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Buyer utility in the Blue Ocean Strategy refers to the extent to which customers perceive the value and ease-of-use of a product or service. It is the foundation for creating a unique offering in the marketplace. The concept emphasizes on appealing to the largest customer base with pricing that is seen as a value, thereby differentiating oneself and accessing a larger market. It also stresses on the importance of reducing production costs to ensure consistent profits and implementing practices that minimize customer effort and frustration, making it easy for them to buy.
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Buyer utility, the extent to which customers can see the value and ease-of-use of a product, is the foundation for creating a product or service that is unique in the marketplace. The pricing structure must target large consumer groups. By appealing to the largest customer base with pricing that is seen as a value, readers can differentiate themselves and access a larger market. Costs of production must be low enough to ensure a healthy profit consistently. By focusing on reducing waste and increasing efficiency, the bottom line becomes healthier. Adoption, implementing practices that minimize customer effort and frustration, is critical in making it easy for customers to buy. By reducing or eliminating obstacles for customers, readers will find that customers are much more inclined to try a product or service.
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This book challenges readers to rethink traditional incremental innovation approaches. Typically, head-to-head competition is the norm for increasing ...
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