How to Boost Business Prospects by Adapting the Path-Breaking Blue Ocean Strategy

Business Oct 22, 2020 2 minute read

 

The Blue Ocean Strategy is the result of years of research and study of strategic business moves by top businesses in diverse industries. One distinctive feature of this strategy is that it suggests an out of the box approach to business management through modification of products and services being offered by establishing new markets and focusing on new customers, existing dissatisfied customers and potential customers. Conventional approach to business management involves serving existing customers in a traditional marketplace which leads to increasing competition, poor sales and meager returns.

 

The management book shows how entrepreneurs can have a better shot at success by positioning their ventures innovatively through modification of their business model, repackaging their products and services and changing the borders of their targeted market. By using the strategies suggested in the Blue Ocean Strategy, businesses can junk the highly competitive Red Ocean and create a Blue Ocean which is significantly less competitive.

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