on the key factors list, pick a best player against which to plot the offering as a reference; either the industry leader or your strongest competitor. Then, using a five-point scale from very low to average to very high, have the team rate the offering level of each factor for your product and then for the reference company.
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