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Some examples of businesses that have successfully implemented the Blue Ocean Strategy include Cirque du Soleil, which created a new market space in the entertainment industry by eliminating elements of traditional circuses and adding elements of theater. Another example is Yellow Tail, which created a new market space in the wine industry by simplifying wine selection and making wine drinking more accessible and enjoyable to the mass of potential consumers. Lastly, iTunes also implemented the Blue Ocean Strategy by providing a legal, easy-to-use service for downloading music and other media.
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Get the strategic sequence right to create a commercially viable blue ocean idea. Sequence your priorities first by utility, next to price, to cost, and finally adoption. To do this, ask yourself if there is exceptional buyer utility in your business idea? If not, rethink your strategy. If so, what about your price – is it easily accessible to the mass of buyers? If not, rethink. And so forth. This process adds value to your business by reducing costs and increasing profits after widescale adoption. (Slide 7)
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How can you effectively capture new markets and acquire demand against ever-so-fierce competition? Blue Ocean Strategy steers the focus away from your...
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