Eliminate-Reduce-Raise-Create (ERRC) Grid This framework is used to break the trade-off between differentiation and low cost to create a new value curve, using 4 key questions to challenge an industry’s logic and business model. Chan Kim & Renee Mauborgne, graphics by ReadinGraphics Four Action Framework This is a tool to capture the current state of play in the marketplace, so you can understand: where the competition is currently investing, how the industry currently competes, and what customers receive from existing competitors in the market. Do get more details in our full 12-page Blue Ocean Strategy summary. Here’s a brief overview of some of the tools and frameworks used in the formulation and execution of the Blue Ocean Strategy. Formulating your Blue Ocean Strategy ANALYSING THE MARKET: TOOLS AND FRAMEWORKS This strategy needs to span across the entire system of a company’s activities. Why bother with Blue Oceans to begin with? Essentially, they create new demand, leading to easy uncontested growth in sales and profits, and wider and deeper market opportunities in the unexplored space.Ī cornerstone of the BOS is Value Innovation, which is essentially the area where a company’s actions concurrently reduce costs and increases its value offering to buyers. It is about creating a quantum leap in value for your buyers, thereby creating new and uncontested market place. In this free Blue Ocean Strategy summary, we’ll give a synopsis of the key concepts, tools and tips from the book. Chan Kim addresses this question and provides a systematic approach to creating your own uncontested market space. Instead of fighting head-on with your competitors, how do you create uncontested market space and make the competition totally irrelevant? Based on a study of 150 strategic moves spanning more than 100 years and 30 industries, Blue Ocean Strategy by Renee Mauborgne and W.
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