What are some examples of divergent value propositions?

Divergent value propositions are unique offerings that set a business apart from its competitors. For example, a company might offer a unique product feature, superior customer service, or innovative pricing model. These divergent value propositions can be identified using tools like the Strategy Canvas and Blue Ocean Strategy framework, which help businesses identify and capitalize on their unique strengths.

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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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How can a business avoid becoming complacent after identifying its unique factors?

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A business can avoid becoming complacent after identifying its unique factors by continuously innovating and improving. It should not rest on its laurels but instead, constantly reassess its strategy canvas, looking for new opportunities and threats. It should also regularly apply the Blue Ocean Strategy framework to identify new areas of uniqueness and differentiation. Furthermore, it should allocate resources not just to maintain its unique factors, but also to develop new ones.

How can a business ensure it's accurately identifying its competitors when using a Strategy Canvas?

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A business can ensure it's accurately identifying its competitors when using a Strategy Canvas by carefully analyzing the market and understanding the key factors that drive their business. They should identify the factors that are important to their customers and plot these against their competitors. This will help them see where they stand in comparison to their competitors and identify any gaps or opportunities. They can then use this information to formulate a competitive strategy and differentiate themselves in the market.

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